EVERFI provides banks and credit unions with the tools to effectively engage their customers through financial education. This knowledge helps them create a stronger, more secure future with the ability to understand and manage essential money skills.
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As a result, consumers are empowered through greater financial capability, providing a better foundation for today and tomorrow.
Here you can find correct answers on Everfi Achieve.
EVERFI Module 1 Banking Basics Answers
| Question | Answer |
|---|---|
| Which of the following is NOT a common feature of a financial institution? | Access to investment products; Investment trading; Access to investment advice |
| Which of the following statements about check cashing companies is TRUE? | They charge high fees. |
| Which of the following financial institutions typically have the highest fees? | Check cashing and payday loan companies |
| Which of the following statements about check cashing companies is FALSE? | They charge low fees. |
| Which type of bank account typically offers the least (if any) interest? | Checking account |
| Savings accounts typically offer more interest than what type of account? | Checking account |
| Which type of bank account is best for everyday transactions? | Checking Account |
| A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily. | True |
| Which savings account will earn you the least money? | One that earns simple interest monthly; One that compounds interest daily. |
| Why is it important to reconcile your bank statements? | All of the above |
| How can you avoid spending more than what is in your bank account? | Keep your own records to compare with your financial institution’s records. |
| How would you reconcile your bank account to avoid spending more than you have? | Compare your own records of your spending with your financial institution’s records. |
| What should you do before you withdraw money from the ATM? | Inspect the ATM to make sure it wasn’t tampered with. |
| What should you do before you approach an ATM? | Check for any suspicious people lurking nearby. |
| What should you do before you use an ATM? | Inspect the ATM and its surroundings to make sure it is safe to use. |
| Which of the following statements about savings accounts is FALSE? | Savings accounts allow an unlimited amount of withdrawals each month; Savings accounts don’t usually require a minimum balance; Savings accounts don’t usually pay interest on the money you deposit. |
| Which of the following statements is TRUE? | If there is a mistake on your bank account, you should contact your financial institution immediately. |
| If there is a mistake with one of your bank accounts, who should you contact to resolve the issue? | Your financial institution |
| If there is an issue with your bank statement or account balance, who should you contact to resolve the issue? | Your bank |
| Your financial institution can’t help you if there is a mistake on your bank account statement. | False |
| Which of the following statements about investing is TRUE? | Investing is riskier than putting money in a savings accounts. |
| Investing is best for __. | long-term financial goals, like paying for retirement. |
| Which of the following statements about investing is FALSE? | Investing is a guaranteed way to grow your money. |
| A stock is __. | A share of ownership in a company. |
| A _ is a share of ownership in a company. | stock |
| A mutual fund is _. | A type of investment that invests in a mix of different types of investments. |
Banking Basics Guide
What are banks that have physical financial Institutions?
Brick & Mortar Banks
System of banking done through an application or website using a computer or mobile device?
Internet Banking
What are non profit institutions that are co-owned by their members who make decisions democratically and typically offer all the same services as traditional banks?
Credit Union
Loan company that allows a person without a bank account or credit union to get money quickly, at a high risk?
Cash Advance/Payday
What does a loan officer do?
Advises, evaluates, & signs off loans to individuals & businesses.
What does a Branch Manager do?
Manages all employees at a specific location.
What does the customer or member services Representative do?
Help customers or members with any questions they may have.
What does the Bank *teller* do?
Helps with account transactions like depositing or withdrawing money.
Name 2 most common bank Accounts
Checking & Savings
Differences between Checking & Savings
Checking is used for everyday transactions, earns little interest on money and most are free to open. Savings is used to save more money for longer term goals. Limited amount of withdrawals, and a minimum balance has to be maintained.
What is Simple Interest?
Interest earned on just the original loan amount.
What is compounded interset?
Interest calculated daily, that is earned on the money already calculated, PLUS interest a person owes each day.
What are the 4 items to open an account?
Paycheck, DL, Cash, & SSN
How old does a person have to be to independently open an account?
18
Why do you have to sign the back of check?
To provide a signature that a check was approved to be transferred to a bank account.
Where is the routing number located on a check?
It runs on the left corner.
Where is the unique number assigned to your account located?
The bottom middle of the check.
What does PIN stand for?
personal identification number
What is an “Overdraft”?
