Everfi Study Guide

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Use the Rule of 72 to calculate how long it will take for your money to double if it's earning 6% in interest:
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Terms in this set (35)
Use the Rule of 72 to calculate how long it will take for your money to double if it's earning 6% in interest:
12 years
Use the information above to answer the following question: What can you tell about Asim's Finanances?
She would be in dept of $25
What type of interest will most benefit you financially?
A stock, even though you will lose money in the beginning you will learn more over time because the company with the stock is earning money and giving it back to the company with interest.
Give examples of types of savings vehicles.
Savings Accounts, High-Yield Bank Accounts, Certificates of Deposit, Money Market Funds, Treasury Bills and Notes.
Use the above figure to answer the following: The first set of numbers (74894934) on the check represents the:
Banks Routing Number
Use the above figure to answer the following: The set of numbers (101) on the top-right of the check represents the:
The check number
Which type of bank account typically offers no interest?
Checking Account
Which forms of borrowing typically have the highest fees?
PayDay Lender
Which types of payment types typically has the lowest fees or costs to use?
Debit card, Prepaid, Credit card
The term referring to the rate of yearly interest for your credit card is commonly known as:
APR (Annual Percentage Rating)
Use the Credit Card Disclosure to answer the following: What is the customary APR on the purchases after the initial 12 months?18.25%Use the Credit Card Disclosure to answer the following: What is the annual fee for this card?There isn't one.Your credit history is tracked by which three groups:Equifax, Experion, TransUnionGood credit is usually required for which types of activities?Buying a house, car, really anything that has to do with buying.What type of activities could potentially damage your credit score?Your history of paying loans, rather you have maxed your credit card or not.The form filed by students to receive federal financial aid for school is known as:The FAFSA form.Borrowing a subsidized federal student loan means:The Federal Government pays the interest for Direct Subsidized loans while the student is in college or while the loan is in deferment (The action or fact of putting something off to a later; postponement). Interest begins accruing (Be received by someone in regular or increasing amounts over time) for Direct Unsubsidized Loans as soon as the loan is taken out.What are some advantages of federal student loans over other types of loans?Fixed interest rates and income-driven repayment plans.The period before you have to begin repaying your student loans is known as the:Grace Period - Six Months.What should you consider when choosing to rent or buy a home?If you want to rent or buy the house, if you are trying to spend less in the short run.Name one benefit and one con for renting.Renting allows you more expendable money with a short term. You cannot make changes to a rented property without the consent of the Homeowner.What are the responsibilities of a renter versus an owner?Renters have to pay the money on time and follow the rules. Owners have to pay for the whole house and you have freedom to do mostly anything. You have full responsibilities of the house.What should you take into consideration when deciding to buy or lease a car?Buying a car lets you have more miles and go as far as you want. It is great if you have multiple people. Leasing a car is only if you don't use cars that much, leasing will give you a mile limit to go to every month and if you reach the limit, you have to pay.What form is your employer required to send to you before you file your tax return?W-4Isaiah needs to visit te doctor. The cost of the appointment without insurance is $200 Isaiah has an insurance plan through his employer with a $50 monthly premium and $20 co-pay. How much will Isaiah have to pay his doctor?He will have to pay $200.By what date must federal taxes typically be filed and sent to the IRS?April 15thWhat types of drivers will likely pay the highest auto insurance premiums?Safe/Older Drivers/Lowrisk drivers.How often are you entitles to a free credit report from each of the major credit reporting companies?AnnuallyWhat actions provide protection against identity theft?Place security freezes and fraud alerts Secure your devices Keep an ID-theft file Review all your personal data files Stop unsolicited credit-card offers Monitor accounts often Respond rapidlyWhich pieces of information are most useful to an identity theft?Date and Place of Birth Drivers' License or Passport Number Account Numbers Banking Pins Card expiration dates and security codes Phone Number Your Full NameWhat steps should you take to best protect your credit history if you suspect fraud?Shut down the suspected account being "Hacked" Go to the bank and get credit report If something shows up that you don't know of have a face to face conversation with the bank.When buying a stock in a company, you are really doing what?A stock lets you get parts of a company and get money with interest of what they get.When you purchase a municipal bond, you are really doing what?You are loaning money to the issuer in exchange for a set number of interest payments over a predetermined period.The main trade-off that all investors must consider is what?Risk-Return TradeOffDiversification is important in investing because...It helps you to balance your risk across different types of investments.