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Savings Everfi
Test Description: Everfi
Instructions: Answer all questions to get your test result.
1) Interest is:
A
the amount owed for borrowing money
B
the amount added into your savings when opening a bank account
C
a charge for the convenience of accessing money stored in your bank account
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; highest
B
compound; highest
C
simple; lowest
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
Selecting an account with a high interest rate
B
Leaving his money in the account for long period of time
C
Transferring money into his checking account each month
D
Both A B
4) You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?
A
Compounding daily
B
Compounding monthly
C
Compounding 4 times a year
D
Compounding 1 time a year
5) Which of the following is a type of savings vehicle?
A
Checking Account
B
Money Market Account
C
Certificate of Deposit
D
Both A B
6) Which of the following is generally true about savings vehicles?
A
Savings vehicles are never insured
B
People should evaluate different forms of savings vehicles based on their needs
C
All of the above
D
Savings vehicles are only useful for long-‐term investments
7) Which of the following savings vehicles usually requires a high minimum balance?
A
Simple savings account
B
Checking account
C
All of the above
D
Certificate of Deposit (CD)
8) Which of the following accounts will give you the LEAST access to your money
A
Simple savings account
B
Certificate of Deposit (CD)
C
cash
D
Checking account
9) The purpose of a budget is to:
A
increase the balance of your savings account
B
tell you how much you owe the government in taxes
C
stop you from spending too much money
D
help you plan how you will spend the money you earn or receive
10) When it comes to saving money, what is a good rule of thumb?
A
Choose the savings account with the lowest interest rate
B
Put aside money for savings each month
C
Keep most of your savings in your checking account
D
Putting anything you can’t afford on your credit card
*select an answer for all questions
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