EverFi Financial Literacy

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

Which type of account in typically the most liquid?

• Checking Account

• Savings Account

• Certificate of Deposit

• Brokerage Account

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

The form filed by students to receive federal financial aid for school is known as:

• FICO

• FAFSA

• FIFA

• FALALA

Which of the following is an advantage of federal student loans?

• Federal student loans have a fixed interest rate.

• Federal student loans are only available to students who can demonstrate financial need.

• Federal student loans must be paid back while you’re in school.

• Federal student loans do not accumulate interest.

Which statement is most correct when choosing to rent or buy a home?

• Buy a home because it is better than renting one.

• Rent a home only until you can afford to buy one.

• Rent a home because it is better than buying one.

• Buy or rent a home based on your individual circumstance.