QUIZ PARA LORE

A years-long record of how well a person pays their bills and is financially responsible is called a _______.

credit history

person who puts his money into a savings account at a bank

depositor

a deposit that gives a certain amount of interest in a specified amount of time

time deposit

Collateral is something given to guarantee repayment of a loan.

true

Having a good credit history tells the lender that you pay your bills on time and use credit wisely.

true

Local banks offer educational loans.

true

Since the 1960 ________ Act and various antitrust laws were enacted, we do not have to worry about "super banks" monopolizing the market and controlling interest rates.

Answer Key Bank Merger

PIN stands for Personal _______ Number.

Identification

Which of these statements is NOT true?

Monthly commitments are regularly mailed accounts of your bank transactions and financial activity.

If someone has "A" type credit, it means what?

They have a good, strong credit history.

the amount a savings account will earn on interest in the course of a calendar year

annual return

any property that may cover a person's liabilities

assets

the limit on the amount given

ceiling

also known as CDs; they may be for various amounts of time

certificates of deposit

Overhead fees include fees to cover the costs of processing the ATM records and obtaining the money for the borrower.

false

Charges that your bank must pay if you use an ATM that is "foreign," meaning not owned by your bank are called _______.

intercharge fees

a percentage of the amount in the savings account which is a reward for the bank's use of the money

interest

a set percentage of the deposited amount that will be given to the depositor

interest rate

a medieval group that guarded valuables, negotiated loans, and transported money between nations

knights templars

a bank official who will oversee the approval or denial of a loan

loan officer

stretching one's credit beyond the financial guidelines

overextending

a journal of the interest activity a depositor is earning by keeping his money in the savings account

passbook savings account

A home loan is considered a(n) _____ loan.

secured

This means paying back the loan is guaranteed by an asset like a piece of real estate.

secured loan

repayment of loan is guaranteed by an asset

secured loan

The bank makes a profit by collecting loan fees and the interest the customer pays on the loan, called _______.

servicing fees

There is a limit to how much you may withdraw from an ATM; some banks allow you up to $200 to $300 per day.

true

There was once a time when banks were not allowed to merge or even expand outside their county.

true