Everfi Knowledge Check

Front

Which of the following is NOT a benefit of putting money in a savings account? a. You can make frequent withdrawals, b. You can earn interest, c. It is harder to spend the money, d. The money is safe and secure

Back

You can make frequent withdrawals

Front

Aaron wants to open a savings account. Which account will grow his money the most? Options: a. Account 1 - Interest rate 2%, Interest compounded daily, b. Account 2 - Interest rate 1%, Interest compounded daily, c. Account 3 - Interest rate 2%, Interest compounded semi-annually, d. Account 4 - Interest rate 1%, Interest compounded annually

Back

Account 1 - Interest rate 2%, Interest compounded daily

Front

The average price of a gallon of milk increased from $3.00 last year to $3.50 this year. This is most likely due to ______________________.

Back

inflation

Front

Which interest-bearing account is best for people who won’t need access to their money for more than a year? Options: a. Savings Account, b. Checking Account, c. Certificate of Deposit, d. Credit Card

Back

Certificate of Deposit

Front

What is the first step you should take when you want to open a savings account?

Back

Review the different account options that your bank offers.

Front

Aaron wants to open a savings account. Which account will grow his money the most? Options: a. Account 1 - Interest rate 2%, Interest compounded daily, b. Account 2 - Interest rate 1%, Interest compounded daily, c. Account 3 - Interest rate 2%, Interest compounded semi-annually, d. Account 4 - Interest rate 1%, Interest compounded annually

Back

Account 1 - Interest rate 2%, Interest compounded daily

Front

Your sister is looking for a way to increase the amount of interest she is earning on her savings account. What should she do? Options: a. Use the money from her savings account to open a checking account instead, b. Make monthly withdrawals from her savings account, c. Switch to a savings account with a lower interest rate, d. Deposit money into her savings account each month

Back

Deposit money into her savings account each month.

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What is required when opening a checking account?

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An Initial Deposit

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The more ____________________ you receive; the more money you will likely earn in your career.

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Education and training

Front

What is the first thing you should do when career planning?

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Make a list of your job preferences and skills.