An Overdraft is when you accidentally spend more money than is in your account.
Name 3 Special Savings Plan
Money Market Special Savings Plan Certificate of Deposit
A _____ plan is used to save money for something specific (education) In this plan you can save your post-tax money for certain purposes and the interest you earn will grow tax-free.
529 Plan
A _____________ account is a type of savings account that can offer a higher interest rate compared to traditional savings. However, these accounts often require a higher minimum balance to be maintained.
Money Market
A ___________________ is a type of savings account that stores your money for a pre-set period of time. They often have higher interest rates compared to savings accounts because you typically cannot withdraw your money early without paying a penalty (depending on the financial institution).
Certificate of Deposit
The 4 financial rights of a Banking customer.
Safe, Transparent, Protected, & Accountable.
Difference between Saving & Investing.
Investing is much more risky and could make a larger profit in the future. Investing is more of a long term goal. Saving is safer and for short-term goals, and involves minimal risk.
A _____ is a share of ownership in a company. When you buy a company’s __________, you become a shareholder (or part owner) of that company. As a shareholder, you can make money on your investment if the price of the company ___________ goes up.
Stock
A _________ is a debt investment. When you buy a _________, you lend money to a company or government and get interest in return. When the _________ is due for repayment, you get your full loan amount back.
Bond
Mutual funds, index funds, and exchange-traded funds are investments that invest in a mix of stocks, bonds, and other types of investments. These investments are convenient for investors who don’t want to individually pick which stocks or bonds to invest in.
A Mix of all.
EVERFI Module 2 Income & Employment Answers
| Question | Answer |
|---|---|
| Generally, the more education you receive, the higher your lifetime earnings will be. | True |
| There is no relationship between the level of education received and lifetime earnings. | False |
| For most careers, which degree will most likely result in the highest lifetime earnings? | Bachelor’s Degree |
| What is net pay? | The amount of money you’re paid after all taxes and deductions are taken out of your paycheck. |
| Net pay is NOT __. | Your gross pay plus any bonuses. |
| The amount of money you’re paid, after all taxes and deductions are taken out of your paycheck is called __. | Net pay |
| Which of the following is a possible tax or deduction that they may show up on your paycheck? | All of the above |
| Which of the following is NOT a possible tax or deduction that could show up on your paycheck? | Sales tax |
| Which of the following is NOT a possible tax or deduction that could come out of your paycheck? | Overtime pay |
| What is the purpose of the W-4 form? | To inform your employer of how much federal income tax to withhold from your paychecks |
| The W-4 tax form is used to _. | tell your employer how much federal income tax to withhold from your paychecks to send to the IRS. |
| When you start a new job, you fill out a W-4 form to _. | to determine how much federal income tax your employer should withhold from your paychecks |
| Your employer sends you a _ form that tells you how much you’ve made and how much you’ve paid in taxes in the last year. | W-2 |
| What does the W-2 form tell you? | How much you’ve earned and how much taxes you’ve paid in the last year. |
| The W-2 form is a form that tells you _. | how much taxes you’ve paid in the last year based on how much you’ve earned |
| Which of the following statements is true about taxes? | All of the above |
| What do taxes pay for? | Schools, government departments, roads, and emergency services |
| How does the government pay for roads, schools, and emergency services? | They are funded through taxes. |
| The _ is a flexible market that allows you to work short-term, independent jobs. | gig economy |
| What is the gig economy? | A flexible market that allows you to work short-term, independent jobs. |
| The gig economy offers __ | Flexible, short-term, and independent jobs. An economic system in which assets or |
| What do you need in order to fill out your 1040? | All of the above |
| What do you NOT need in order to fill out your 1040? | Your employer benefits documentation |
| What do you need in order to fill out your 1040? | Your W-2 |
| When considering a job offer, you should only consider how much you’re being paid before you accept the offer | False |
| When considering a job offer, you should consider how much you’re being paid and any other employee benefits before you accept the offer. | True |
| How much you’re being paid is the only thing you need to consider when considering a job offer. | False |
| Which of the following is NOT considered part of your benefits package available from your employer? | Free technology equipment |
| All of the following may be a part of your benefits package available from your employer, except: | FICA |
| Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _ available from your employer. | benefits |
Income & Employment Guide
What is the difference between bachelors degree vs masters or above in salary?
