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Banking Missed Part 2
Test Description: Review
Instructions: Answer all questions to get your test result.
1) financial product can you buy for $25, is safe, and will be worth $50 at a future date?
A
Truth in Lending Act
B
Series EE savings bond
C
A savings plan
D
revolving line
2) A person is convinced that a lending institution is charging too much interest for a loan. This person should be aware that
A
Series EE savings bond
B
there are state usury laws.
C
A savings plan
D
tax and penalty free
3) A debit card does not have a ___________ of credit.
A
revolving line
B
Face value
C
Financial plans
D
A savings Goal
4) an interrest rate that remains constant over the entire term of the loan
A
Face value
B
Compound interest
C
Fixed Interest
D
Collateral
5) collateral loan
A
there are state usury laws.
B
unsecured loan
C
A ______ loan is secured by some type asset you own
D
The annual percentage rate (APR)
6) Traditional IRA can be withdrawn but you must pay a __________
A
money
B
Capacity
C
penalty
D
Capital
7) If you think interest rates will fall in the future, you should invest in long-term Fixed rate
A
money
B
60
C
Capital
D
CD
8) A savings plan
A
setting aside money for investments or Future use
B
Certificate of deposit
C
tax and penalty free
D
there are state usury laws.
9) your ability to repay the debt. Do you have sufficient $money to repay a loan
A
CD
B
penalty
C
Capacity
D
Capital
10) Need to be changed during different stages in life
A
A savings plan
B
unsecured loan
C
Face value
D
Financial plans
11) If you have been denied credit, a job, a license, an insurance policy, or a loan based on your credit report. You are entitled to receive a free copy of that credit report within how many days of denial?
A
60
B
money
C
Capital
D
CD
12) overdraft means not having enough _______ in your account
A
Bonds
B
Credit
C
penalty
D
Money
13) he true cost of credit that must be disclosed on a loan agreement is called___________
A
APR
B
Financial plans
C
tax and penalty free
D
there are state usury laws.
14) Interest calculated on both the principal and the accrued interest.
A
Simple interest
B
Fixed Interest
C
Capacity
D
Compound interest
*select an answer for all questions
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