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Business Ch 12 Part 2
Test Description: Part 2
Instructions: Answer all questions to get your test result.
1) this type of loan is used to buy real estate like houses or business property
A
individual loan
B
line of credit
C
commercial loan
D
mortgage
2) the bank agrees to lend a specific amount of money to be used at any time for any purpose. Always available
A
line of credit
B
individual loan
C
mortgage loan
D
commercial loan
3) if you want to take out a loan for a vacation (bad idea!) you would apply for a(n)
A
mortgage loan
B
individual loan
C
commercial loan
D
line of credit
4) high interest loan where you pay the bank on the day you get paid. Used by desperate people
A
high risk loans
B
mortgage loan
C
payday loans
5) to start a commercial bank you simply need to have a location and enough money to fund deposits
A
brisket sandwich slathered in bbq sauce with coleslaw
B
false
C
true
D
cheese fries with ranch and bbq sauce
6) older style financial institutions that encouraged people to save their money in order to buy a house. Many of these failed in the 1980's
A
mortgage lender
B
savings and loans
C
finance company
D
commercial bank
7) not for profit banks set up by organizations for their customers to use. Not FDIC insured but have similar protection
A
member banks
B
credit unions
C
commercial banks
D
investment banks
8) offer short term loans to businesses and consumers but at much higher rates
A
mortgage lenders
B
finance companies
C
insurance companies
D
commercial banks
9) provide protection against things like fire and theft. These also provide loans to businesses and consumers
A
mortgage lenders
B
theft deterrents
C
insurance companies
D
fire companies
10) help you buy and sell stocks and bonds. may also offer other financial services
A
day trader
B
insurance companies
C
stock company
D
brokerage firms
11) the only thing you should even consider going into debt for is....
A
a house
B
something that will increase in value
C
a car
D
a stock or bond
12) the part of the loan that represents the amount you are borrowing
A
amortization
B
principal
C
interest
D
lump sum
13) what did we make in excel that showed every single payment over the life of the loan?
A
loan table
B
amortization table
C
spreadsheet loan
D
interest paid
14) who do the banks go to for their banking needs?
A
the fed
B
banking institutions
C
the white house
D
commercial banks
15) which of the following is not done by the federal reserve?
A
print money
B
control the money supply
C
regulate their member banks
D
cash checks for you
*select an answer for all questions
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