Personal Finance Exam Review 5 Question Preview (ID: 42398)
Final Exam Review.
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The person who cases a check is called the
a) payee.
b) depositor.
c) maker.
d) demander.
When a check is returned to the payee'
a) been postdated.
b) been canceled.
c) bounced.
d) floated.
When you open a checking account, most banks will require you to have an initial deposit of at least
a) $1000.
b) $500.
c) $250.
d) $50.
Which part of a check provides a place for you to write the purpose of the check?
a) the signature line
b) the memo line
c) the routing number
d) the payee line
Darren writes a check to the phone company for $45.60. He should record this amount in his checkbook register in the
a) Fee column.
b) Balance column.
c) Payment/Debit column.
d) Deposit/Credit column.
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) special endorsement
b) restrictive endorsement
c) blank endorsement
d) partial endorsement
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) special account.
b) standard account.
c) share account.
d) money market account.
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.
A request that a bank not honor a specific check is called a(n)
a) overdraft order.
b) stop-payment order.
c) cancellation request.
d) void request.
A person or instituation that manages property for the benefit of someone else under a special agreement is called a(n)
a) trustee.
b) notary public
c) executor.
d) maker.
Which of the following would be considered a long-term need?
a) major appliance purchase
b) a weekend getaway vacation
c) home ownership
d) car repair
A typical down payment for a house is about ____ percent of the purchase price.
a) 5 to 10
b) 10 to 20
c) 20 to 30
d) 30 to 40
Government student loans
a) usually do not require payments until after graduation.
b) are not available for consolidation.
c) never need to be paid back.
d) do not accrue interest.
Work-study programs allow students to earn money by working
a) at their parents' place of employment.
b) from home.
c) on campus.
d) all of the above.
Interest paid on the original principal plus accumulated interest is called
a) yield.
b) value-added interest.
c) adjustable interest.
d) compound interest.
The widest variety of banking services is provided at a
a) credit union.
b) savings and loan association.
c) commercial bank.
d) savings bank.
Which of the following is organized primarily to lend money for home mortgages?
a) savings and loan association
b) full-service bank
c) brokerage firm
d) credit union
Savings and checking accounts at a credit union are usually called
a) money market accounts.
b) share accounts.
c) passbook accounts
d) certificates of deposit
Savings accounts protected by the FDIC are protected from loss for up to
a) $100,000.
b) $250,000.
c) $500,000.
d) $1,000,000.
You can authorize your employer to make automatic deductions from your paycheck each period with a(n)
a) money market deposit account.
b) direct deposit plan.
c) electronic funds transfer plan.
d) payroll savings plan.
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