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EverFi Module 2

Total questions: 100

Worksheet time: 33mins

Name
Class
Date
1.

Which of the following is not one of the responsibilities of the federal reserve?

a)

Supervising the Reserve banks

b)

Maintaining a stable banking system

c)

Setting the nation's monetary policy

d)

Establishing the federal budget

2.

Which type of financial institution typically has membership requirements?

a)

Credit Union

b)

Online Commercial Bank

c)

Commercial Bank

d)

Federal Reserve Bank

3.

Which type of account is typically the most liquid?

a)

Checking account

b)

Savings account

c)

Certificate of Deposit

d)

Exchange Traded Fund

4.

Which of the following is a primary responsibility of the federal reserve bank?

a)

Establish monetary policy

b)

Write monetary laws

c)

Collect taxes

d)

Print money

5.

Savings accounts usually offer____ interest rates than checking accounts. It is ______ to access your money in a savings account than in a checking account

a)

lower;harder

b)

lower;easier

c)

higher;harder

d)

higher;easier

6.

Which type of account will typically have the highest interest rate?

a)

Checking account

b)

Savings account

c)

Money Market account

d)

Certificate of Deposit

7.

The three parts of the federal reserve system are the reserve banks, the federal open market committee, and the :

a)

Board of Governors

b)

United States Mint

c)

Department of the Treasury

d)

Secretary of State

8.

Which of these fees would likely be the highest

a)

Overdraft fee

b)

Account transfer fee

c)

Monthly service fee

d)

ATM fee

9.

Which of the following is a unique feature of credit unions

a)

Credit unions are typically owned and run buy their members

b)

Credit unions limit membership to certain people or groups

c)

Credit unions offer a wide variety of banking services

d)

Both A&B

10.

The numbers on the bottom of a typical check represent all of the following except

a)

Social Security number

b)

Routing Number

c)

Account Number

d)

Check Number

11.

What part of a check is the least important?

a)

The check number

b)

Signature line

c)

Memo line

d)

Routing number

12.

How often should you typically monitor your checking account?

a)

Monthly

b)

Yearly

c)

Daily

d)

Every three months

13.

Which of the following represent typical account fees?

a)

ATM fee

b)

Service fee

c)

Minimum balance fee

d)

All of the above

14.

Which of the following is not a type of bank?

a)

Credit Union

b)

Online Bank

c)

Payday Lender

d)

Retail Bank

15.

What's the best strategy for voiding ATM fees

a)

Only use ATMs close to your house

b)

Only use ATMs to withdraw cash

c)

Only use ATMs in your banks network

d)

Only use ATMs you have used before

16.

which of the following is not a core component of the Federal Reserve Bank?

a)

Board of Governors

b)

Regional Reserve Banks

c)

Federal Open Market Committee

d)

Department of the Treasury

17.

what is the purpose of balancing or monitoring your checking account?

a)

to find out which checks you have bounced

b)

to help you calculate how much money you have in your account

c)

to keep an estimation of how many checks you right

d)

to stop identity theft from occurring

18.

which type of account typically has low liquidity?

a)

checking account

b)

savings account

c)

money market account

d)

certificate of deposit

19.

the best way to ensure the accuracy and safety of your accounts is to:

a)

monitor your online accounts regularly

b)

shred your paper account statements weekly

c)

call your customer service center daily

d)

balance your checkbook annually

20.

with a traditional savings account, you will be charged a fee if:

a)

you deposit too much money at once

b)

you withdraw money too often

c)

you open an account online

d)

you close the account

21.

Interest is:

a)

a charge for lending money to a bank

b)

the amount owed for borrowing money

c)

the amount added into your savings when opening a bank account

d)

a charge for the convenience of accessing money stored in your bank account

22.

Anthony is deciding between different savings accounts at his bank. He has four options, based on how frequently interest compounds. Which should he choose if he wants the best rate of return on his interest?

a)

Annual Compounding

b)

Semi-Annual Compounding

c)

Monthly Compounding

d)

Daily Compounding

23.

What is the typical relationship between time and interest rate?

a)

Longer time period usually equals higher interest rates.

b)

Shorter time period usually equals higher interest rates.

c)

Longer time periods usually have no effect on interest rates.

d)

Shorter time periods usually have no effect on interest rates.

24.

Tamara has $500 she is looking to save for a class trip. She wants to earn the most possible interest and will not need access to her money for a full year. Which type of savings account will be best for Tamara?

a)

Certificate of Deposit (CD)

b)

Money Market Account

c)

Savings Account

d)

Checking Account

25.

Which type of account typically has very high liquidity, low or no interest, and low minimum balance?

a)

Checking Account

b)

Money Market Account

c)

Certificate of Deposit (CD)

d)

Investment Retirement Account (IRA)

26.

