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New Banking/credit Test 1st
Test Description: Missed exam questions
Instructions: Answer all questions to get your test result.
1) You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?
A
Improve the quality of life in low-income communities
B
Compounding Yearly
C
Compounding daily
D
Compounding monthly
2) Joan wants to open a checking account and wonders if checking accounts pay interest. How would you answer her question?
A
All checking accounts pay interest
B
Some types of checking accounts pay interest
C
Checking accounts never pay interest
D
Checking accounts pay interest if the account balance does not fall below $300.00
3) When a person is reconciling a checking account and notices that the balance in the checkbook does not match the balance on the statement from the bank, which action is it appropriate for the person to take first?
A
Adjust the balance in the checkbook so it is the same as the bank's balance.
B
Notify the bank in writing to adjust the statement.
C
Determine that checks already written have cleared.
D
Deposit sufficient funds to adjust the balance in the checkbook to match the bank's balance.
4) Which type of financial institution usually pays the highest rate of interest on savings account balances?
A
Savings and loan associations
B
Credit unions
C
Commercial banks
D
Investment firm money market accounts
5) A fee charged for the use of credit
A
NO one
B
Banks
C
FDIC 250,0000
D
Finance Charge/Interest
6) Are check cashing service a good Idea _____, (1 point) Yes or No
A
Maybe
B
sometimes
C
Yes
D
NO !!!!!!!
7) Most ________are issued with an interest rate that is fixed , and has the most predictable income?
A
No one is
B
Certificate of deposit
C
Pawn shops
D
check cashing
8) Benefits of opening a bank account are many. Bank accounts are safe places to store money, allow various ways to access and use that money, and __________.
A
establish good credit for the future
B
IRS collecting our taxes
C
all above
D
FDIC protecting 400,000 of our money
9) A person pawns a watch and receives $100, a month later the person pays back 120. the 20 is consider
A
Interest on the loan
B
Money Market savings/checking accounts
C
250000
D
Checking accounts
10) Which of the following are Discretionary income
A
student loan
B
Rent
C
movie tickets
D
car payment
11) How long does bankruptcy stay on your credit report for
A
3-7 days
B
3 Years
C
none
D
10 years
12) Gift Card expire after
A
Never
B
2 weeks
C
FDIC 250000
D
5 years
*select an answer for all questions
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