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New Banking/credit Test 1st
Test Description: Missed exam questions
Instructions: Answer all questions to get your test result.
1) You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?
A
Improve the quality of life in low-income communities
B
Compounding monthly
C
Compounding Yearly
D
Compounding daily
2) Joan wants to open a checking account and wonders if checking accounts pay interest. How would you answer her question?
A
Some types of checking accounts pay interest
B
Checking accounts never pay interest
C
Checking accounts pay interest if the account balance does not fall below $300.00
D
All checking accounts pay interest
3) When a person is reconciling a checking account and notices that the balance in the checkbook does not match the balance on the statement from the bank, which action is it appropriate for the person to take first?
A
Notify the bank in writing to adjust the statement.
B
Deposit sufficient funds to adjust the balance in the checkbook to match the bank's balance.
C
Determine that checks already written have cleared.
D
Adjust the balance in the checkbook so it is the same as the bank's balance.
4) Which type of financial institution usually pays the highest rate of interest on savings account balances?
A
Credit unions
B
Investment firm money market accounts
C
Commercial banks
D
Savings and loan associations
5) A fee charged for the use of credit
A
FDIC 250,0000
B
Finance Charge/Interest
C
NO one
D
Banks
6) Are check cashing service a good Idea _____, (1 point) Yes or No
A
Maybe
B
NO !!!!!!!
C
Yes
D
sometimes
7) Most ________are issued with an interest rate that is fixed , and has the most predictable income?
A
check cashing
B
No one is
C
Pawn shops
D
Certificate of deposit
8) Benefits of opening a bank account are many. Bank accounts are safe places to store money, allow various ways to access and use that money, and __________.
A
all above
B
IRS collecting our taxes
C
FDIC protecting 400,000 of our money
D
establish good credit for the future
9) A person pawns a watch and receives $100, a month later the person pays back 120. the 20 is consider
A
Checking accounts
B
Money Market savings/checking accounts
C
Interest on the loan
D
250000
10) Which of the following are Discretionary income
A
Rent
B
movie tickets
C
student loan
D
car payment
11) How long does bankruptcy stay on your credit report for
A
3-7 days
B
10 years
C
none
D
3 Years
12) Gift Card expire after
A
5 years
B
Never
C
FDIC 250000
D
2 weeks
*select an answer for all questions
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