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Econ- Chapter 4, Section 2
Test Description: Loans and credit
Instructions: Answer all questions to get your test result.
1) A financial institution that is owned and operated by members to provide savings accounts and low interest loans is a:
A
Savings and loan
B
Credit union
C
Savings bank
D
Commercial bank
2) Which type of financial institution controls the largest amount of funds and offers the widest range of services?
A
Credit union
B
Savings bank
C
Commercial bank
D
Savings and loan
3) Credit cards such as Visa and MasterCard are issued by:
A
Finance companies
B
Banks
C
Mortgage companies
D
Credit card companies
4) Financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit:
A
Savings and loan
B
Commercial bank
C
Credit union
D
Savings bank
5) Financial institution that specializes in accepting savings deposits and making mortgage and other loans:
A
Savings bank
B
Credit union
C
Commercial bank
D
Savings and loan
6) Depository institution originally set up to serve small savers overlooked by commercial banks:
A
Savings bank
B
Credit union
C
Savings and loan
D
Commercial bank
7) Depository institution owned and operated by its members to provide savings accounts and low interest loans only to its members:
A
Savings bank
B
Savings and loan
C
Commercial bank
D
Credit union
8) Company that takes over contracts for installment debt from stores and adds a fee for collecting the debt:
A
Finance company
B
Savings bank
C
Commercial bank
D
Savings and loan
9) Credit given to a consumer allowing them to buy goods or services from a particular company or store and to pay it back later:
A
Credit card
B
Charge account
C
Finance charge
D
Annual percentage rate
10) This type of card allows you to make a purchase and the amount is deducted from your checking or savings account:
A
Debit card
B
Installment card
C
Credit Card
D
Membership card
11) Cost of credit expressed monthly in dollar's and cents:
A
Annual percentage rate
B
Charge account
C
Finance charge
D
Credit card
12) Cost of credit expressed as a yearly percentage:
A
Finance charge
B
Charge account
C
Annual percentage rate
D
Credit card
*select an answer for all questions
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