Banks And Credit: Question Preview (ID: 15873)


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The total amount of money outstanding on a loan.
a) Principal
b) Simple interest
c) Time value of money
d) Usury

The ease with which an asset can be converted into cash
a) Face value
b) Liquidity
c) FDIC
d) Balancing your records with the banks records

FDIC protects depositor's money in case of the failure of a bank; up to ______
a) $200,000
b) $150,000
c) $75,000
d) $250,000.00

US Treasury Department must notify be to track large deposits, the federal government requires that deposits of ______or more.
a) $75,000
b) $10,000
c) $15,000
d) $32,000

Interest earned only on the original amount or principal.
a) Simple interest
b) Compound interest
c) Principal
d) Time value of money

How long does it take checks to clear
a) 3-7 business days
b) 1 business day
c) 7-10 business days
d) ASAP

Roth Individual Retirement Account (IRA) can be withdrawn _______
a) 401K
b) tax and penalty free
c) Retiremnt
d) Matching Income

retirement plan when employers often match a portion of every dollar you invest
a) A long-term, fixed rate certificate of deposit
b) CD
c) 401K
d) Stocks

If you think interest rates will fall in the future, you should invest in long-term Fixed rate
a) IRA
b) Mutual Funds
c) Stocks
d) CD

A credit card account is an________ because it does not require collateral.
a) unsecured loan
b) 401K
c) secured loan
d) Credit Limit

Interest calculated on both the principal and the accrued interest.
a) Compound interest
b) 60 Days
c) Time value of money
d) Simple Interest

security given for loan, assets to secure the debt
a) Capacity
b) Character
c) Collateral
d) CD

Traditional IRA can be withdrawn __________
a) but you must pay penalties and taxes
b) captial
c) Tax free
d) anytime

If you have been denied credit,You are entitled to receive a free copy of that credit report within how many days
a) 60 days
b) A week
c) 1 day
d) 1 year

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