The purpose of a budget is to:

a)

help you plan how you will spend the money you earn or receive.

b)

stop you from spending too much money.

c)

increase the balance of your savings account

d)

tell you how much you owe the government in taxes

27.

Which of the following is not one of the responsibilities of the federal reserve?

a)

Supervising the Reserve banks

b)

Maintaining a stable banking system

c)

Setting the nation's monetary policy

d)

Establishing the federal budget

28.

Which of these fees would likely be the highest

a)

Overdraft fee

b)

Account transfer fee

c)

Monthly service fee

d)

ATM fee

29.

The numbers on the bottom of a typical check represent all of the following except

a)

Social Security number

b)

Routing Number

c)

Account Number

d)

Check Number

30.

How often should you typically monitor your checking account?

a)

Monthly

b)

Yearly

c)

Daily

d)

Every three months

31.

What part of a check is the least important?

a)

The check number

b)

Signature line

c)

Memo line

d)

Routing number

32.

Which of the following is a variable expense?

a)

Student loan payments

b)

Groceries

c)

Rental payments

d)

Health insurance

33.

Which of the following is a fixed expense?

a)

Clothing purchases

b)

Groceries

c)

Rental payments

d)

Movie tickets

34.
7. The three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the:
a)
a. Board of Governors
b)
b. United States Mint
c)
c. Department of the Treasury
d)
d. Secretary of State
35.

Which of the following payment types require you to pay upfront?

a)

Money order

b)

Cashier's check

c)

Pre-paid card

d)

All of the above

36.

Which of the following is true?

a)

Checks and Debit Cards both withdraw money directly from a bank account

b)

Checks are the most widely accepted form of payment

c)

Debit Cards often have a higher interest rate

d)

Debit Cards offer the highest level of fraud protection

37.

If you are planning to carry a large balance on your credit card, which of the following features should you look for?

a)

Low APR

b)

Low balance transfer fees

c)

Lots of credit card rewards

d)

A large credit limit

38.

What is a credit limit

a)

The required payment to your credit card company

b)

The amount of interest you pay

c)

The maximum amount you can charge each billing cycle

d)

How many credit cards you can own

39.

Which of the following can increase your credit card's APR

a)

Paying the minimum

b)

Missing a credit card payment

c)

Paying off the full balance

d)

Cashing in on rewards points

40.

Which of the following statements about credit scores is TRUE?

a)

a. Credit scores reflect how likely individuals are to repay their debts.

b)

b. Credit scores range from the low 300’s to the mid 800’s.

c)

c. Each person has three credit scores.

d)

d. All of the above.

41.

All of the following make up the big three credit reporting agencies EXCEPT:

a)

Equifax

b)

TransUnion

c)

Experian

d)

Federal Reserve

42.

Which of the following actions has NO impact on your credit score?

a)

a. You inquire about a credit card charge.

b)

b. You use a large percentage of your credit limit.

c)

c. You opened several new credit cards last week.

d)

d. You send in your credit card payment a couple days late.

43.

True or False. Free money. One of the best places to get free money is through grants and scholarships. Since these aren't loans, you can use them to pay for school expenses like tuition without having to pay anyone back.

a)

True

b)

False

44.

Subsidized or Unsubsidized. Which loan type is available to everyone?

a)

Subsidized

b)

Unsubsidized

45.

Good credit is usually required for which of the following:(Check all that apply)

a)

buying a new car

b)

adopting a new pet

c)

getting a credit card

d)

buying a house

e)

buying used furniture

46.

Which statement is most correct when choosing to rent or buy a home?

a)

Buy a home because it is better than renting one.

b)

Rent a home only until you can afford to buy one.

c)

Rent a home because it is better than buying one.

d)

Buy or rent a home based on your individual circumstance.

47.

Which of the following should you take into consideration when deciding to buy or lease a car? (Check all that apply)

a)

Cost of the car

b)

Car interior and features

c)

Monthly loan payment

d)

Down payment

e)

Your monthly budget

48.

Which form is your employer required to send to you before you file your tax return?

a)

Yearly paycheck stub

b)

1040EZ

c)

W-2

d)

W-4

49.

When referring to student loans, what is a grace period?

a)

The time period between graduating college and starting your first job when you don't have to pay back the loans

b)

The period after graduating or leaving school before you must begin paying back student loans

c)

The amount of time you have to pay back the entire student loan amount

d)

None of these

50.

The regular payment for an insurance policy is called a:

a)

co-payment

b)

deductible

c)

premium

d)

claim

51.

Which of the following provides the best protection against identity theft?

a)

Never use a credit card

b)

Open up a new bank account every year

c)

Pay all bills with cash only

d)

Shred documents that contain personal information

52.

When buying a stock in a company, you are:

a)

diversifying your portfolio

b)

investing in an index fund

c)

loaning money to a company

d)

buying a portion of a company

53.