Bachelor’s degree is less expensive, but you earn more money in your job with a master’s degree.
What is a w-4 form?
It is a form the US government requires employers to give employees. It tells them how much money they have to take from your paycheck to give to the government.
How does the government use our tax money?
They pay for things like keeping a strong military, they fund public education, and build roads.
We should aim to withhold ____% of our tax obligation each year
90%
What is a W-2?
It is a form that tells you how much money you have made and how much you have paid in taxes the last year.
What are personal allowances?
The amount of allowance you get that don’t have tax withdrawn
As life changes occur, such as marriage, how will this impact your personal allowances?
You can get more personal allowances if you are married, and if you have kids.
What does head of household mean?
The person who is paying taxes
The _________ _________ ________ administers an employers identification number.
IRS (Internal Revenue Service)
What is the purpose of an Identification number?
The identification number is given by the IRS for administration
When filling out new hire paperwork with your employer, you may be asked to fill out ____________ and __________ forms, in addition to your Federal W-4.
Personal allowance and w-2 forms
What is gross pay?
The amount of money you will receive before any taxes or deductions are taken out
What is net pay?
How much you receive after taxes and deductions are taken out
Net pay is also called ________ ________.
Take-home pay
What are the common deductions listed in the tax area of your paycheck?
Insurance or retirement plans
List examples of the “optional” deductions or benefits that may be listed on a paycheck
Retirement and insurance
What is a gig economy?
a flexible market that allows you to work short-term independent jobs
List examples of gig economy opportunities
Dog sitter, rideshare driver, room renter
Why must we file taxes each year?
To see if you’ve already paid taxes to the government
In addition to salary, what else should you consider when you have been offered a job?
Extra benefits, healthcare, paid time off, disability insurance, retirement
EVERFI Module 3 Budgeting Answers
| Question | Answers |
|---|---|
| Which of the following is a benefit of using a budget? | All of the above |
| Which of the following is NOT a benefit of using a budget? | A budget can help you purchase anything you want. |
| Why is using a budget beneficial? | All of the above |
| Which of the following should NOT be considered when setting a current budget? | Future income |
| Which of the following should you consider when setting a budget? | All of the above |
| What should be considered when setting a budget? | Needs, wants, and savings |
| _ are good places to look to find your current expenses when building your budget. | Bank and credit statements |
| Where should you look to find your current expenses when building your budget? | bank and credit statements |
| Bank statements, credit statements, and records of cash expenses help you to estimate your __. | expenses |
| In addition to needs, what should you plan for first when creating a budget? | Recurring expenses |
| In your budgeting process, when should you look at recurring expenses? | Before reviewing your wants |
| Which of the following statements is TRUE? | None of the above |
| Which of the following is a way to track your spending? | All of the above |
| The envelope method, notebook and pencil, and online software are all methods of __. | tracking your spending |
| Which of the following is NOT a good way to track your spending? | In your head |
| Which choice or choices best describes the purpose of an emergency fund? | All of the above are good reasons to have an emergency fund. |
| Which of the following is NOT true about emergency funds? | They are used for anything listed on the budget. |
| This helps you prepare for unexpected expenses. | Emergency fund |
| When setting a budget, you can choose to make room for: | All of the above |
| Charitable donations, entertainment expenses, and financial goals are all examples of… | things to consider when creating a budget. |
| When setting a budget, you should consider… | financial goals, current expenses, and income. |
| Unexpected expenses… | all of the above |
| Which of the following is TRUE regarding unexpected expenses? | They should be planned for. |
| What is NOT true about unexpected expenses? | They do not occur if you have a budget. |
| Which of the following expenses would be a good reason to spend money from an emergency fund? | Repair your laptop that you use for homework. |
| An emergency fund should NOT be used for… | a last-minute school trip. |
| An unanticipated expense that will make it difficult to get by day-to-day would be a candidate for… | emergency fund spending. |
| What is NOT a good way to prevent unnecessary spending? | Buy all of your wants at one time. |
| How can you ensure you don’t go over your budget? | Round up your expense estimates to add a buffer |
| What budgeting tip(s) would help you to stay on track financially? | Find a friend with similar goals and hold each other accountable |
Budgeting Guide
short term financial goal
one to meet within the next year ex. trip, game console, concert ticket
long term financial goal
one to meet later in life ex. college, car, house
step 1: your income
start with how much money you have for the month, or if this is unpredictable, start with lowest monthly income over the last year
net pay
how much money you get after taxes are taken out/how much you have to spend and save
step 2: your expenses
look at the expenses from the previous month your bank statement, credit card statement, and cash expenses are good places to look
step 3: budgeting for needs
housing, food, transportation set aside money each month to cover these needs
step 4: budgeting for wants
set aside money for savings and emergencies then fill in categories (savings, clothing, entertainment, charitable giving) with remaining money until you have $0 left
savings account
will include the money you want to set aside for your goals and any other emergency expenses
clothing
spend out your spending or use low cost options like clearance, sales, or thrift stores
entertainment
movies and eating out are a lot of fun but look for discounts or invite your friends over to your place
charitable giving
can make the world a better place you could get a tax deduction on some donations
notebook and pencil budgeting technique
write out income and expenses in a notebook keep a running list of every time you spend money, then track how you are doing compared to your budget great if you like to track your spending offline.
