EverFI Banking Final Quiz Answers

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EverFI Banking Quiz

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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
What are the three main responsibilities of the Federal Reserve?
1. Provide and Maintain an effective payment system
2. Supervise and regulate banking operations
3. Conduct monetary policy
Which type of financial institution typically has some sort of requirement to be a member?
Credit Union
Which type of bank account is typically the most liquid?
Checking Account
Compare/ contrast a checking account and savings account. Which offers more interest? Which is easier to get money out of?
Savings account offers more interest. Checking accounts are more easier to get your money out of.
Between checking, savings, money market, and certificate of deposit, which typically has the highest interest rate? Which has the lowest liquidity?
Certificate of Deposit (CD)
What are the three parts of the Federal Reserve System?
1.Reserve Banks
2.Federal Open Market Committee
3.Board of Governors.
List four possible fees associate with a checking account. Which is likely to be the highest
Overdraft fee, Account transfer fee, Monthly service fee, ATM fee. ATM fee is highest.
What are some unique features of a credit union?
1.Credit Unions are typically owned and run by their members.
2.Credit Unions offer a wide variety of banking services
What three things do the numbers on the bottom of a typical check represent?
1. Routing Number
2. Account Number
3. Check Number
Which part of the check is the least important?
Memo line
How often should you typically monitor your checking account?
Monthly
What is a payday lender? Why should you avoid them?
They’re not a type of bank, but a type of loan. They’re very xpenisce and your debt will grow fast.
How do you avoid paying ATM fees?
Only use ATM’s in your banks network
What is the purpose of of balancing or monitoring your checking account?
Helps you calculate how much money you have in your account.
What is the best way to ensure the accuracy and safety of your accounts?
Monitor your accounts regularly.
With a traditional savings account, there might be a fee for withdrawing money ______ _________.
too; often

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