
EVERFI Banking Basics
Authored by Yolonda Bailey
Other
12th Grade

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32 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.
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2.
OPEN ENDED QUESTION
3 mins • 1 pt
Your financial institution can't help you if there is a mistake on your bank account statement.
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3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A _______ is a share of ownership in a company.
bond
stock
mutual fund
money market account
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How would you reconcile your bank account to avoid spending more than you have?
Contact your financial institution to read your transactions for the past month.
Compare your own records of your spending with your financial institution's records.
Review your bank statement once at the end of the month.
None of the above.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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.
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