envelope budgeting technique
allocate your spending right before you get paid take all of the money and put it in envelopes designated for each budget item or category once envelope is empty you are done spending for that month great if you have trouble with overspending
online software and app budgeting technique
create and track your budget on your device simply add expenses as they happen/link your accounts to automatically track your expenses great if you’re busy and use credit and debit cards
spreadsheet budgeting technique
similar to a notebook or paper budget but done on a computer good for people who want to customize/update their budget but don’t want to link their accounts or do manual calculations
savings plan hack
set up automatic savings plan if money is deducted from your account automatically, it will be harder to spend it
saving buddy hack
set up competition among friends to see who can save for something you all want first or just have someone hold you accountable
round up hack
round all expenses up ex. $18–>$20 to have extra money set aside
deal apps hack
use deal/coupon apps to find a discount on things you purchase regularly or know you need to purchase soon
fun money hack
weekly allowance for fun money less likely to splurge if you have allocated money for whatever you want
cancel it hack
cancel unnecessary recurring expenses, like a gym membership that you never use
eat in hack
plan meals ahead of time and make food at home instead of going out
prioritize hack
make a list of the items you’d like and prioritize ex. list of clothes, buy the clothes you NEED sooner and the others later over the coming months
transportation hack
save on gas by walking short distances, carpooling, or using an app to find cheapest gas prices
EVERFI Module 4 Consumer Skills Answers
| Question | Answer |
|---|---|
| Making a good purchasing decision requires __. | All of the above |
| When you are deciding what to buy, you should… | compare the unit price of items similar to the one you want. |
| What is one of the best ways to get reliable information about a product? | Search online reviews |
| Which example shows an advantages of owning a car over leasing one? | No restrictions on the number of miles to drive and the ability to customize, or make changes to the car. |
| Which of the following is NOT an advantage of owning a car? | Drive unlimited number of miles |
| What is the best reason for why someone would want to lease a house instead of buy one? | They are planning on living there for a short period of time. |
| A pack of 24 pencils is more expensive than 12 pencils, but why could buying the 24 pack be the better deal? | The price of each pencil, or the unit price, is actually cheaper in the 24 pack. |
| Why is figuring out the unit price of something useful when shopping? | It helps you determine the best deal. |
| Which payment option is not accepted online? | Cash |
| Which payment option takes money out of your bank immediately? | Debit Card |
| Which payment option could have interest charged to you? | Credit Card |
| When making a large purchase, you should avoid everything EXCEPT ___________ | a price that fits comfortably in your budget. |
| What are possible red flags or signs of a scam when buying a car? | Both A and C |
| Which of the following is NOT be a warning sign of a scam when buying a car or other big purchases? | A price that fits comfortably in your budget |
| How does a consumer know whether a purchase may be a good deal? | Both A and B |
| What is one of the best ways to get reliable information about a product? | Search online reviews |
| Which example shows an advantage of owning a car over leasing one? | No restrictions on the number of miles to drive and the ability to customize, or make changes to the car. |
| Which of the following is NOT an advantage of owning a car? | Smaller down and monthly payments than leasing a car. |
| What is the best reason for why someone would want to lease a house instead of buy one? | They are planning on living there for a short period of time. |
| Which fact supports the idea that renting is a good option for living in a place for a short period of time? | Landlords take care of most maintenance. |
| Which housing option gives you more freedom and more responsibility? | Buying a house. |
| Leasing a car may be a better option than buying a car if… | you don’t plan on having it for long and don’t want to worry about regular maintenance. |
| Which payment option can offer additional security like fraud protection? | Credit Card |
| Which method of payment actually is a form of borrowing money that needs to be paid back later? | Credit Card |
| Which forms of payment is linked to a bank account which limits the amount of money you can spend to balance in your account? | Checks & debit cards |
Consumer Skills Guide
which payment option takes money out of your bank immediately?
