We thoroughly check each answer to a question to provide you with the most correct answers. Found a mistake? Tell us about it through the REPORT button at the bottom of the page. Ctrl+F (Cmd+F) will help you a lot when searching through such a large set of questions.
Welcome to a guide that provides answers to the ever-changing world of modern banking and identity protection.
Here you will find the answers to the Everfi Money Moves. By diving into topics such as virtual wallet security and account privacy, we’ll give you valuable insight into keeping your money safe in today’s digital age.
Everfi Introductory Financial Concepts Module 1 Answers
Which account is more likely to have penalties for frequent withdrawals?
Savings account
What is a benefit of an account with interest?
You earn money.
Which is not a way you can check your account balance?
Contact the FDIC/NCUA.
What is a transaction that has not been processed yet by a financial insitution?
A pending transaction.
What is one benefit of a savings account?
You can earn interest on the money in the account.
What does it mean when someone’s account is “overdrawn”?
They’ve charged more to their account than they have available.
Which balance shows the amount of money you can use now?
Available balance.
Savings accounts can be considered safe because they are
insured by the FDIC/NCUA
What service does a financial insitution offer to help you track your money?
Account balances
Which type of interest can earn more money over the long term?
Compound interest
Checking Account
a bank account used for everyday purchases; can make deposits and withdrawls
Savings Account
a bank account that accumulates interest over time; typically has limitations on amount of withdrawls
Interest Rate
the rate at which the bank pays you for using your money
APY
the actual rate of return that will be earned in one year if the interest is compounded
Regulation D
a regulation that limits the amount of withdrawals in a savings account to six
Automated Clearing House (ACH)
an electronic funds transfer payment system that provides ACH transactions for use with payroll, direct deposit, tax refunds, consumer bills, tax payments, and many more payment services in the U.S.
Variable Rate
Interest rate that fluctuates over time
Withdrawals
taking money out of your account
ATM Subcharge
a fee caused by the use of another’s banks ATM to withdraw money
Minimum Balance
A specific amount of money that a bank or credit union requires in order to open or maintain a particular account
Everfi Modern Banking Module 2 Answers
Since online banking and mobile apps allow you to track your spendings and savings, they are really helping you
manage your money
If someone wanted to talk to a financial institution representative in person they would need to
visit the financial institution
What can be done in a mobile banking app that can’t be done online?
Depositing a check
Which is not a good security precaution to take while using online or mobile banking apps?
Use public Wi-Fi with a secure password
Scheduling an _____ payment of your bills in one way to use online or mobile bankin apps to help manage your money.
automatic
How long should you keep a check that you deposited using a mobile app?
Until it has been approved and posted to your account
What are deposits and withdrawals also known as?
Transactions
One way to meet a savings goal is to schedule automatic _____ of money from a checking to a savings account
transfers
Which is not a feature of online banking?
Ordering food for delivery
Moving money from a savings account to a checking account at the same financial institution is called a _____.
Transfer
Online and mobile banking can be used to help you meet savings goals by _____.
scheduling automatic transfers into a savings account
Why is it a good idea to turn off Wi-Fi while using a mobile banking app?
Cellular data is more secure than public Wi-Fi
What can you schedule with online and mobile banking apps that can help you pay your bills on time and regularly?
Automatic payments and alerts
Online banking sites and mobile banking apps can help you manage your money because _______.
they allow you to track your spendings and savings
Which of the following is not a benefit of digital banking (online and mobile)?
a. It has many of the same features as in-persoin banking. b. It’s convenient c. It’s easy to use d. You can talk to a representative in person d. You can talk to a representative in person. (You can’t do this because digital banking is only online.)
Everfi Identity Theft & Fraud Protection Module 3 Answers
You have the best chance of getting your money back from a scam if what happened?
You didn’t authorize the payment.
If you are the victim of identity theft or fraud, you should contact the following places except _______.
a. Your local elected official like the mayor b. Your financial insitution c. Credit card companies d. Credit bureaus a. Your local elected official like the mayor. There is nothing they can do to help with identity fraud,
It may be safe to share some personal details on social media like your pet’s name and the school you attend if you do what?