The main trade-off that all investors must consider is:

a)

income vs. cost

b)

diversity vs. uniformity

c)

stocks vs. bonds

d)

risk vs. return

54.

The numbers on the bottom of a typical check represent all of the following except

a)

Social Security number

b)

Routing Number

c)

Account Number

d)

Check Number

55.

What part of a check is the least important?

a)

The check number

b)

Signature line

c)

Memo line

d)

Routing number

56.

What part of a check is the least important?

a)

The check number

b)

Signature line

c)

Memo line

d)

Routing number

57.

What's the best strategy for voiding ATM fees

a)

Only use ATMs close to your house

b)

Only use ATMs to withdraw cash

c)

Only use ATMs in your banks network

d)

Only use ATMs you have used before

58.

the best way to ensure the accuracy and safety of your accounts is to:

a)

monitor your online accounts regularly

b)

shred your paper account statements weekly

c)

call your customer service center daily

d)

balance your checkbook annually

59.

Which of the following is a variable expense?

a)

Student loan payments

b)

Groceries

c)

Rental payments

d)

Health insurance

60.

Which of the following is a fixed expense?

a)

Clothing purchases

b)

Groceries

c)

Rental payments

d)

Movie tickets

61.

Which of the following is true?

a)

Checks and Debit Cards both withdraw money directly from a bank account

b)

Checks are the most widely accepted form of payment

c)

Debit Cards often have a higher interest rate

d)

Debit Cards offer the highest level of fraud protection

62.

If you are planning to carry a large balance on your credit card, which of the following features should you look for?

a)

Low APR

b)

Low balance transfer fees

c)

Lots of credit card rewards

d)

A large credit limit

63.

What is a credit limit

a)

The required payment to your credit card company

b)

The amount of interest you pay

c)

The maximum amount you can charge each billing cycle

d)