debit card
which forms of payment is linked to a bank account which limits the amount of money you can spend to balance your account?
checks & debit cards
which of the following is NOT be a warning sign of a scam when buying a car or other big purchase?
a price that fits comfortable in your budget
a pack of 24 pencils is more expensive than 12 pencils, but why could buying the 24 pack be the better deal?
the price of each pencil, or the unit price, is actually cheaper in the 24 pack
what is the best reason for why someone would want to lease a house instead of buy one?
they are planning on living there for a short period of time
how does a consumer know whether a purchase may be a good deal?
Both A and B
which housing option gives you more freedom and more responsibility?
buying a house
how is an advertisement different from a comment from a regular consumer?
the advertisement is likely one-sided
making a good purchasing decisions requires _______
all of the above
which payment option could have interest charged to you?
credit card
which payment option can offer additional security like fraud protection?
credit card
what is one of the best ways to get reliable information about a product?
search online reviews
which example shows an advantages of owning a car over leasing one?
no restrictions on the number of miles to drive and the ability to customize, or make changes to the car
what are possible red flags or signs of a scam when buying a car?
both a and c
why is figuring out the unit price of something useful when shopping?
it helps you determine the best deal
which payment option is not accepted online?
cash
when you are deciding what to buy, you should not…
assume that buying the cheapest item is the smartest choice
which forms of payment is linked to a bank account which limits the amount of money you can spend to balance in your account?
checks & debit cards
which fact supports the idea that renting is a good option for living in a place for a short period of time?
landlords take care of most maintenance
the price of a single item within a group of items is known as the _______ of the item
unit price
which method of payment actually is a form of borrowing money that needs to be paid back later?
credit card
which of the following is NOT an advantage of owning a car?
smaller down and monthly payments than leasing a car (it keeps saying it’s wrong for some reason)
which of the following is NOT a useful strategy when making an informed purchase?
purchase a product based on a social media influencer
how is a post from a social media influencer different than a comment from a regular consumer?
the influencer is paid to post the product
leasing a car may be a better option than buying a car if…
you don’t plan on having it for long and don’t want to worry about regular maintenance
when making a large purchase, you should avoid everything EXCEPT ___________
a price that fits comfortably in your budget
EVERFI Module 5 Managing Credit and Debt Answers
| Question | Answer |
|---|---|
| Using a loan could help with the purchase of which of the following? | A house |
| When are loans a good option to use? | When paying for higher education |
| What should you NOT use a loan to purchase? | Airline tickets to your dream vacation |
| Which item is important to consider when selecting a credit card? | Both APR and fees |
| Which of these items is NOT important to consider when selecting a credit card? | The look of the credit card |
| Annual Percentage Rate (APR), credit limit, and penalties and fees are important to consider when _. | Choosing a credit card |
| What is NOT a benefit of having a good credit score? | You’ll get accepted to better education institutions. |
| What is a benefit of having a good credit score? | When you need a loan, you’ll have more loan offers to pick from. |
| Having a great credit score will make it easier for you to get into a better educational institution. | FALSE |
| Secured loans are less costly than unsecured loans because _. | All of these are true. |
| The cost of a secured loan is typically lower than the cost of an unsecured loan because _. | it requires collateral. |
| Which of the following is NOT a feature that makes a secured loan less costly than an unsecured loan? | A high interest rate |
| To maintain a good credit score you must __. | manage your debt wisely. |
| What will happen to your credit score if you do not manage your debt wisely? | Your credit score will go down |
| Not managing your debt wisely can result in __. | A decrease in your credit score |
| Recommended methods to protect yourself from identity theft and fraud include_______. | Placing a credit freeze with the credit bureaus. |
| Which of the following will help you protect yourself from identity theft and fraud? | All of the above. |
| Which of the following is NOT a recommended method to protect you from identity theft? | Expensive specialty locking or monitoring service. |
| Paying only the minimum balance on your credit card can lead to… | paying more interest. |
| All of the following are benefits to paying the full balance on your credit card each month EXCEPT: | Your credit score can decrease. |
| Benefits to paying the full balance of your credit card each month include: | Not having late fees |
| When looking for pre-approval on a car loan you should… | compare pre-approval offers and select the one that is best for you. |
| When looking for pre-approval on a car loan you should NOT… | get a loan from the car dealer directly to keep things simple. |
