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Midterm/ Wise Part 1
Test Description: Missed
Instructions: Answer all questions to get your test result.
1) 1. Which of the following is not a common method of using electronic fund transfers?
A
a credit card
B
online banking
C
online payment services
D
a debit card
2) A ________ saving goal gives you the freedom to know that when you need the money, it will be there.
A
strict
B
flexible
C
specific
D
short-term
3) When you use ________, the money is automatically and immediately transferred out of your bank account.
A
a debit card
B
all of the above
C
a check
D
a credit card
4) ____ 3. Paying by check when no money is in you account is called ________.
A
if it's stolen, your bank can stop payment on it
B
bouncing a check
C
you can send it through the mail
D
you don't have to carry cash
5) What do Equifax, Experian, and TransUnion have in common?
A
They are consumer credit reporting companies.
B
They examine and supervise financial institutions that are not members of the Federal Reserve System.
C
Like the World Bank, they are part of the United Nations.
D
They are the country's most successful creditors.
6) What kind of interest is calculated by using this formula: P x r x t ?
A
all kinds of interest
B
simple interest
C
compound interest
D
average daily interest
7) Which tax is based on things we already own, such as houses or cars?
A
asset tax
B
Social Security tax
C
income tax
D
consumption tax
8) You ________ interest on savings and investments.
A
should ignore
B
charge
C
pay
D
earn
9) will appear on the person?s credit report for 10 years
A
Collateral
B
Garnishment
C
bankruptcy
D
Credit
10) Which is a type of open-end credit
A
Installment loan
B
Department store charge cards.
C
dispose of a credit card
D
None
*select an answer for all questions
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