EVERFI MODULE 1 FINANCIAL LITERACY BANKING BASICS COMPLETE COVERED EXAM UPDATE QUESTION AND ANSWERS [Video]

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..EVERFI MODULE 1 COMPLETE
COVERED EXAM UPDATE QUESTION
AND ANSWERS 2023 NEW UPDATE
which of the following is NOT a common feature of a financial institution? – ANS access
to investment products, investment trading, access to investment advice
which of the following statements about check cashing companies is TRUE? – ANS they
charge high fees
which of the following financial institutions typically have the highest fees? – ANS check
cashing and payday loan companies
which of the following statements about check cashing companies is FALSE? – ANS
they charge low fees
which type of bank account typically offers the least (if any) interest? – ANS checking
account
savings accounts typically offer more interest than what type of account? – ANS
checking account
which type of bank account is best for everyday transactions? – ANS checking account
t/f: a savings account that compounds interest daily will earn a higher return than a
savings account that pays simple interest daily – ANS true
which savings account will earn you the least money? – ANS one that earns simple
interest monthly
which savings account will earn you the most money? – ANS one that compounds
interest daily
why is it important to reconcile your bank statements? – ANS to avoid spending more
than what is in your account, to detect any errors in your account, and to determine if
you were charged any fees
how can you avoid spending more than what is in your bank account? – ANS keep your
own records to compare with your financial institution’s records
how would you reconcile your bank account to avoid spending more than you have? –
ANS compare your own records of your spending with your financial institution’s records
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