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W!SE exam with complete solutions
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W!SE exam with complete solutions
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W!SE exam with complete solutionsBounced check - Correct Answer - a check written for an amount more than in your account
Cashier's Check - Correct Answer - A check issued by a bank and sold to you for personal payments to
people who won't accept a personal check. It certifies that you have the money available.
credit union - Correct Answer - A nonprofit financial institution that is owned by its members and
organized for their benefit.
Commercial Bank - Correct Answer - a for-profit institution that offers a full range of financial services
Money Order - Correct Answer - A form of check payment on which the financial institution prints the
exact amount covered. Often used by people who do not have a checking account.
Reconcile - Correct Answer - Make your bank records compatible with your bank statements.
safe deposit box - Correct Answer - a small, secure storage compartment that you can rent in a bank,
usually for $100 a year or less.
Brokerage - Correct Answer - a firm that provides you access to the stock markets
U.S. Savings Bond - Correct Answer - Obtainable through the U.S. government. Purchased at one-half
the face value and will mature to full face value over a specified period of time. FDIC insured, moderate
liquidity, moderate rate of return.
, 3 C's of Credit - Correct Answer - Character(credit history), Capacity(ability to repay), Capital(assets)
APR - Correct Answer - Annual percentage rate; the annual rate of interest that is charged for using
credit
Chapter 7 - Correct Answer - The chapter of the Bankruptcy Code providing for "liquidation" (i.e., the
sale of a debtor's nonexempt property and the distribution of the proceeds to creditors).
chapter 11 - Correct Answer - Section of Bankruptcy law that allows businesses to reorganize, continue
functioning and pay creditors equitably according to a court-approved plan
Consumer Credit Counseling Services - Correct Answer - a nonprofit organizatioin that provides debt
counseling for individuals with serious debt problems
collateral - Correct Answer - something of value that a borrower lets the lender claim if a loan is not
repaid
FICO score - Correct Answer - A credit rating developed by Fair Isaac & Company in the late 1950s, now
widely used by lenders and employers. It consists of digit numbers ranging from 300-850.
credit reporting agencies - Correct Answer - equifax, transunion, and experian keep a record of
consumer's credit transactions
finance charge - Correct Answer - is the total dollar amount you pay to use credit.
default - Correct Answer - failure to pay back a loan
lien - Correct Answer - the legal claim of one person upon the property of another person to secure the
payment of a debt or the satisfaction of an obligation.
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