Everfi Module 1 and 2 Quiz (Banking and Employment)

What are the different types of financial institutions

• Brick and Mortar Bank

• Internet Bank

• Credit Union

• Cash Advances

• Credit Card

Which of the following statements about check-cashing companies is TRUE?

• They have limited operating hours during the day

• They sometimes offer free services

• They charge high fees

• They delay when you can access your cash

Which type of bank account is best for everyday transactions?

• Checking Account

• Savings Account

• Money Market Account

• Certificate of Deposit

A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.

• True

• False

Why is it important to review your bank statements?

• To avoid spending more than what is in your account

• To detect any errors in your account

• To determine if you were charged any fees

• All of the above

Which of the following statements about savings accounts is FALSE?

• Savings accounts pay interest on the money you deposit

• Savings accounts allow an unlimited amount of withdrawals each month.

• Savings accounts may require you to maintain a minimum balance to avoid paying a fee.

• Savings accounts are best used to store money for longer-term goals.

If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?

• The FDIC

• No one, you can't resolve the issue

• The local police station

• Your financial institution

Investing is best for ________.

• short-term financial goals, like building an emergency fund.

• earning a little interest while keeping your money safe.

• long-term financial goals, like paying for retirement.

• guaranteed fast growth on your money.

Cing went grocery shopping and paid with her debit card. What type of account is linked to the debit card?

• debit card

• checking account

• savings account

Va took $15 out of his bank account but only had $10 in his account. What allowed him to take the extra money out?

• credit card

• overdraft protection

• debit card