EverFI Banking Final Quiz Answers

Terms and Answers to Learn

1) Which of the following is a primary responsibility of the Federal Reserve Bank?

• Establish monetary policy
• Pass monetary laws
• Collect taxes
• Print money

2) Which type of account will typically have the highest interest rate?

• Checking Account
• Savings Account
• Money Market Account
• Certificate of Deposit (CD)

3) Which type of financial institution typically has membership requirements?

• Credit Union
• Online Commercial Bank
• Commercial Bank
• Federal Reserve Bank

4) Which of the following fees would likely be the highest?

• Overdraft fee
• Account transfer fee
• Monthly service fee
• ATM fee

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

• To find out which checks you have bounced
• To help you calculate how much money you have in your account
• To keep an estimation of how many checks you write
• To stop identity theft from occurring

6) Usually provides access to online banking options.

• Retail Bank
• Online Bank
• Credit Union
• All of the Above

7) Membership may be exclusive to certain people or groups, like members of the military or people who work in a specific industry.

• Retail Bank
• Online Bank
• Credit Union
• All of the Above

8) Ability to meet with a bank representative in person.

• Retail Bank
• Online Bank
• Credit Union
• A&C

9) Access to Checking & Savings Accounts

• Retail Bank
• Online Bank
• Credit Union
• All of the Above

10) Owned & Run by it’s Members

• Retail Bank
• Online Bank
• Credit Union
• All of the Above

11) Access to local ATM

• Retail Bank
• Online Bank
• Credit Union
• All of the Above

12) The primary goal of the Federal Reserve system is to:

• maintain a safe and stable banking system
• keep banks up-to-date on the latest economic research
• provide budget recommendations to the Treasury Department
• ensure interest rates for savings accounts stay high

13) Which of the following statements about FDIC-insured accounts is correct?

• FDIC insures deposits up to $250,000 per person per bank
• keep banks up-to-date on the latest economic research
• Both A & B
• Neither A nor B

14) If you need to set up direct deposit, which information from your check would you likely need?

• Check number
• Memo line
• Numerical
• Routing number

15) Which type of account typically has low liquidity?

• Checking Account
• Savings Account
• Money Market Account
• Certificate of Deposit (CD)

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

• Board of Governors
• United States Mint
• Department of the Treasury
• Secretary of State

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

• Supervising the Reserve banks
• Maintaining a stable banking system
• Setting the nation’s monetary policy
• Establishing the federal budget

18) Which type of account is typically the MOST liquid?

• Checking account
• Savings account
• Certificate of Deposit
• Exchange Traded Fund

19) What part of a check is the LEAST important?

• The check
• Signature line
• Memo line
• Routing number

20) What’s the best strategy for avoiding ATM fees?

• Only use ATMs close to your house
• Only use ATMs to withdraw cash
• Only use ATMs in your bank’s network
• Only use ATMs you have used before

21) Which type of account will typically have the highest interest rate?

• Checking
• Savings
• Money Market
• Certificate of Deposit (CD)

22) The numbers on the bottom of a typical check represent all of the following EXCEPT?

• Social Security Number
• Routing Number
• Account Number
• Check Number

23) The best way to ensure the accuracy and safety of your accounts is to:

• Monitor your online accounts regularly
• Shred your paper account statements weekly
• Call your customer service center daily
• Balance your checkbook annually

24) Which of the following is not a type of bank?

• Credit Union
• Online Bank
• Payday Lender
• Retail Bank