EVERFI Financial Literacy Post Assessment - Banking Basics

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 is NOT a common feature of a financial institution?

• Access to ATMs

• Investment trading

• Direct deposit

• Debit cards

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

• Direct deposit

• Paper checks

• Access to investment advice

• Checking and savings accounts

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 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 FALSE?

• They offer bad deals where you'll owe a lot more than you borrowed.

• They charge low fees.

• They can take a percentage of your check on top of fees.

• They make it easy to fall into a loan cycle that is hard to get out of.

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

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

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