New Banking/credit Test 1st Question Preview (ID: 24221)
Missed Exam Questions.
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Which of the following are Discretionary income
a) car payment
b) movie tickets
c) student loan
d) Rent
A person pawns a watch and receives $100, a month later the person pays back 120. the 20 is consider
a) Checking accounts
b) Money Market savings/checking accounts
c) Interest on the loan
d) 250000
Benefits of opening a bank account are many. Bank accounts are safe places to store money, allow various ways to access and use that money, and __________.
a) IRS collecting our taxes
b) FDIC protecting 400,000 of our money
c) all above
d) establish good credit for the future
Most ________are issued with an interest rate that is fixed , and has the most predictable income?
a) Certificate of deposit
b) No one is
c) Pawn shops
d) check cashing
Are check cashing service a good Idea _____, (1 point) Yes or No
a) NO !!!!!!!
b) Yes
c) Maybe
d) sometimes
A fee charged for the use of credit
a) FDIC 250,0000
b) Banks
c) Finance Charge/Interest
d) NO one
Which type of financial institution usually pays the highest rate of interest on savings account balances?
a) Savings and loan associations
b) Credit unions
c) Investment firm money market accounts
d) Commercial banks
When a person is reconciling a checking account and notices that the balance in the checkbook does not match the balance on the statement from the bank, which action is it appropriate for the person to take first?
a) Deposit sufficient funds to adjust the balance in the checkbook to match the bank's balance.
b) Adjust the balance in the checkbook so it is the same as the bank's balance.
c) Notify the bank in writing to adjust the statement.
d) Determine that checks already written have cleared.
Joan wants to open a checking account and wonders if checking accounts pay interest. How would you answer her question?
a) Some types of checking accounts pay interest
b) All checking accounts pay interest
c) Checking accounts never pay interest
d) Checking accounts pay interest if the account balance does not fall below $300.00
You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?
a) Compounding daily
b) Compounding monthly
c) Compounding Yearly
d) Improve the quality of life in low-income communities
How long does bankruptcy stay on your credit report for
a) 3 Years
b) 10 years
c) 3-7 days
d) none
Gift Card expire after
a) Never
b) FDIC 250000
c) 5 years
d) 2 weeks
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