EVERFI: Financial Literacy Quiz

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

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 use an ATM?

• Inspect the ATM and its surroundings to make sure it is safe to use.

• Ask someone nearby for help using the ATM.

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

• Memorize your debit card number because you'll need to type it in at the ATM.

Which of the following statements is TRUE?

• If there is a mistake on one of your bank accounts, there is nothing you can do about it.

• If there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend to resolve themselves.

• If there is a mistake on your bank account, you should contact your financial institution immediately.

• None of the above.

Investing is best for _____.

• short-term financial goals, like building an emergency fund.

• earning a little interest while keeping your money safe.

• long-term financial goals, like paying for retirement.

• guaranteed fast growth on your money.

A _____ is a share of ownership in a company.

• bond

• stock

• mutual fund

• money market account

Generally, the more education you receive, the higher your lifetime earnings will be.

• True

• False

What is net pay?

• The amount of pay earned for the total number of hours worked.

• The amount of money you're paid after all taxes and deductions are taken out of your paycheck.

• The amount of money you're paid before all taxes and deductions are taken out of your paycheck.

• Your gross pay plus any bonuses.