Everfi Banking Basics Review

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

• Access to investment products

• Paper checks

• Access to ATMS

• 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

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 typically offers the least (if any) interest?

• 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

Savings accounts typically offer more interest than what type of account?

• Retirement account

• Money market account

• Checking account

• Certificate of deposit

Which type of bank account is best for everyday transactions?

• Checking Account

• Savings Account

• Money Market Account

• Certificate of Deposit

Which savings account will earn you the most money?

• One that compounds interest daily.

• One that compounds interest monthly.

• One that earns simple interest daily.

• One that earns simple interest monthly.

Which savings account will earn you the least money?

• One that compounds interest daily.

• One that earns simple interest monthly.

• One that earns simple interest daily.

• One that compounds interest monthly.

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