| Going directly to a car dealer for a loan to keep things simple is a… | not great because they typically offer higher interest rates. |
| What option will NOT be available if you are behind on loan payments? | You can ask to get out of your loan. |
| What could be a good option available to you if you are behind on loan payments? | A financial institution may offer for you to pay a little now and pay the rest after your next pay day. |
| What option will NOT be available if you are behind on loan payments? | You can ask to get out of your loan. |
| Which is a positive reason for using a credit card to finance purchases? | Paying it off on time can help build your credit history |
| Which is NOT a positive reason for using a credit card to finance purchases? | You will get charged high interest. |
| Credit cards can help ______________ when paid off on time regularly. | build credit history |
Managing Credit and Debt Guide
credit card
A plastic card used to make purchases now and pay for them later.
debt
Money owed
credit score
a number assigned to a person that indicates to lenders their capacity to repay a loan.
credit card agreement
A contract that outlines the terms and conditions for using your credit card
APR
Annual percentage rate; the annual rate of interest that is charged for using credit
fees
Service fees for use of the checking account, built into the service agreement.
fine print
tiny writing usually at the bottom of a statement or bill that has important information
house
Using a loan could help with the purchase of a….
airline tickets to your dream vacation
What should you not use a loan to purchase?
APR and fees
What information is important to consider when selecting a credit card?
Secured loans
loans backed by collateral that the bank can claim if the borrowers do not repay them
Unsecured loans
loans that require a good credit rating but no collateral
it requires collateral.
The costs of a secured loan is typically lower than the cost of an unsecured loan because…
commercial banks, insurance companies, pension funds, and investment funds
Examples of financial institutions:
EVERFI Module 6 Financing Higher Education Answers
| Question | Answers |
|---|---|
| Making the choice to spend money on post secondary education pays off in the long run because: | The salary you will earn with a degree will pay back the cost of college over your career. |
| What are the benefits of attending a local community college? | All of the above. |
| Andrew doesn’t want to spend a lot of money on student loans, and does not qualify for grants. What is his best option for affording a Bachelor’s Degree? | He can attend the local community college whose courses transfer to the public four-year college. |
| Which is NOT considered an additional cost beyond tuition for higher education? | Academic counseling |
| Textbooks, transportation and room and board are all… | additional costs for attending a college or university. |
| Which of these additional costs will most likely be the most expensive? | Room and board |
| Preparing to pay for higher education can start in 9th grade or earlier by… | opening a 529 plan. |
| A 529 plan can help you save more money than a traditional savings account because… | it is a tax free. |
| Which of the following is NOT true about the Free Application for Federal Student Aid (FAFSA)? | The earliest you can submit your FAFSA is January 1st of each year. |
| Which of the following is true about the Free Application for Federal Student Aid (FAFSA)? | All of the above |
| Earning a degree can be expensive but which example shows why it might be worth it? | You are more likely to earn more money over your lifetime than if you did not have a degree. |
| Earning a degree can be expensive but which example shows why it might be worth it? | Individuals with a bachelor’s degree typically earn a higher annual salary than those without one. |
| Which of the following answers lists 4 year colleges from generally the least expensive to most expensive? | In-state public university, out-of-state public university, private university |
| What has the biggest impact on whether a 4 year university is affordable? | The amount of financial aid that the university offers. |
| Living at home while enrolled in post secondary school or training can save money on…. | room and board but it raises costs for transportation. |
| Living on campus while earning your degree can help you save money on… | transportation. |
| What type of federal funding is free money, but is based on financial need only? | Federal grants |
| Maria is a high school senior. She wants to go to the local community college and become a nurse. Her grades are average, but she comes from a low-income family. What could she do to in order to afford the next step in her dream to become a nurse? | Both b and c are correct. |
| Everyone interested in post secondary education should complete the Free Application for Federal Student Aid (FAFSA) because… | it allows you to be eligible for federal student aid and other scholarships and grants. |
| Which of the following is NOT a reason to complete the Free Application for Federal Student Aid (FAFSA)? | It allows you to be eligible for early admission. |
Financing Higher Education Guide
all of the following are true about why it is important to complete the free application for federal student aid (FAFSA) process EXCEPT :
it allows you to be eligible for early admission
what has the biggest impact on whether a 4 year university is affordable?
