EverFi Financial Literacy Lesson 1: Banking Basics

Front

Which of the following is NOT a common feature of a financial institution? Access to investment products, Paper checks, Access to ATMS, Direct deposit

Back

Access to investment products

Front

Which of the following is NOT a common feature of a financial institution? Access to ATMs, Direct deposit, Debit cards

Back

Investment trading

Front

Which of the following is NOT a common feature of a financial institution? Direct deposit, Paper checks, Access to investment advice, Checking and savings accounts

Back

Access to investment advice

Front

Which of the following statements about check cashing companies is TRUE? They have limited operating hours during the day. They sometimes offer free services. They charge high fees. They delay when you can access your cash.

Back

They charge high fees.

Front

Which of the following financial institutions typically have the highest fees? Check cashing and payday loan companies, Credit unions, Brick-and-mortar banks, Internet banks

Back

Check cashing and payday loan companies

Front

Which of the following statements about check cashing companies is FALSE?
They offer bad deals where you'll owe a lot more than you borrowed.
They charge low fees.
They can take a percentage of your check on top of fees.
They make it easy to fall into a loan cycle that is hard to get out of.

Back

They charge low fees.

Front

Which type of bank account typically offers the least (if any) interest? Options: Checking account, Savings account, Money market account, Certificate of deposit

Back

Checking account

Front

Savings accounts typically offer more interest than what type of account?

Back

Checking account

Front

Which type of bank account is best for everyday transactions?

Back

Checking Account

Front

A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.

Back

True