Wise 50 ?'s Practice test 1|Complete with A+ Graded Answers
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Wise 50 ?'s Practice test 1|Complete with A+ Graded Answers
US Treasury Department
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the
National Credit Union Association (NCUA)
insures each depositor's accounts up to $100,000 in one credit union
...
Wise 50 ?'s Practice test 1|Complete with A+ Graded
Answers
US Treasury Department
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the
National Credit Union Association (NCUA)
insures each depositor's accounts up to $100,000 in one credit union
Credit union
Are insured by National Credit Union Association (NCUA)
Travelers checks
Function as cash and are easily replaced if lost
The Fed
is short for The Federal Reserve System
The Federal Reserve
provides banking services to depository institutions, serves as the U.S. Government's fiscal agent,
supervises and regulates most large banks, and formulates and implements monetary policy.
Interest Bearing
Types of checking accounts pay interest
Regular
checking accounts that do not earn interest
collateralized loan
When a person brings an item to a pawnshop to obtain cash, the transaction is considered
Department store charge cards
Which of the following is considered to be open-end credit
uncollateralized loan
A loan that does not have an asset to support the loan.
fulfill income guidelines.
To qualify for a Federal Housing Administration (FHA) loan, a person must generally
daily
A savings account earns the greatest amount of money when the interest on the account is
compounded
, 60 days
If you have been denied credit, a job, a license, an insurance policy, or a loan based on your credit
report. You are entitled to receive a free copy of that credit report within how many days of denial?
Electronic Fund Transfer Act
consumer reports the theft or loss of an ATM or debit card within two business days, he/she is liable
for not more than $50 of unauthorized purchases. If reported within 60 days, the consumer is liable
for up to $500 of unauthorized purchases.
Electronic Fund Transfer Act
Says If reported Lost after 60 days or not reported, the consumer may be liable for the entire amount
of unauthorized purchases.
Barter
To exchange goods or services without the use of money
Goals
Need to be realistic, have a target date, and, if possible, an associated cost
bank
Where You can set up an Individual Retirement Account at
Roth IRA
withdrawals from a_____ before retirement age are subject to both taxes and a penalty
Securities and Exchange Commission SEC
Before the Kiss Corporation can issue stocks or bonds, it must register the issue with
Diversification
The phrase "don't put all your eggs in one basket" describes the following investment strategy?
Rule of 72
formula to approximate the time it will take for a given amount of money to double at a given
compound interest rate
Rule of 72
The formula is 72 divided by the interest rate earned. In a little over seven years, $100 will double at a
compound annual rate of 10 percent (72/10 = 7.2 years).
Compounded interest
Interest earned on interest is known as
homeowners insurance
Protects against most types of property losses and liabilities related to home ownership
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