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Banks And Credit
Test Description: Review
Instructions: Answer all questions to get your test result.
1) The total amount of money outstanding on a loan.
A
Time value of money
B
Simple interest
C
Usury
D
Principal
2) The ease with which an asset can be converted into cash
A
FDIC
B
Liquidity
C
Balancing your records with the banks records
D
Face value
3) FDIC protects depositor's money in case of the failure of a bank; up to ______
A
$250,000.00
B
$75,000
C
$200,000
D
$150,000
4) US Treasury Department must notify be to track large deposits, the federal government requires that deposits of ______or more.
A
$10,000
B
$75,000
C
$32,000
D
$15,000
5) Interest earned only on the original amount or principal.
A
Time value of money
B
Compound interest
C
Simple interest
D
Principal
6) How long does it take checks to clear
A
3-7 business days
B
ASAP
C
7-10 business days
D
1 business day
7) Roth Individual Retirement Account (IRA) can be withdrawn _______
A
Retiremnt
B
401K
C
tax and penalty free
D
Matching Income
8) retirement plan when employers often match a portion of every dollar you invest
A
CD
B
A long-term, fixed rate certificate of deposit
C
401K
D
Stocks
9) If you think interest rates will fall in the future, you should invest in long-term Fixed rate
A
Mutual Funds
B
CD
C
IRA
D
Stocks
10) A credit card account is an________ because it does not require collateral.
A
Credit Limit
B
unsecured loan
C
secured loan
D
401K
11) Interest calculated on both the principal and the accrued interest.
A
60 Days
B
Simple Interest
C
Time value of money
D
Compound interest
12) security given for loan, assets to secure the debt
A
Collateral
B
CD
C
Character
D
Capacity
13) Traditional IRA can be withdrawn __________
A
but you must pay penalties and taxes
B
Tax free
C
anytime
D
captial
14) If you have been denied credit,You are entitled to receive a free copy of that credit report within how many days
A
1 day
B
A week
C
60 days
D
1 year
*select an answer for all questions
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