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Economics > Everfi Module: 1-9 > Flashcards

Everfi Module: 1-9 Flashcards

1
Q

Interest is:

A

The amount owned for borrowing money.

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2
Q

To earn as much interest as possible, you should open a savings account that earns ___ interest and has the ____ interest rate.

A

compound; highest

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3
Q

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 high interest rate; leaving his money in the account for long period of time.

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4
Q

You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?

A

Compounding daily.

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5
Q

Which of the following is a type of savings vehicle?

A

Certificate of Deposit

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6
Q

Which of the following is generally true about savings vehicles?

A

People should evaluate different forms of savings vehicles based on their needs.

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7
Q

Which of the following savings vehicles usually requires a high minimum balance?

A

Certificate of Deposit (CD)

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8
Q

Which of the following accounts will give you the LEAST access to your money?

A

Certificate of Deposit (CD)

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9
Q

Purpose of a budget is to:

A

Help plan how you will spend the money you earn or receive.

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10
Q

When it comes to saving money, what is a good rule of thumb?

A

Put aside money for savings each month.

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11
Q

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

A

Board of Governors

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12
Q

Which of the following is NOT one of the responsibilities of the Federal Reserve?

A

Establishing the federal budget

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13
Q

Which of the following is a unique feature of credit unions?

A

Credit Unions are typically owned and run by their members; Credit unions limit membership to entertain people or groups

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14
Q

Which type of account is typically the MOST liquid?

A

Checking account

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15
Q

Savings accounts usually offer ______ interest rates than checking accounts. It is ______ to access your money in a savings account than in a checking account.

A

Higher; harder

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16
Q

What part of a check is the least important?

A

Memo line

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17
Q

Which of the following represent typical account fees?

A

Arm fees; service fee; minimum balance fee

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18
Q

What’s the best strategy for avoiding ATM fees?

A

Only use ATMs in your banks network

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19
Q

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

A

To help you calculate how much money you have in your account

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20
Q

The best way to ensure the accuracy and safety of your accounts is to?

A

Monitor your online accounts regularly

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21
Q

Which of the following payment types require you to pay upfront?

A

Money orders; cashiers check; pre paid cash

22
Q

Which of the following statements comparing debit cards to credit cards is true?

A

Debit cards allow you to draw funds directly from your checking account

23
Q

Which payment method typically charges the highest interest rates?

A

Credit cards

24
Q

What payment type can help you stick to a budget?

A

Debit cards

25
Q

If you are planning to carry a large balance on your credit card, which of the following credit card features should you look for?

A

Low APR

26
Q

The annual percentage rate on a credit card determines_____

A

None of the above

27
Q

Making a minimum payment:

A

Means you are paying a small portion of your total credit card debt

28
Q

Which of the following can increase your credit cards APR?

A

Missing a credit card payment

29
Q

What is a credit card balance?

A

The amount of money you still owe to the credit card company

30
Q

Which of the following is NOT a common credit card fee?

A

Minimum payment fee

31
Q

Which of the following statements about credit scores is true?

A

Credit scores reflect how likely individuals are to repay their debts: credit scores range from the low 300s to the 800s: each person has three credit scores.

32
Q

Having a good credit score is important because:

A

It can impact your ability to be approved for bank loans

33
Q

All of the following make up the big three credit report agencies except:

A

Federal reserve

34
Q

Which of the following actions can negatively impact your credit score?

A

You forgot to pay the cable bill

35
Q

Which of the following actions has no impact on your credit score?

A

You inquire about a credit card charge

36
Q

Which of the following most influences your credit score?

A

Payment history

37
Q

Which of the following actions would improve your credit score?

A

Paying off your credit card bill

38
Q

What action is least important to maintaining a healthy credit score?

A

Know your exact credit score

39
Q

How many free credit reports are you legally entitled to each year?

A

3

40
Q

Having a low credit score can make it more difficult to:

A

Obtain a car loan; open a new credit card; secure an apartment lease

41
Q

The return of investment ( ROI)from education is typically the highest four:

A

Someone with a four-year bachelor degree

42
Q

Your sister is starting ninth-grade next year and is thinking about going to college. What steps would you first recommend she takes?

A

Looking for school clubs and organizations she’s interested in

43
Q

Which of the following loans will typically offer the lowest interest rate?

A

Federal student loans

44
Q

When referring to student loans, what is a grace period?

A

You. After graduating or leaving school before you must begin paying back student loans

45
Q

Which loan type requires you to make loan payments while you’re attending school?

A

Neither a nor B

46
Q

Which of the following statements about federal state loans is true

A

The interest rate on your loan will be fixed overtime

47
Q

Using the FASFA form you can apply for:

A

Federal student loans; the federal work study program

48
Q

The federal application for student aid form:

A

Can be submitted online or by mail

49
Q

After you send in your FASFA form what will you recieve back?

A

Your student aid teport

50
Q

You were looking for ways to pay for your higher education cost, which of the following options will require you to pay back any money receive?

A

Federal student loans

Economics (11 decks)

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