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