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Banking / Everfi

Test Description: Banking

Instructions: Answer all questions to get your test result.

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

AUnited States Mint BSecretary of State CBoard of Governors DDepartment of the Treasury

2) Which of the following is NOT one of the responsibilities of the Federal Reserve

AMaintaining a stable banking system BSetting the nation’s monetary policy CSupervising the Reserve banks DEstablishing the federal budget

3) Which of the following is a unique feature of credit unions

ACredit unions are typically owned and run by their members BCredit unions are insured by FDIC CCredit unions offer a wide variety of banking services. DCredit union charge higher interest on loans

4) Which type of account is typically the MOST liquid?

ASavings account BExchanged Traded Fund CChecking account DCertificate of Deposit

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

Alower; harder Bhigher; harder Chigher; easier Dlower; easier

6) What part of a check is the LEAST important?

AMemo line BThe check number CSignature line DRouting number

7) Which of the following represent typical account fees?

AService fee BAll of the above CMinimum balance fee DATM fee

8) What’s the best strategy for avoiding ATM fees?

AOnly use ATMs to withdraw cash BOnly use ATMs you have used before COnly use ATMs in your bank’s network DOnly use ATMs close to your house

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

ATo help you calculate how much money you have in your account Bkeep an estimation of how many checks you write CTo stop identity theft from occurring DTo find out which checks you have bounced

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

ABalance your checkbook annually BCall your customer service center daily CMonitor your online accounts regularly DShred your paper account statements weekly

*select an answer for all questions

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