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Everfi Financial Literacy Flashcards | StudBud
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Everfi Financial Literacy
Everfi Financial Literacy
20 terms
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Questions from Everfi to test your financial knowledge!
Flashcards
20 cards
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Questions
20
Answers
1
0% your first 12 bills. After that, 18.25%. What's the APR on purchases after 12 months?
18.25%
27.357%
5.65%
36.5%
2
How long it will take for your money to double if it’s earning 6% in interest (Use Rule of 72)?
72 yrs
12 yrs
16 yrs
36 yrs
3
Which will most benefit you financially?
A savings account that does not compounds interest
A savings account that compounds interest monthly
A savings account that compounds interest daily
A savings account that compounds interest yearly
4
How long it will take for your money to double if it’s earning 8% in interest (Use Rule of 72)?
9 years
8 years
10 years
7 years
5
Which type of bank account typically offers no interest?
Certificate of Deposit
Checking
Money market
Savings
6
how many free credit reports are you legally entitled to each year?
Three credit reports from each credit bureau
three credit reports each year
one credit report from each credit bureau
One credit report each year
7
Your credit history is tracked by all of the following EXCEPT:
Trans Union
Federal Reserve
Experian
Equifax
8
The period before you have to begin repaying your student loans is known as the:
default period
zero interest period
promotional period
grace period
9
Good credit is usually required for which of the following (2 possible answers):
Adopting a pet
Buying new furniture
Buying a new car
Purchasing a home
10
The set of numbers on the top-right of the check represents the:
bank account number
member number
the bank routing number
check number
11
Which of the following typically has the lowest fees or costs to use?
Payday loan
Credit card
Cash advance
Debit card
12
Which of the following is an advantage of federal student loans?
Federal student loans do not accumulate interest.
Federal student loans have a fixed interest rate.
Gov. student loans are only available to those who need it
Fed. student loans must be paid back while you're in school.
13
Which of the following typically have the highest fees?
Credit Union
Online Bank
Payday Lender
Retail Bank
14
A sim earns $250 per month but spends $275 a month. Which statement below is most correct?
Asim should save more in the future.
Asim should stop saving in the future.
Asim spends more than she makes.
Asim makes more than she spends.
15
What are the responsibilities of a renter versus an owner?
Both have equal responsibility and control over a home.
A house owner has utter responsibility and control over it
Renters have complete responsibility and control over homes.
A house is completely controlled by the government
16
Jan pays $70 each month for her auto insurance policy. This regular payment is called a:
deductable
premium
co-pay
claim
17
Annual Membership Fee: $0. What is the annual fee for this card?
$29
$0
$5
$39
18
Which of the following are NOT deducted on a typical pay stub:
Sales tax
medicare tax
State income tax
Social security tax
19
Which of the following are examples of types of savings vehicles? (3 possible answers)
Checking Account
Savings Account
Certificate of deposit (CD)
Money Market Account
20
Which of the following could potentially damage your credit score? (2 possible answers)
Opening a checking account
Paying a roommate back
Paying a credit card bill late
Ignoring a late payment notice
