Everfi Practice Flashcards
Interest is…
the amount owed for borrowing money
Sarah just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions would enable her to earn MORE interest?
Selecting an account with a high interest rate and leaving her money in the account for a long period of time.
You are opening a savings account that earns compound interest. Which compounding frequency will earn the MOST money?
compounding daily
which type of account is the most liquid?
checking account
which part of the check is the least important
memo line
which is the purpose of balancing your checking account?
To help you calculate how much money you have in your account
which payment type can help you stick to a budget?
debit cards
making a minimum payment:
means you are paying a small portion of your total credit card debt
what is a credit card balance?
the amount of money you still owe to your credit card company
Which of the following are true about credit scores?
all of these
all of the following make up the big 3 credit reposting agencies EXEPT:
Federal Reserve
which of the following can negatively impact on your credit score?
you pay your credit card bill every other month.
which of the following loans will typically have the lower interest rate?
federal student loan
the period after graduating college or school before you must begin paying back student loans in known as the:
grace period
use the table above to answer the following question: Ashley earns $250 per month. which statement below is the most correct?
ashley spends more than she makes
the return on investment (ROI) from education is typically higher for:
someone with a 4 year degree
a _______ is generally considered an appreciating asset because it will ______ in value over time
house; increase
on a check the first set of numbers in the bottom left is:
bank routing number
the set of numbers (101) on the top right of the check represents the:
check number
which type of bank account typically offers no interest?
checking
which of the following typically have the highest fees?
payday lender
which of the following are known as “free money”?
both grants and scholarships
which of the following statements is most correct?
a benefit of owning a home is that the value may appreciate
which of the following would a mortgage loan be used for?
to purchase a 4 bedroom home
insurance can help you
protect against unexpected accidents
which form is your employer required to send to you before you file your tax return?
W-2
Isaiah needs to visit the doctor. the cost of the appointment without insurance is $200. Isaiah has an insurance plan through his employer with a $50 monthly premium and $20 copay. how much will Isaiah have to pay his doctor?
$20
By what date must federal taxes typically be filed and sent to the IRS?
4/15/2016
Identity thieves can use your personal information to:
All of these
which piece of information is most useful to an identity thief?
your full name and social security number
how often are you entitled to a free credit report from each of the major credit reporting companies?
yearly
when buying a stock in a company, you are:
buying a portion of a company
when you purchase a municipal bond, you are:
loaning money to the municipality
The return of investment ( ROI)from education is typically the highest four:
Someone with a four-year bachelor degree
Your sister is starting ninth-grade next year and is thinking about going to college. What steps would you first recommend she takes?
Looking for school clubs and organizations she’s interested in
Which of the following loans will typically offer the lowest interest rate?
Federal student loans
When referring to student loans, what is a grace period?
You. After graduating or leaving school before you must begin paying back student loans
Which loan type requires you to make loan payments while you’re attending school?
Neither a nor B
Which of the following statements about federal state loans is true
The interest rate on your loan will be fixed overtime
Using the FASFA form you can apply for:
Federal student loans; the federal work study program
The federal application for student aid form:
Can be submitted online or by mail
After you send in your FASFA form what will you recieve back?
Your student aid teport
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?
Federal student loans
