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paying a penalty when money is withdrawn early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