EverFi Financial Literacy All-Module Review

Interest can be:

• a charge for lending money to the bank

• the amount owed for borrowing from the bank

• the amount added into your savings account when opening a bank account

• a charge for the convenience of accessing money stored in your bank account

Which of the following is a type of savings vehicle?

• Certificate of Deposit

• Debit Card

• Checking Account

• Cash

When you open a savings account, which compounding frequency would give you the most money?

• yearly

• quarterly

• monthly

• daily

The 3 parts of the Federal Reserve System are:

• Board of Presidents, District Banks, Federal Open Market Committee

• Board of Governors, Regions Bank, Federal Open Makeup Commission

• Board of Governors, District Banks, Federal Open Market Committee

• Board of Presidents, Region Banks, Femoral Open Market Commission

Which type of account in typically the most liquid?

• Checking Account

• Savings Account

• Certificate of Deposit

• Brokerage Account

Which financial institution usually charges the highest interest rates on loans?

• Savings & Loan Associations

• Pay Day Lenders

• Commercial Banks

• Credit Unions

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

• Debits cards typically offer greater fraud protections

• Debit cards never require a signature to finalize a purchase

• Debit cards charge a high rate of interest

If you are planning to carry a large balance on your credit card, which of the following features should you look for when selecting the card?

• Low APR

• low annual fees

• High interest on balance transfers

• Fun rewards program

Which of the following can increase your credit card's APR?

• making minimum payments

• missing payments

• paying off the full balance

• cashing in on reward items

Good credit is usually required for which of the following:(Check all that apply)

• buying a new car

• adopting a new pet

• getting a credit card

• buying a house

• buying used furniture