Set you account to private and only allow people you know.
Which of the following are methods a criminal uses to get someone’s money or personal information?
a. Over the phone. b. Through an email c. On a fake website d. All are correct d. All are correct. Criminals have several methods they can use to get your personal information.
Which example shows a victim authorizing a scam or fraud?
Juan got a call saying he had unpaid parking tickets and they asked for his credit card number. He gave it to them to avoid going to jail.
Who do you contact to get your credit report?
The credit bureaus.
Which of the following is not true of spoofed, imposter sites.
They will never have a lock icon in the URL toolbar.
What should you do if you suspect you are the victim of identity theft?
Review your credit report, alert your financial institutions, and change your passwords.
Which of the following will make a weak password?
Repeating letters and numbers
True or false: You can use public Wi-Fi to do online banking as long as you visit encryted and secure websites.
False because you may be using a Wi-Fi access point and visiting a spoofed site.
Identity Theft
A crime that involves someone pretending to be another person in order to steal money or obtain benefits
Medical Identity Theft
The unauthorized use of someone else’s personal information to obtain medical services or submit fraudulent medical insurance claims for reimbursement.
Criminal Identity Theft
giving another person’s name, date of birth, driver’s license number, etc., to a law enforcement officer during an investigation or upon arrest.
Tax Identity Theft
when someone fraudulently files for your tax refund
Fraud
wrongful or criminal deception intended to result in financial or personal gain
Dark Web
a group of websites that are publicly available but make illegal activity and information sharing possible by hiding who owns the websites and where the websites are hosted
Social Security Number
A unique number assigned to you by the federal government. No one else has the same number
Identity Theft Protection Services
offers help in the aftermath of ID theft, providing assistance if you need help canceling unauthorized accounts or straightening out other damage
Multi-Factor Authorization
Requires two out of the three independent authentication factors be demonstrated before authorization is granted
Credit Report
A detailed report of an individual’s credit history
Identity Theft Insurance
Coverage for expenses incurred as the result of an identity theft.
Medicare Card
Medicare insurance identification card
Bank Account Number
a number associated with a specific bank account that can be used
IRS
(Internal Revenue Service) Governmental agency responsible for collecting federal taxes, issuing regulations, and enforcing tax laws
Restoration
the act of rebuilding your credit after being a victim of identity theft
Everfi Peer-to-Peer Transactions Module 4 Answers
Why is important to contact customer support of your P2P app or service if you feel you have been scammed?
They may be able to remove the scammer from the P2P app or service.
Which of the following accounts cannot be linked to most P2P apps or services?
Certificate of deposit
Some common ways that criminals try to pressure people into falling for a scam include an offer that seems too good to be true, appealing to your emotions and ________.
Creating a sense of urgency to get the deal
Why is it very important to verify you are sending a P2P payment to the right person before actually sending it?
Sent payments are final; you will need to ask for it back from the person you sent it to accidentally.
Which of the followin safety and privacy features is not included in a P2P app or service?
Representative call for confirmation of payments over $100
One way to avoid getting scammed using a P2P app or service is to do which of the following?
Send money to people you know and trust.
Identify why this might be a scam: “I have 10 other people trying to buy these shoes right now. If you can send me the money now, the are yours.”
The scammer is creating a sense of urgency to make you pay right now.
Which of the following ways is not something you can do to protect ourself against sending payment to the wrong person when using a P2P payment app or service.
Use a PIN to access your P2P app or service
When comparing P2P apps, it’s important to pay attention to fees, safety and privacy and ______.
which of your friends and family members use it
Scammers often say that P2P payments are protected by the FDIC (Federal Deposit Insurance Corporation) or NCUA (National Credit Union Association). Why is this wrong?
The FDIC/NCUA onlhy protects money that is being held in a financial institution’s accounts, not when it is transferred.
Sources
Was this helpful?
Let us know if this was helpful. That’s the only way we can improve.
