EverFi Assessment

Interest is: 

• A charge for lending money to a bank
• The amount owed for borrowing money
• the amount added into your savings when opening a bank account
• a charge for the convenience of accessing money stored in your bank account

To earn as much interest as possible, you should open a savings account that earns ________ interest and has the _______ interest rate. 

• compound; lowest
• compound; highest
• simple; lowest
• simple; highest 

Which of the following  is a type of savings vehicle? 

• Certificate of Deposit
• Money Market Account
• Checking Account
• Both A & B 

Which of the following accounts would give you the LEAST access to your money? 

• Simple savings account
• Certificate of Deposit
• Checking account
• Cash

The three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee, and the: 

• Board of Governors
• United States Mint
• Department of Treasury 
• Secretary of State 

Which type of account is typically the MOST liquid? 

• Checking account
• Savings account
• Certificate of Deposit
• Exchanged Traded Fund

Savings accounts usually offer _______ interest rates than checking accounts.  It is _________ to access your money in a savings account than in a checking account. 

• lower; harder
• lower; easier
• higher; harder
• higher; easier 

Which of the following payment types require you to pay upfront? 

• Money Order
• Cashier's Check
• Pre-Paid card
• All of the Above 

Which of the following statements comparing debit cards to credit cards is TRUE? 

• Debit cards allow you to draw funds directly from your checking account. 
• Debit cards typically offer greater fraud protectionthan credit cards. 
• Debit cards never require a signature to finalize a purchase like a credit card. 
• Debit Cards charge higher interest rates on purchases than credit cards. 

Which payment method typically charges the highest interest rates? 

• Credit cards. 
• Cashier's checks. 
• Pre-paid cards. 
• Payday loans.