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Final Review Part 3
Test Description: Final Review Part 3
Instructions: Answer all questions to get your test result.
1) Trading goods and services allows countries to meet their individual wants and needs as well as to help their own economy.
A
True
B
False
2) Perhaps the most common technology staple in business today is the telephone.
A
False
B
True
3) Since the 1970s, world trade has decreased due to nations becoming more self-sufficient.
A
False
B
True
4) If a country has a trade deficit with one country, it cannot have a trade surplus with another.
A
True
B
False
5) Exchange rates change from day to day and country to country.
A
True
B
False
6) In a market economy, a country's economic health depends on business doing well.
A
True
B
False
7) Most of the banks in the United States are commercial banks.
A
True
B
False
8) The federal government uses credit to pay for many of the services and programs it provides to its citizens.
A
False
B
True
9) Only consumers with bad credit have a credit report.
A
False
B
True
10) Credit counselors are seldom able to restore good credit to someone whose bad credit score is otherwise correct.
A
True
B
False
11) With U.S. bankruptcies, creditors can take some or all of a debtor's assets to get back some of their money.
A
False
B
True
12) Most banks offer several types of checking accounts.
A
True
B
False
13) It is not necessary to sign your name exactly as it is written on the front of a check. You should sign your name as you always do even if the check is written incorrectly.
A
True
B
False
14) Because the depositor's money is not accessible until the maturity date, the interest rate on a CD is lower than that of a regular savings account.
A
True
B
False
15) Treasury bills are sold in units of $10,000.
A
False
B
True
16) Stock prices change throughout every business day.
A
True
B
False
17) Commercial banks are often called full-service banks.
A
True
B
False
18) The type of credit used by people for personal reasons is called commercial credit.
A
False
B
True
19) Something of value the bank can take if a borrower does not make a required loan payment is collateral.
A
False
B
True
20) Interest earned on both the principal and any interest earned on the principal is compound interest.
A
True
B
False
*select an answer for all questions
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