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Midterm/ Wise Part 1
Test Description: Missed
Instructions: Answer all questions to get your test result.
1) 1. Which of the following is not a common method of using electronic fund transfers?
A
online payment services
B
online banking
C
a debit card
D
a credit card
2) A ________ saving goal gives you the freedom to know that when you need the money, it will be there.
A
short-term
B
strict
C
specific
D
flexible
3) When you use ________, the money is automatically and immediately transferred out of your bank account.
A
all of the above
B
a check
C
a debit card
D
a credit card
4) ____ 3. Paying by check when no money is in you account is called ________.
A
bouncing a check
B
if it's stolen, your bank can stop payment on it
C
you don't have to carry cash
D
you can send it through the mail
5) What do Equifax, Experian, and TransUnion have in common?
A
Like the World Bank, they are part of the United Nations.
B
They examine and supervise financial institutions that are not members of the Federal Reserve System.
C
They are the country's most successful creditors.
D
They are consumer credit reporting companies.
6) What kind of interest is calculated by using this formula: P x r x t ?
A
all kinds of interest
B
compound interest
C
simple interest
D
average daily interest
7) Which tax is based on things we already own, such as houses or cars?
A
asset tax
B
income tax
C
consumption tax
D
Social Security tax
8) You ________ interest on savings and investments.
A
earn
B
should ignore
C
pay
D
charge
9) will appear on the person?s credit report for 10 years
A
Garnishment
B
Collateral
C
Credit
D
bankruptcy
10) Which is a type of open-end credit
A
Installment loan
B
dispose of a credit card
C
Department store charge cards.
D
None
*select an answer for all questions
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