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Personal Finance Exam Review 5
Test Description: Final exam review
Instructions: Answer all questions to get your test result.
1) The person who cases a check is called the
A
depositor.
B
demander.
C
payee.
D
maker.
2) When a check is returned to the payee'
A
been postdated.
B
bounced.
C
been canceled.
D
floated.
3) When you open a checking account, most banks will require you to have an initial deposit of at least
A
$50.
B
$500.
C
$1000.
D
$250.
4) Which part of a check provides a place for you to write the purpose of the check?
A
the payee line
B
the signature line
C
the memo line
D
the routing number
5) Darren writes a check to the phone company for $45.60. He should record this amount in his checkbook register in the
A
Balance column.
B
Payment/Debit column.
C
Fee column.
D
Deposit/Credit column.
6) A check is written to Taylor Thomas. On the back of the check, Taylor writes 'Pay to the order of Rose Dryer,' then signs her name. What kind of endorsement is this?
A
partial endorsement
B
blank endorsement
C
restrictive endorsement
D
special endorsement
7) An interest-bearing checking account that pays a higher rate of interest than a usual account, but typically has more restrictions, is called a
A
share account.
B
money market account.
C
special account.
D
standard account.
8) A check written by a bank on its own funds own funds is called a
A
certified check.
B
cashier's check.
C
travelers's check.
D
money order.
9) A request that a bank not honor a specific check is called a(n)
A
void request.
B
stop-payment order.
C
overdraft order.
D
cancellation request.
10) A person or instituation that manages property for the benefit of someone else under a special agreement is called a(n)
A
executor.
B
maker.
C
trustee.
D
notary public
11) Which of the following would be considered a long-term need?
A
major appliance purchase
B
home ownership
C
car repair
D
a weekend getaway vacation
12) A typical down payment for a house is about ____ percent of the purchase price.
A
5 to 10
B
10 to 20
C
30 to 40
D
20 to 30
13) Government student loans
A
usually do not require payments until after graduation.
B
never need to be paid back.
C
are not available for consolidation.
D
do not accrue interest.
14) Work-study programs allow students to earn money by working
A
on campus.
B
at their parents' place of employment.
C
from home.
D
all of the above.
15) Interest paid on the original principal plus accumulated interest is called
A
yield.
B
value-added interest.
C
adjustable interest.
D
compound interest.
16) The widest variety of banking services is provided at a
A
savings and loan association.
B
commercial bank.
C
credit union.
D
savings bank.
17) Which of the following is organized primarily to lend money for home mortgages?
A
savings and loan association
B
full-service bank
C
credit union
D
brokerage firm
18) Savings and checking accounts at a credit union are usually called
A
certificates of deposit
B
passbook accounts
C
share accounts.
D
money market accounts.
19) Savings accounts protected by the FDIC are protected from loss for up to
A
$250,000.
B
$100,000.
C
$500,000.
D
$1,000,000.
20) You can authorize your employer to make automatic deductions from your paycheck each period with a(n)
A
payroll savings plan.
B
electronic funds transfer plan.
C
direct deposit plan.
D
money market deposit account.
*select an answer for all questions
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