EVERFI Money Moves Modern Banking & Identity Protection Answers » Quizzma (doc) - Course Sidekick (2024)

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 youraccount 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

Why is this page out of focus?

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