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ITB Chapter 14 And 15 Review
Test Description: Review
Instructions: Answer all questions to get your test result.
1) Which of the following financial services is best suited for saving money over a period of years?
A
checking account
B
mortgage loan
C
demand deposit
D
certificate of deposit
2) Credit cards allow you to ____.
A
borrow money for a short term
B
transfer money between accounts on-line
C
protect your checks from thieves
D
spend only the amount in your account
3) Problematic financial businesses include each of the following EXCEPT ____.
A
check cashing outlets
B
pawnshops
C
savings and loan associations
D
rent-to-own centers
4) The Federal Deposit Insurance Corporation insures depositors against losing their money in the case of a ____.
A
death in the family
B
bank failure
C
stolen paycheck
D
lost debit card
5) Compared with commercial banks, credit unions generally offer ____.
A
lower fees and loan rates
B
higher interest on savings
C
fewer financial services
D
higher interest rates on loans
6) To earn high interest rates on a certificate of deposit, you must accept all the following limitations EXCEPT ____.
A
leaving money in for the term of the deposit
B
paying a penalty when money is withdrawn early
C
completing a monthly bank reconciliation
D
depositing a minimum amount
7) In which kind of savings plan does the interest rate vary from month to month?
A
U.S. Savings Bonds
B
regular savings
C
money market
D
certificate of deposit
8) If you deposit $100 in an account with an annual interest rate of 6 percent compounded monthly, after 12 months you will have ____.
A
$6
B
$106.18
C
$160
D
$6.18
9) When writing a check, include all of the following EXCEPT ____.
A
your signature on the front
B
the current date
C
an endorsement on the back
D
the name of the payee
10) The first step in balancing a checkbook is ____.
A
comparing checks in the check record with those on the statement
B
subtracting fees on the bank statement from the checkbook balance
C
adding interest earned to the checkbook balance
D
adding recent deposits to the bank statement balance
11) An example of open-end credit is a(n) ____.
A
mortgage
B
automobile loan
C
installment loan
D
credit card
12) The interest is tax deductible on a ____.
A
credit card loan
B
credit union loan
C
bank loan
D
home equity loan
13) Credit card holders are known as convenience users when they ____.
A
carry balances beyond the grace period
B
pay off their balances each month
C
carry smart cards
D
pay finance charges
14) The total dollar amount you pay to use credit is the ____.
A
term of the loan
B
finance charge
C
annual percentage rate
D
debt payment-to-income ratio
15) A higher interest rate is usually the trade-off for a ____.
A
simple interest loan
B
long-term loan
C
short-term loan
D
secured loan
16) Which of the “five Cs of credit” require that a person’s assets exceed his or her liabilities?
A
capital
B
character
C
capacity
D
collateral
17) A credit bureau is required to follow reasonable procedures to make sure that ____.
A
eligible borrowers on public assistance receive credit
B
creditors extend credit to retirees
C
banks avoid the practice of redlining
D
the information in a person’s file is correct
18) The following are all consumer credit protection laws EXCEPT the ____.
A
Credit Card Accountability and Responsibility and Disclosure Act
B
Equal Credit Opportunity Act
C
Check Clearing for the 21st Century Act
D
Consumer Credit Reporting Reform Act
19) The Consumer Credit Counseling Service offers to ____.
A
erase legitimate debts that consumers owe
B
supervise debt repayment plans
C
grant money for repaying debts
D
help debtors declare bankruptcy
20) In a Chapter 13 bankruptcy, the debtor usually gets to ____.
A
discontinue alimony payments
B
stop payments on educational loans
C
avoid paying debts arising from fraud
D
keep most of his or her property
*select an answer for all questions
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