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ITB Chapter 14 And 15 Review
Test Description: Review
Instructions: Answer all questions to get your test result.
1) Which of the following financial services is best suited for saving money over a period of years?
A
checking account
B
demand deposit
C
certificate of deposit
D
mortgage loan
2) Credit cards allow you to ____.
A
borrow money for a short term
B
spend only the amount in your account
C
protect your checks from thieves
D
transfer money between accounts on-line
3) Problematic financial businesses include each of the following EXCEPT ____.
A
check cashing outlets
B
savings and loan associations
C
rent-to-own centers
D
pawnshops
4) The Federal Deposit Insurance Corporation insures depositors against losing their money in the case of a ____.
A
death in the family
B
lost debit card
C
stolen paycheck
D
bank failure
5) Compared with commercial banks, credit unions generally offer ____.
A
fewer financial services
B
higher interest on savings
C
lower fees and loan rates
D
higher interest rates on loans
6) To earn high interest rates on a certificate of deposit, you must accept all the following limitations EXCEPT ____.
A
completing a monthly bank reconciliation
B
paying a penalty when money is withdrawn early
C
leaving money in for the term of the deposit
D
depositing a minimum amount
7) In which kind of savings plan does the interest rate vary from month to month?
A
U.S. Savings Bonds
B
regular savings
C
money market
D
certificate of deposit
8) If you deposit $100 in an account with an annual interest rate of 6 percent compounded monthly, after 12 months you will have ____.
A
$6.18
B
$6
C
$160
D
$106.18
9) When writing a check, include all of the following EXCEPT ____.
A
an endorsement on the back
B
the current date
C
your signature on the front
D
the name of the payee
10) The first step in balancing a checkbook is ____.
A
adding interest earned to the checkbook balance
B
adding recent deposits to the bank statement balance
C
subtracting fees on the bank statement from the checkbook balance
D
comparing checks in the check record with those on the statement
11) An example of open-end credit is a(n) ____.
A
mortgage
B
credit card
C
installment loan
D
automobile loan
12) The interest is tax deductible on a ____.
A
bank loan
B
credit card loan
C
home equity loan
D
credit union loan
13) Credit card holders are known as convenience users when they ____.
A
carry balances beyond the grace period
B
carry smart cards
C
pay finance charges
D
pay off their balances each month
14) The total dollar amount you pay to use credit is the ____.
A
term of the loan
B
annual percentage rate
C
finance charge
D
debt payment-to-income ratio
15) A higher interest rate is usually the trade-off for a ____.
A
secured loan
B
short-term loan
C
long-term loan
D
simple interest loan
16) Which of the “five Cs of credit” require that a person’s assets exceed his or her liabilities?
A
capacity
B
character
C
collateral
D
capital
17) A credit bureau is required to follow reasonable procedures to make sure that ____.
A
creditors extend credit to retirees
B
eligible borrowers on public assistance receive credit
C
banks avoid the practice of redlining
D
the information in a person’s file is correct
18) The following are all consumer credit protection laws EXCEPT the ____.
A
Check Clearing for the 21st Century Act
B
Credit Card Accountability and Responsibility and Disclosure Act
C
Equal Credit Opportunity Act
D
Consumer Credit Reporting Reform Act
19) The Consumer Credit Counseling Service offers to ____.
A
supervise debt repayment plans
B
help debtors declare bankruptcy
C
grant money for repaying debts
D
erase legitimate debts that consumers owe
20) In a Chapter 13 bankruptcy, the debtor usually gets to ____.
A
keep most of his or her property
B
stop payments on educational loans
C
avoid paying debts arising from fraud
D
discontinue alimony payments
*select an answer for all questions
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