PF: Everfi Banking Review

Which of the following is a primary responsibility of the Federal Reserve Bank?

• Establish monetary policy
• Pass monetary laws
• Collect taxes
• Print money

Which of the following fees would likely be the highest?

• Overdraft fee
• Account transfer fee
• Monthly service fee
• ATM fee

Which type of financial institution typically has membership requirements?

• Credit Union
• Online Commercial Bank
• Commercial Bank
• Federal Reserve Bank

What’s the purpose of balancing or monitoring your checking account?

• To find out which checks you have bounced
• To help you calculate how much money you have in your account
• To keep an estimation of how many checks you write
• To stop identity theft from occurring

Which type of account will typically have the highest interest rate?

• Checking Account
• Savings Account
• Money Market Account
• Certificate of Deposit (CD)

Usually provides access to online banking options.

• A. Retail Bank
• B. Online Bank
• C. Credit Union
• All of the Above

Membership may be exclusive to certain people or groups, like members of the military or people who work in a specific industry.

• A. Retail Bank
• B. Online Bank
• C. Credit Union
• All of the Above

Ability to meet with a bank representative in person.

• A. Retail Bank
• B. Online Bank
• C. Credit Union
• A&C

Access to Checking & Savings Accounts

• A. Retail Bank
• B. Online Bank
• C. Credit Union
• All of the Above

Owned & Run by it's Members

• A. Retail Bank
• B. Online Bank
• C. Credit Union
• All of the Above