Everfi savings - Study guides, Class notes & Summaries

EverFi Financial Final Exam Study Guide 2023 To earn as much interest as possible, you should open a savings account that earns _______ interest and has the ______ interest rate. a. compound; lowest b. compound; highest c. simple; lowest d. simple; highest a. compound; lowest Interest is: a. a charge for lending money to a bank b. the amount owed for borrowing money c. the amount added into your savings when opening a bank account d. a charge for the convenience of accessing mon...

EverFI Banking Final Quiz Questions and Answers – Latest 2023/2024 (Verified Answers) 100% Correct 1) Which of the following is a primary responsibility of the Federal Reserve Bank?  Establish monetary policy  Pass monetary laws  Collect taxes  Print money 2) Which type of account will typically have the highest interest rate?  Checking Account  Savings Account  Money Market Account  Certificate of Deposit (CD) 3) Which type of financial institution typically has membe...

Everfi module 1-9 | 100% Correct Answers | Verified | Latest 2024 Version what is interest - pay extra for the convenience of borrowing money what is compounding frequency - how often your money is compounded what is the rule of 72 - tells you how long it will take for your money to double 3 types of savings vehicles - savings account, money market account, certificate of deposit what is a budget - plan for your money job of the federal reserve system - oversees the nation'...

EVERFI Test Questions and Answers Already Passed A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily. - True - False - True Why is it important to reconcile your bank statements? - To avoid spending more than what is in your account. - To detect any errors in your account. - To determine if you were charged any fees. - All of the above - All of the above Which of the following statements about savings accounts is...

Everfi: Personal Financial Literacy, Answered-A tax form filled out by an individual and filed with the IRS that determines the amount of income tax owed in a single year. - 1040 A retirement account offered through an employer, where an employee can contribute money from his or her paycheck before or after taxes. - 401(k) A retirement account similar to a 401(k) plan, but offered by non-profit organizations, like universities or charitable organizations. - 403(b) A savings plan o...

EverFi Modules Questions and Answers Graded A What is the typical relationship between time and interest rate? a) Longer time period usually equal higher interest rates b) Shorter time period usually equal higher interest rates c) Longer time periods usually have no affect on interest rates d) Shorter time periods usually have no affect on interest rates a) Longer time period usually equal higher interest rates Interest is: a) a charge for lending money to a bank b) the amount owed for bo...

EverFi Module 1 - Savings - Final Quiz Answers

Everfi (Paying For Education) Questions With 100% Correct Answers 2024/2025 When looking to finance higher education, what is the best order to look for funding sources? - answerGrants/Scholarships - Federal Student Loans - Private Loans Which of the following statements about the FAFSA process are TRUE? - answerYou must use the FAFSA to apply for the federal work-study program. If you apply for federal student loans using the FAFSA form, they will fall into what main categories. - answer...

EverFi Module 1 - Savings - Final Quiz Answers Already Passed Key * = correct answer You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money? A.) Compounding 1 time a year B.) Compounding 4 times a year C.) Compounding monthly D.) Compounding daily* Which of the following accounts will give you the LEAST access to your money? A.) Simple savings account B.) Certificate of Deposit (CD)* C.) Checking account D.) Cash Tamara has...