EVERFI Financial Lit Review

Which of the following financial institutions typically have the highest fees?

• Check cashing and payday loan companies

• Credit unions

• Brick-and-mortar banks

• Internet banks

Which type of bank account typically offers the least (if any) interest?

• Checking account

• Savings account

• Money market account

• Certificate of deposit

Which type of bank account is best for everyday transactions?

• Savings Account

• Checking Account

• Money Market Account

• Certificate of Deposit

Why is it important to reconcile 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

What should you do before you withdraw money from the ATM?

• Ask someone nearby for help using the ATM.

• Find a hidden ATM so no one will see you withdraw money

• Inspect the ATM to make sure it wasn't tampered with.

• Share your pin number with trusted friends so you don't forget it

What should you do before you approach an ATM?

• Make sure it is hidden so no one will see you withdraw money.

• Ask someone nearby for help using the ATM

• Share a picture of your debit card with your friends.

• Check for any suspicious people lurking nearby.

For most careers, which degree will most likely result in the highest lifetime earnings?

• High school degree

• Associate's degree

• Licensure or certification

• Bachelor's Degree

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.

• Gross pay

• Net pay

• Total pay

• Year-to-date pay

Which of the following is NOT a possible tax or deduction that could show up on your paycheck?

• State income tax

• Contributions to retirement savings

• FICA

• Sales tax

When you start a new job, you fill out a W-4 form to _________.

• determine how much your gross pay should be.

• file your tax return.

• avoid paying income taxes on your paychecks.

• to determine how much federal income tax your employer should withhold from your paychecks.