How many credit cards you can own

64.
1. Which of the following is NOT one of the responsibilities of the Federal Reserve?
a)
a. Supervising the Reserve banks
b)
b. Maintaining a stable banking system
c)
c. Setting the nation�s monetary policy
d)
d. Establishing the federal budget
65.
2. Which type of financial institution typically has membership requirements?
a)
a. Credit Union
b)
b. Online Commercial Bank
c)
c. Commercial Bank
d)
d. Federal Reserve Bank
66.
3. Which type of account is typically the MOST liquid?
a)
a. Checking account
b)
b. Savings account
c)
c. Certificate of Deposit
d)
d. Exchange Traded Fund
67.
4. Which of the following is a primary responsibility of the Federal Reserve Bank?
a)
a. Establish monetary policy
b)
b. Write monetary laws
c)
c. Collect taxes
d)
d. Print money
68.
5. Savings accounts usually offer _________ interest rates than checking accounts. It is _________ to access your money in a savings account than in a checking account.
a)
a. lower; harder
b)
b. lower; easier
c)
c. higher; harder
d)
d. higher; easier
69.
6. Which type of account will typically have the highest interest rate?
a)
a. Checking Account
b)
b. Savings Account
c)
c. Money Market Account
d)
d. Certificate of Deposit (CD)
70.
8. Which of the following fees would likely be the highest?
a)
a. Overdraft fee
b)
b. Account transfer fee
c)
c. Monthly service fee
d)
d. ATM fee
71.
9. Which of the following is a unique feature of credit unions?
a)
a. Credit unions are typically owned and run by their members.
b)
b. Credit unions limit membership to certain people or groups.
c)
c. Credit unions offer a wide variety of banking services.
d)
d. Both A & B
72.
10. The numbers on the bottom of a typical check represent all of the following EXCEPT?
a)
a. Social Security Number
b)
b. Routing Number
c)
c. Account Number
d)
d. Check Number
73.
11. What part of a check is the LEAST important?
a)
a. The check number
b)
b. Signature line
c)
c. Memo line
d)
d. Routing number
74.
12. How often should you typically monitor your checking account?
a)
a. Monthly
b)
b. Yearly
c)
c. Daily
d)
d. Every three months
75.
13. Which of the following represent typical account fees?
a)
a. ATM fee
b)
b. Service fee
c)
c. Minimum balance fee
d)
d. All of the above
76.
14. Which of the following is not a type of bank?
a)
a. Credit Union
b)
b. Online Bank
c)
c. Payday Lender
d)
d. Retail Bank
77.
15. What's the best strategy for avoiding ATM fees?
a)
a. Only use ATMs close to your house
b)
b. Only use ATMs to withdraw cash
c)
c. Only use ATMs in your bank�s network
d)
d. Only use ATMs you have used before
78.
16. Which of the following is NOT a core component of the Federal Reserve Bank?
a)
a. Board of Governors
b)
b. Regional Reserve Banks
c)
c. Federal Open Market Committee
d)
d. Department of the Treasury
79.
17. What�s the purpose of balancing or monitoring your checking account?
a)
a. To find out which checks you have bounced
b)
b. To help you calculate how much money you have in your account
c)
c. To keep an estimation of how many checks you write
d)
d. To stop identity theft from occurring
80.
18. Which type of account typically has low liquidity?
a)
a. Checking Account
b)
b. Savings Account
c)
c. Money Market Account
d)
d. Certificate of Deposit (CD)
81.
19. The best way to ensure the accuracy and safety of your accounts is to:
a)
a. Monitor your online accounts regularly
b)
b. Shred your paper account statements weekly
c)
c. Call your customer service center daily
d)
d. Balance your checkbook annually
82.
19. The best way to ensure the accuracy and safety of your accounts is to:
a)
a. Monitor your online accounts regularly
b)
b. Shred your paper account statements weekly
c)
c. Call your customer service center daily
d)
d. Balance your checkbook annually
83.
20. With a traditional savings account, you could be charged a fee if:
a)
a. You deposit too much money at once
b)
b. You withdraw money too often
c)
c. You open an account online
d)
d. You close the account
84.
"Compounding  frequency" refers to:
a)
How often your interest is calculated and added back into your account
b)
How easily you can add money into your account
c)
What type of interest your account earns
d)
What interest rate you can expect from your account
85.
John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions would enable him to earn MORE interest?
a)
A. Selecting an account with a high interest rate.
b)
B. Leaving his money in the account for long period of time.
c)
C. Transferring money into his checking account each month.
d)
Both A & B
86.
Jorge has $300 for work he performed. He expects to spend the money in the next few weeks to buy a new bike. Which type of account will be best for Jorge?
a)
Certificate of Deposit (CD)
b)
Money Market Account
c)
Savings Account
d)
Checking Account
87.
Joy is taking out a car loan which she will pay back with interest. Which option will require her to pay the lowest amount in interest?
a)
Annual Compounding
b)
Semi-Annual Compounding
c)
Monthly Compounding
d)
Daily Compounding
88.
Tamara has $500 she is looking to save for a class trip. She wants to earn the most possible interest and will not need access to her money for a full year. Which type of savings account will be best for Tamara?
a)
Certificate of Deposit (CD)
b)
Money Market Account
c)
Savings Account
d)
Checking Account
89.
To earn as much interest as possible, you should open a savings account that earns _______ interest and has the ______ interest rate.
a)
compound; lowest
b)
compound; highest
c)
simple; lowest
d)
simple; highest
90.
What is the typical relationship between time and interest rate?
a)
Longer time period usually equals higher interest rates.
b)
Shorter time period usually equals higher interest rates.
c)
Longer time periods usually have no affect on interest rates.
d)
Shorter time periods usually have no affect on interest rates.
91.
When it comes to saving money, what is a good rule of thumb?
a)
Keep most of your savings in your checking account
b)
Put aside money for savings each month
c)
Choose the savings account with the lowest interest rate
d)
Put anything you can't afford on your credit card
92.
When would you need to use the Rule of 72?
a)
To figure out the interest rate for your savings account
b)
To find out how long it will take your money to double
c)
To estimate how much money you'll have in your account in 72 years
d)
To calculate a reasonable monthly savings goal
93.
Which of the following accounts will give you the LEAST access to your money?
a)
Simple savings account
b)
Certificate of Deposit (CD)
c)
Checking account
d)
Cash
94.
Which of the following is a type of savings vehicle?
a)
A. Certificate of Deposit
b)
B. Money Market Account
c)
C. Checking Account
d)
Both A & B
95.
Which of the following is considered a "need"?
a)
Food
b)
Pizza
c)
Gatorade
d)
fruit
96.
Which of the following is generally true about savings vehicles?
a)
Savings vehicles are only useful for long-term investments.
b)
People should evaluate different forms of savings vehicles based on their needs.
c)
Savings vehicles are never insured.
d)
All of the above
97.
Which of the following is the most important consideration when planning your budget?
a)
Budget for your needs before your wants.
b)
Budget for unexpected events in before expected expenses.
c)
Budget for fixed expenses before flexible expenses.
d)
Budget for expected events before unexpected expenses.
98.
Which of the following savings vehicles usually requires a high minimum balance?
a)
Simple savings account
b)
Certificate of Deposit (CD)
c)
Checking account
d)
All of the above
99.
You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?
a)
Compounding 1 time a year
b)
Compounding 4 times a year
c)
Compounding monthly
d)
Compounding daily
100.
Your friend is overspending and in need of a budget. What type of expense should they reduce next month?
a)
Going to the movies with friends.
b)
Buy fewer school books.
c)
Transportation to get to and from school.
d)
Purchasing medicine for their asthma.

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