the amount of financial aid that the university offers
a 529 plan can help you save more money than a traditional savings account because…
it is a tax free
cutting down costs by earning an associate’s degree first and then transferring to a four year college or university can be done by going to what type of higher education institution?
a local community college
earning a degree can be expensive but which example shows why it might be worth it?
individuals with a bachelor’s degree typically earn a higher annual salary than those without one
earning a degree can be expensive but which example shows why it might be worth it?
you are more likely to earn more money over your lifetime than if you did not have a degree
it does not make sense to avoid post secondary education because of its cost since in the long run:
the salary you will earn with a degree will pay back the cost of college over your career
what type of federal funding is free money, but is based on financial need only?
federal grants
living on campus while earning your degree can help you save money on…
transportation
textbooks, transportation, and room and board are all…
additional costs for attending a college or university
all of the following are true about the free application for federal student aid (FAFSA) EXCEPT:
the form is only available online
which of the following is true about the free application for federal student aid (FAFSA)?
all of the above
federally-funded grants require the student to…
have financial need only
living at home could save you money while enrolled in post secondary school or training because…
it reduces costs of room and board
living at home while enrolled in post secondary school or training can save money on…
room and board but it raises costs for transportation
everyone interested in post secondary education should complete the free application for federal student aid (FAFSA) because…
it allows you to be eligible for federal student aid and other scholarships and grants
making the choice to spend money on post secondary education pays off in the long run because:
the salary you will earn with a degree will pay back the cost of college over your career
the fact that you are more likely to earn more money over your lifetime with a post secondary degree means…
the cost of a post secondary degree is worth it
which of the following is NOT true about the free application for federal student aid (FAFSA)?
the earliest you can submit your FAFSA is january 1st of each year
preparing to pay for higher education can start in 9th grade or earlier by…
opening a 529 plan
which of the following is NOT a reason to complete the free application for federal student aid (FAFSA)?
it allows you to be eligible for early admission
dimitri’s counselor told him that post secondary education can be expensive but can pay off in the long run, what does that mean?
the salary you will earn with a degree will pay back the cost of college over your career
what can affect whether a public or private university is affordable?
the amount of financial aid that they offer
andrew doesn’t want to spend a lot of money on student loans, and does not qualify for grants. what is his best option for affording a bachelor’s degree?
he can attend the local community college whose courses transfer to the public four-year college
maria is a high school senior. she wants to go to the local community college and become a nurse. her grades are average, but she comes from a low-income family. what could she do to in order to afford the next step in her dream to become a nurse?
both b and c are correct
what are the benefits of attending a local community college?
all of the above
which of these additional costs will most likely be the most expensive?
room and board
which of the following answers lists 4 year colleges from generally the least expensive to most expensive?
