Which savings account will earn you the most money?

one that compounds interest daily

one that compounds intrest monthly

one that earns simple interest daily

one that earns simple 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

How can you avoid spending more than what is in your bank account?

Keep your own records to compare with your financial institution's records.

Check your bank statement once a month.

Ask your financial institution to notify you when you are close to $0 in your account.

How would you reconcile your bank account to avoid spending more than you have?

Compare your own records of your spending with your financial institution's records.

Contact your financial institution to read your transactions for the past month.

Review your bank statement once at the end of the month.

What should you do before you withdraw money from the ATM?

Inspect the ATM to make sure it wasn't tampered with.

Ask someone nearby for help using the ATM.

Find a hidden ATM so no one will see you withdraw money.

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

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 debt card number because you'll need to type it in at the ATM.

Which of the following statements about savings accounts is FALSE?

Savings accounts allow an unlimited number of withdrawals each month.

Savings accounts pay interest on the money you deposit.

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.

Which of the following statements about savings accounts is FALSE?

Savings accounts don't usually require a minimum balance to avoid paying a fee

Savings accounts pay interest on the money you deposit.

Savings accounts limit the number of withdrawals that can be made each month.

Savings accounts are best used to store money for longer-term goals.

Which of the following statements about savings accounts is FALSE?

Savings accounts don't usually pay interest on the money you deposit.

Savings accounts limit the number of withdrawals that can be made 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.

Which statement is true?

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

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 with one of your bank accounts, who should you contact to resolve the issue?

no one, you can't resolve the issue

Which statement about investing is true?

Investing is riskier than putting money in a savings account.

On average, putting money in a savings account earns a higher return that investing money in the stock market.

Investing is best for short-term financial goals.

Investing is a guaranteed way to make money.

Investing is best for

long-term financial goals, like paying for retirement

short-term financial goals, like building an emergency fund

earning a little interest while keeping your money safe

guaranteed fast growth on your money

Which of the following statements about investing is false?

Investing is a guaranteed way to grow your money.

Investing is riskier than putting your money in a savings account.

Investing is best for long-term financial goals, like paying for retirement.

On average, investing money in the stock market earns a higher return than putting money in a savings account.

a share of ownership in a company

a type of debt investment that acts like a loan

a type of investment that invests in a mix of different types of investments

a type of savings account that pays interest based on current interest rates in the money market

a type of investment that invests in a mix of different types of investments

a type of debt investment that acts like a loan

a share of ownership in a company

a type of savings account that pays interest based on current interest rates in the money market

Which of the following statements about stocks is true?

A stock is a share of ownership in a company.

A stock is a type of debt investment that acts like a loan.

A stock is a type of investment that invests in a mix of different types of investments.

A stock is a type of savings account that pays interest based on current interest rates in the money market.

Everfi Banking Basics

Authored by Julie Z

Other, Life Skills, Social Studies

9th - 11th Grade

Used 127+ times

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29 questions

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MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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

access to investment products

paper checks

access to ATMs

direct deposit

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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

access to ATMs

investment trading

direct deposit

debit cards

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following statements about check cashing companies is FALSE?

They offer bad deals where you will 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.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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

checking account

savings account

money market account

certificate of deposit (CD)

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Everfi Banking Basics

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

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

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

Which of the following statements about check cashing companies is TRUE?

Which of the following financial institutions typically have the highest fees?

Which of the following statements about check cashing companies is FALSE?

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

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

Which type of bank account is best for everyday transactions?

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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