ITB Chapter 14 And 15 Review Question Preview (ID: 33391)


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The following are all consumer credit protection laws EXCEPT the ____.
a) Credit Card Accountability and Responsibility and Disclosure Act
b) Equal Credit Opportunity Act
c) Check Clearing for the 21st Century Act
d) Consumer Credit Reporting Reform Act

Compared with commercial banks, credit unions generally offer ____.
a) higher interest rates on loans
b) fewer financial services
c) higher interest on savings
d) lower fees and loan rates

To earn high interest rates on a certificate of deposit, you must accept all the following limitations EXCEPT ____.
a) leaving money in for the term of the deposit
b) paying a penalty when money is withdrawn early
c) completing a monthly bank reconciliation
d) depositing a minimum amount

In which kind of savings plan does the interest rate vary from month to month?
a) regular savings
b) certificate of deposit
c) money market
d) U.S. Savings Bonds

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
b) $6.18
c) $160
d) $106.18

When writing a check, include all of the following EXCEPT ____.
a) the current date
b) the name of the payee
c) your signature on the front
d) an endorsement on the back

The first step in balancing a checkbook is ____.
a) subtracting fees on the bank statement from the checkbook balance
b) comparing checks in the check record with those on the statement
c) adding interest earned to the checkbook balance
d) adding recent deposits to the bank statement balance

A higher interest rate is usually the trade-off for a ____.
a) long-term loan
b) secured loan
c) short-term loan
d) simple interest loan

Which of the “five Cs of credit” require that a person’s assets exceed his or her liabilities?
a) character
b) capacity
c) capital
d) collateral

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

Credit cards allow you to ____.
a) spend only the amount in your account
b) borrow money for a short term
c) protect your checks from thieves
d) transfer money between accounts on-line

The Consumer Credit Counseling Service offers to ____.
a) erase legitimate debts that consumers owe
b) supervise debt repayment plans
c) grant money for repaying debts
d) help debtors declare bankruptcy

The interest is tax deductible on a ____.
a) bank loan
b) credit union loan
c) home equity loan
d) credit card loan

Credit card holders are known as convenience users when they ____.
a) pay off their balances each month
b) carry balances beyond the grace period
c) pay finance charges
d) carry smart cards

The total dollar amount you pay to use credit is the ____.
a) debt payment-to-income ratio
b) finance charge
c) annual percentage rate
d) term of the loan

An example of open-end credit is a(n) ____.
a) mortgage
b) automobile loan
c) installment loan
d) credit card

The Federal Deposit Insurance Corporation insures depositors against losing their money in the case of a ____.
a) lost debit card
b) stolen paycheck
c) bank failure
d) death in the family

Problematic financial businesses include each of the following EXCEPT ____.
a) savings and loan associations
b) pawnshops
c) check cashing outlets
d) rent-to-own centers

Which of the following financial services is best suited for saving money over a period of years?
a) certificate of deposit
b) checking account
c) demand deposit
d) mortgage loan

In a Chapter 13 bankruptcy, the debtor usually gets to ____.
a) keep most of his or her property
b) discontinue alimony payments
c) avoid paying debts arising from fraud
d) stop payments on educational loans

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