everfi 1-5

When referring to student loans, what is a grace period?

The period after graduating or leaving school before you must begin paying back student loans.

After you send in your FAFSA form, what will you receive back?

Your Student Aid Report

Your brother is starting 9th grade next year and is thinking about going to college. What steps would you recommend he take?

Your Student Aid Report

Having a low credit score can make it more difficult to:

all of the above

Which payment type is best if you are trying to stick to a budget?

debt card

All of the following make up the big three credit reporting agencies EXCEPT:

fed reserve

Which of the following loans will typically offer the lowest interest rate?

fed student loan

Which of the following types of financial aid do not require you to pay the money back?

grant

Savings accounts usually offer _________ interest rates than checking accounts. It is _________ to access your money in a savings account than in a checking account.

higher harder

Which of the following payment types require you to pay upfront?

money order, cashier check, pre paid card

Which payment method typically charges the highest interest rates?

payday loans

Which of the following statements comparing debit cards to credit cards is TRUE?

take money directly from account

Which answer best describes an unsubsidized federal loan?

you are responsible for paying all the interest that accumulates on your loan

Which of the following statements about federal student loans is TRUE?

A) The interest rate on your loan will be fixed over time.

Joy is taking out a car loan which she will pay back with interest. Which option will require her to pay the lowest amount in interest?

A.) Annual Compounding*

Which of the following accounts will give you the LEAST access to your money?

B.) Certificate of Deposit (CD)*

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?

B.) Daily Compounding*

Which of the following is generally true about savings vehicles?

B.) People should evaluate different forms of savings vehicles based on their needs.*

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

B.) compound; highest*

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

Board of Governors

Which type of account typically has low liquidity?

Certificate of Deposit (CD)

What is the amount of money you still owe to their credit card company called?

Credit card balance

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?

D.) Both A & B*

Which of the following is a type of savings vehicle?

D.) Both A & B*

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

D.) Compounding daily*

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

Establish monetary policy

Which of the following is NOT a core component of the Federal Reserve Bank?

Establishing the federal budget

Which action can hurt your credit score?

I. Paying your phone bill late. II. Taking the bus to work. III. Maxing out several credit cards.

Which of the following is true of a person with a high credit score?

I. They probably make on time payments.

Which is true of someone with a low credit score?

II. They may not be able to rent the apartment they want. III. They are more likely to miss a payment than someone with a high credit score

If your credit reports show different scores, what should you do?

Immediately contact the credit bureau that has the credit score that is the most off

Which of the following is NOT true of credit scores?

Immediately contact the credit bureau that has the credit score that is the most off

How often should you typically monitor your checking account?

Monthly

Which of the following MOST influences your credit score?

Payment History