Everfi Financial Literacy Final Exam

Which of the following is NOT a common feature of a financial institution?

• Access to investment products

• Paper checks

• Access to ATM's

• Direct deposit

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

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

• The CFPB

• No one. You can't resolve the issue

• The police

• Your financial institution

Which of the following is a benefit of using a budget?

• Helps to keep track of the money you receive

• Helps to prioritize your spending

• Helps to set short term and long term financial goals

• All of the above

Which of the following should NOT be considered when setting a current budget?

• Needs and wants

• Your financial goals

• future income

• Savings

Which of the following is NOT a good way to track your spending?

• In your head

• Pencil and paper

• Envelope method

• Online software or app

When you are deciding what to buy, you should not...

• compare the unit price of similar items

• read reviews from unbiased sources

• assume that buying the cheapest item is the best choice

• wait for sales to get the best price

How is a post from a social media influencer different than a comment from a regular consumer?

• It isn't any different

• The post from the influencer is likely one-sided

• The post by the influencer may have been posted by the seller

• The influencer is paid to post the product

Which payment option could have interest charged to you?

• cash

• check

• debit card

• credit card

When are loans a good option to use?

• to pay for a dream vacation

• When paying for higher education

• to buy a new TV

• To pay for a wedding