Personal Finance exam 3- Sorenson WSU

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What does ATM stand for?

Automatic Teller Machine

which of the following offers a full range of financial services including checking savings lending etc

commercial bank

When Jane researched the brands and prices of refrigerators, she was

comparison shopping

a credit card holder who pays off his balance in full everymonth is known as what

convenience user

A savings account is also known as a demand deposit account

false

Lemon laws have been enacted in 48 of the 50 states for new vehicle purchases.

false

Rental insurance isn't very important since the landlord's insurance on the building includes coverage on all tenants' belongings.

false

a commercial bank is the same thing as a credit union

false

a disadvantage of using credit is the convenience it offers when renting a car...

false

each year check writing is being used more often

false

making transactions using a credit card will immediatley reduce your bank allowance

false

prices at the local convenience store will probably be lower than at the national retail grocery store

false

the FDIC ensures a depositers savings account up to 200 thousand dollars per insured financial institution

false- 250 thousand

a duplex is a house with two or more separate dwellings

false- a BUILDING with two separate living units

a disadvantage of home ownership is the deductability of morgage interest and real estate tax payments

false- advantage

one of the first steps in a new car purchase: negotiation to discuss the trade in vehicle

false- don't mention that first, negotiate new car first before you know what they will pay you for trade in

a credit card is a type of

loan or borrowing

which of the following is an advantage of a car lease

monthly lease payments are normally lower than monthly finance payements

which of the following primarily provides loans for home purchases

mortgage company

which of the follwing is an example of closed ended credit

mortgage loan- specific amount, specific time, when over its done

A credit card holder who pays the full balance during the grace period each month is actually getting a free loan from the credit card company.

true

Credit can indicate stability since lenders consider you a good risk.

true

If you think that interest rates will fall in the future you should buy a longterm CD to lock in your rate now

true

a lease for a car is typically 3-5 years

true

advantages of a lease over a purchase invlude that a buyer can obtain a more expensive vehicle and the payements will be lower

true

angela wanted to rent an apt. so her land lord required her to sign a lease, the lease is a legal document that defines the conditions of her rental agreement

true

close ended credit is used for a specific purpose and involves a specific amount

true

economists recognize consumer credit as a major force in the american economy

true

renters insurance protects the tenant by covering damage or theft to clothing, furniture, and stereo equipment

true

the info gathered from your loan application and the credit bureau are factors of your credit rating

true

the largest fixed expense associated with a new automobile is depreciaton

true

your life style effects your housing decision

true

a time deposit is also known as what

a savings account

What should a home buyer consider when evaluating a house?

all of the above

when you select a financial services provider, which of the following questions should you ask

all of the above

which of the follwing can result from a failure to pay a loan

all of the above

which of the follwing is a valid reason for using credit

all of the above

these products are sold by one chain of stores and are low cost alternatives to famous name products

private label or store brand

which of the following is an advantage of renting

renters have fewer responsibilities for maintenance than home owners

a cash advance is what

requires you to pay interest everyday until you pay it back.... yikes... only should be used in an emergency sittuation

the expected value of a vehicle at the end of a lease is called what

residual value

perhaps the greatest disadvantage of using credit is what

temptation to overspend

which of the following is a disadvantage of renting

tenants can not take tax deductions for morgage interest and property taxes

a legal document that includes information about the due date of monthly rent is called what

the lease- READ YOUR LEASE

the tenant is what-

the leasee

the owner/landloard is known as what

the lessor - will say this at beginning of lease

The amount printed on a label with the suggested retail price that is posted on a vehicle is called the

the sticker price

Trenton wants to buy a house but can provide only a 10% down payment. He probably will be required to have

to pay PMI payments- private morgage insurance payments (if you have less than 20% for a down payment)

which of the following is a disadvantage of a car lease

you have no ownership interest in the vehicle at the end of the lease


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