Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Savings Everfi
Test Description: Everfi
Instructions: Answer all questions to get your test result.
1) Interest is:
A
the amount added into your savings when opening a bank account
B
a charge for the convenience of accessing money stored in your bank account
C
the amount owed for borrowing money
D
a charge for lending money to a bank
2) To earn as much interest as possible, you should open a savings account that earns _______ interest and has the ______ interest rate.
A
simple; lowest
B
simple; highest
C
compound; highest
D
compound; lowest
3) 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
Transferring money into his checking account each month
B
Both A B
C
Leaving his money in the account for long period of time
D
Selecting an account with a high interest rate
4) 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 daily
C
Compounding 4 times a year
D
Compounding monthly
5) Which of the following is a type of savings vehicle?
A
Both A B
B
Money Market Account
C
Certificate of Deposit
D
Checking Account
6) Which of the following is generally true about savings vehicles?
A
All of the above
B
Savings vehicles are never insured
C
People should evaluate different forms of savings vehicles based on their needs
D
Savings vehicles are only useful for long-‐term investments
7) Which of the following savings vehicles usually requires a high minimum balance?
A
Checking account
B
Simple savings account
C
Certificate of Deposit (CD)
D
All of the above
8) Which of the following accounts will give you the LEAST access to your money
A
Checking account
B
Certificate of Deposit (CD)
C
Simple savings account
D
cash
9) The purpose of a budget is to:
A
increase the balance of your savings account
B
stop you from spending too much money
C
help you plan how you will spend the money you earn or receive
D
tell you how much you owe the government in taxes
10) When it comes to saving money, what is a good rule of thumb?
A
Put aside money for savings each month
B
Keep most of your savings in your checking account
C
Putting anything you can’t afford on your credit card
D
Choose the savings account with the lowest interest rate
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?