Midterm/ Wise Part 1 Question Preview (ID: 15990)


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____ 3. Paying by check when no money is in you account is called ________.
a) you can send it through the mail
b) bouncing a check
c) if it's stolen, your bank can stop payment on it
d) you don't have to carry cash

When you use ________, the money is automatically and immediately transferred out of your bank account.
a) a check
b) a debit card
c) a credit card
d) all of the above

A ________ saving goal gives you the freedom to know that when you need the money, it will be there.
a) short-term
b) flexible
c) specific
d) strict

1. Which of the following is not a common method of using electronic fund transfers?
a) online payment services
b) a credit card
c) online banking
d) a debit card

What do Equifax, Experian, and TransUnion have in common?
a) Like the World Bank, they are part of the United Nations.
b) They are the country's most successful creditors.
c) They examine and supervise financial institutions that are not members of the Federal Reserve System.
d) They are consumer credit reporting companies.

What kind of interest is calculated by using this formula: P x r x t ?
a) compound interest
b) simple interest
c) all kinds of interest
d) average daily interest

Which tax is based on things we already own, such as houses or cars?
a) consumption tax
b) income tax
c) Social Security tax
d) asset tax

You ________ interest on savings and investments.
a) charge
b) should ignore
c) pay
d) earn

will appear on the person?s credit report for 10 years
a) bankruptcy
b) Credit
c) Collateral
d) Garnishment

Which is a type of open-end credit
a) Installment loan
b) dispose of a credit card
c) Department store charge cards.
d) None

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