Final Exam- Study Material (Everfi)

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

Aaron wants to open a savings account. Which account will grow his money the

most?

• 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

Revenue is:

• a. The amount of money a company pays its employees

• b. The amount of money a company has left after paying bills

• c. The amount of money a company makes from sales

• d. The amount of taxes a company has to pay

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 ______________________.

• a. inflation

• b. the stock market

• c. deflation

• d. the market basket

Which interest-bearing account is best for people who won’t need access to their

money for more than a year?

• a. Savings Account

• b. Checking Account

• c. Certificate of Deposit

• d. Credit Card

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

• a. Go to the bank and fill out an application

• b. Review the different account options that your bank offers

• c. Present your photo ID to the bank representative

• d. Make your initial deposit

Aaron wants to open a savings account. Which account will grow his money the

most?

• 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

A loss is when:

• a. Revenue is greater than expenses

• b. Revenue is less than expenses

• c. Revenue is equal to expenses

• d. None of the above

You sister is looking for a way to increase the amount of interest she is earning on

her savings account. What should she do?

• 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

What is required when opening a checking account?

• a. An Initial Deposit

• b. A Salary

• c. A Credit Card

• d. A copy of your last paycheck