EverFi Financial Literacy Assessment

Front

Interest is what part of the loan

Back

Amount owed for borrowing money

Front

To maximize interest, open a savings account with ________ interest and the _______ rate.

Back

compound; highest

Front

Account with least access to money:

Back

Certificate of Deposit

Front

Most liquid account type:

Back

Checking account

Front

Savings accounts offer ______ interest rates than checking accounts. Accessing money in a savings account is _______ than in a checking account.

Back

higher; harder

Front

Payment type that doesn't require upfront payment:

Back

Credit Card

Front

Comparison of debit and credit cards:

Back

Debit cards draw funds directly from your checking account but credit cards are a loan that you pay later.

Front

Payment method with highest interest rates:

Back

Payday loans.

Front

Choosing a new credit card for groceries that you pay off the full amount monthly the key feature to look for is:

Back

No or Low annual fees

Front

Annual percentage rate on a credit card determines:

Back

Interest charged on purchases.