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Banking And Credit Missed
Test Description: Review test
Instructions: Answer all questions to get your test result.
1) The________________ is a federal law that protects cardholders against unauthorized use of their credit cards
A
revolving line
B
Truth in Lending Act
C
tax and penalty free
D
Fixed Interest
2) Roth Individual Retirement Account (IRA) can be withdrawn _______
A
tax and penalty free
B
penalty
C
Fixed Interest
D
Truth in Lending Act
3) security given for loan, assets to secure the debt
A
Collateral
B
money
C
Capital
D
Capacity
4) Lamar believes that interest rates are going to fall in the near future and remain low for a considerable period of time. She should invest in:
A
Certificate of deposit
B
Stocks
C
Fixed Interest
D
there are state usury laws.
5) Troy has $50 a month transferred electronically from his checking account to his savings account. This is an example of:
A
revolving line
B
unsecured loan
C
Financial plans
D
A savings plan
6) net worth. wealth in the form of money or property owned by a person
A
Capacity
B
CD
C
penalty
D
Capital
7) The principal amount of a bond that is repaid at the end of the term
A
Collateral
B
penalty
C
Face value
D
Capital
8) A credit card account is an________ because it does not require collateral.
A
unsecured loan
B
Financial plans
C
Collateral
D
Simple
9) Most ________are issued with an interest rate that is fixed , and has the most predictable income?
A
Fixed Interest
B
Certificate of deposit
C
Financial plans
D
Compound interest
10) When a person brings an item to a pawnshop to obtain cash, the transaction is considered
A
a collateralized loan
B
Interest on top of Interest
C
unsecured loan
D
A savings plan
*select an answer for all questions
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