in-state public university, out-of-state public university, private university
EVERFI Module 7 Insurance Answers
| Question | Answer |
|---|---|
| Wearing a seat belt, not texting when driving, and driving carefully are all examples of… | risk management strategies. |
| Which is not an example of a risk management strategy? | Buying a new car |
| An example of a risk management strategy is… | A and C |
| What should you NOT use a loan to purchase? | Airline tickets to your dream vacation |
| What is a risk management strategy you could use to protect your home? | A and B |
| How is having a security system for your home a risk management strategy? | The security system will alert authorities and deter criminals, protecting your valuables and property. |
| Buying a home security system is an example of protecting your home against________. | risk |
| Why is it important to have insurance? | A and B |
| Something people buy to protect themselves from losing a lot of money in the event something happens to them or their property is known as… | insurance. |
| What do people purchase as a form of risk management to protect themselves from losing a lot of money in the event something happens to them or their property? | Insurance |
| What can insurance protect you from? | A and C |
| How can insurance protect you from financial loss? | Insurance can cover you or your property in case of an accident, theft, or another unpredictable event. |
| Why should you purchase insurance? | To prevent financial burden in the case of an accident, theft, or another event |
| When filing an insurance claim, the policyholder must pay a ____, which is the amount you owe before insurance will cover the rest of the bill. | deductible |
| An insurance deductible is… | the amount you owe before insurance will cover the rest of the bill. |
| A deductible is paid by… | the policyholder. |
| An insurance premium is… | the amount of money you pay for an insurance policy. |
| An insurance premium is paid by… | the policyholder. |
| If you get into a car accident, your ___ may increase because you will be considered riskier for insurance companies to cover. | insurance premium |
| Liability insurance is… | insurance that will pay for injury to another driver and/or damage to their car if you are in an accident. |
| What does liability insurance not cover in the event of an accident? | Injury to yourself |
| Collision insurance is… | insurance that will pay to get your car fixed in the event of an accident. |
| Insurance that covers damage to your car from an accident is called… | collision insurance. |
| What will collision insurance cover in the event of an accident? | Damage to your car |
| What is a consequence of not having health insurance? | You must pay all costs for health care and medical emergencies. |
| Which of the following is not an advantage of having health insurance? | People with health insurance can skip lines in emergency rooms. |
| Which of the following is a reason someone should get health insurance? | Health insurance protects you financially from medical emergencies. |
| When is it ok not to have health insurance? | You should always have health insurance. |
| All of the following are true about health insurance except: | Being young and healthy means you can skip out on health insurance. |
| Choose the statement that is true about health insurance. | You should always have health insurance, regardless of your circumstances. |
Insurance Guide
an example of a risk management strategy is…
both a and c
what is a risk management strategy you could use to protect your home?
a and b
how is having a security system for you home a risk management strategy?
the security system will alert authorities and deter criminals, protecting your valuables and property
an insurance premium is…
the amount of money you pay for an insurance policy
when filing an insurance claim, the policyholder must pay a _______, which is the amount you owe before insurance will cover the rest of the bill
deductible
what will collision insurance cover in the event of an accident
damage to your car
liability insurance is…
insurance that will pay for injury to another driver and/or damage to their car if you are in an accident
collision insurance is…
insurance that will pay to get your car fixed in the event of an accident
what does liability insurance not cover in the event of an accident?
injury to yourself
what do people purchase as a form of risk management to protect themselves from losing a lot of money in the event something happens to them or their property
insurance
why should you purchase insurance?
to prevent a financial burden in the case of an accident, theft, or another event
why is it important to have insurance?
a and b
what can insurance protect you from?
a and c
which of the following is not an advtange of having health insurance?
people with health insurance can skip lines in emergency rooms
when is it ok not to have health insurance?
you should always have health insurance
what is a consequence of not having health insurance?
you must pay all costs for health care and medical emergencies
something people buy to protect themselves from losing a lot of money in the event something happens to them or their property is known as…
insurance
all of the following are true about health insurance except:
being young and healthy means you can skip out on health insurance
an insurance deductible is…
the amount you owe before insurance will cover the rest of the bill
if you get into a car accident, your ______ may increase because you will be considered riskier for insurance companies to covee
insurance premium
insurance that covers damage to your car from an accident is called…
collision insurance
which is not an example of a risk management strategy?
buying a new car
a deductible is paid by…
the policyholder
how can insurance protect you from financial loss?
insurance can cover you or your property in case of an accident, theft, or another unpredictable event
choose the statement that is true about health insurance
you should always have health insurance, regardless of your circumstances
which of the following is a reason someone should get health insurance?
health insurance protects you financially from medical emergencies
buying a home security system is an example of protecting your home against _______
risk
insurance that will pay for injury to another driver and/or damage to their car if you are in an accident is called…
liability insurance
wearing a seat belt, not texting when driving, and driving carefully are all examples of…
risk management strategies
Source
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