Everfi Final Exam study guide

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the amount owed for borrowing money

To earn as much interest as possible, you should open a savings account that earns _____ interest and has the ____ interest rate

compound; highest

You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?

Compounding daily

Which is a type of savings vehicle?

Certificate of Deposit and Money market account

Which is generally true about savings vehicles?

people should evaluate different forms of savings vehicles based on their needs

Which savings vehicles usually require a high minimum balance?

Certificate of Deposit (CD)

Which account will give you the LEAST access to your money ?

Certificate of Deposit (CD)

The purpose of a budget is to:

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

When it comes to saving money, what is a good rule of thumb?

put aside money for savings each month

The 3 parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the:

Board of Governors

Which is NOT one of the responsibilities of the Federal Reserve?

establishing the federal budget

Which is a unique feature of credit unions?

They are typically owned and run by their members and limit membership to certain people of groups

Which type of account is typically the MOST liquid?

checking account

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

Higher; harder

What part of a check is the LEAST important?

memo line

Which represent typical account fees?

ATM, Service, and Minimum balance fee

What’s the best strategy for avoiding ATM fees?

Only use ATMs in your bank’s network

What’s the purpose of balancing or monitoring your checking account?

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

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

monitor your online accounts regularly

Which payment types require you to pay upfront?

Money order, cashier’s check, pre-paid card

Which statement comparing debit cards to credit cards is true?

debit cards allow you to draw funds directly from your checking account

Which payment method typically charges the highest interest rates?

Payday loans

What payment type can help you stick to a budget?

Debit cards

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