EVERFI – SAVINGS QUIZ

Which of the following savings vehicles usually requires a high minimum balance?

To earn as much interest as possible, you should open a savings account that earns _______ interest and has the ______ interest rate.

When it comes to saving money, what is a good rule of thumb?

Tamara has $500 she is looking to save for a class trip. She wants to earn the most possible interest and will not need access to her money for a full year. Which type of savings account will be best for Tamara?

Which of the following is a type of savings vehicle?

Jorge has $300 for work he performed. He expects to spend the money in the next few weeks to buy a new bike. Which type of account will be best for Jorge?

Which of the following is generally true about savings vehicles?

Which of the following accounts will give you the LEAST access to your money? Simple savings account Certificate of Deposit (CD) Checking account Cash

Anthony is deciding between different savings accounts at his bank. He has four options, based on how frequently interest compounds. Which should he choose if he wants the best rate of return on his interest?

You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?

The purpose of a budget is to:

Which of the following is considered a "want"?

What is the typical relationship between time and interest rate?

Which type of account typically has very high liquidity, low or no interest, and low minimum balance?

Which of the following is the most important consideration when planning your budget?

John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions would enable him to earn MORE interest?

Your friend is overspending and in need of a budget. What type of expense should they reduce next month?