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Chapter 12 Application
Test Description: Review
Instructions: Answer all questions to get your test result.
1) A standard of value and a means of exchange or payment is
A
barter
B
currency
C
gold
D
money
2) A medium of exchange is
A
anything generally accepted as a measure of value and wealth
B
a compromise
C
bartering
D
anything involving an intermediary in a trade
3) A commercial loan is a loan made to businesses to finance the purchase of
A
real estate
B
supplies and equipment
C
commercials
D
professional services
4) What type of banks are called full-service banks?
A
savings and loan
B
federal banks
C
credit unions
D
commercial
5) Credit union customers are called
A
patients
B
members
C
clients
D
customers
6) Savings and loans are financial institutions that
A
invest mainly in mortgage loans
B
hold customers' funds in interest-bearing accounts
C
offer services similar to commercial banks and credit unions
D
all of the above
7) A financial institution that offers short-tem loans to businesses and consumers at higher rates than banks is a
A
finance company
B
commercial bank
C
brokerage firm
D
credit union
8) Insurance companies
A
provide loans for buying homes or businesses
B
can offer loans to businesses and consumers as well as protection against fire and theft
C
are not-for-profit financial institutions
D
cannot offer loans to businesses and comsumers
9) The majority of banks in the United States are
A
member banks
B
saving and loan associations
C
credit unions
D
commercial banks
10) The primary way for banks to generate a profit is to
A
charge interest when lending money
B
charge service fees
C
foreclosing on homes
D
repossessing vehicles
*select an answer for all questions
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