Review one

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Trust

A legal agreement that provides management in control of assets by one party for the benefit of another

Compound interest

A process that calculates interest based on previously earned interest

Certificate of deposit

A savings plan requiring that a certain amount be left on deposit for a stated time to earn a set interest rate

Credit

An arrangement to receive cash goods or services now and pay for them in the future

Atm

Automated teller machine is specialized computer that is convenient to manage account holder funds

Which is the most liquid asset

Certificate of deposit, US savings bond, checking account, mutual funds

The FDIC insured savings accounts typically requires a minimum balance of usually $1000 and has earnings based on the market interest rates

Certificate of deposit, money, market fund, money, market account regular savings account

What type of account is best for every day transactions

Checking account, money market account, savings account, certificate of deposit

Which of the following financial institutions typically have the highest fees

Credit unions, commercial banks, check, cashing in payday loan, companies, or MMA

The FDIC cover, safety deposit boxes and their contents, if a bank goes out of business? T or f

F

The chair of the federal reserve is Gary Gensler, true or false

F

The federal reserve is cheese authority for printing all monetary funds? T or F

F

The FDIC covers dogs, mutual funds, and bonds up to 250,000 true or false

FalSe

A commercial bank typically has lower fees when compared to other banking institutions true or false

False

Credit unions are user owned for profit organizations true false

False

The NCUA was established in 1970 and federally insured banks ture or false

False

FDIC

Federal deposit insurance corporation secures financial institutions up to 250,000 dollars back by the US government

Savings and loans assoc

Financial institution that traditionally specialized in savings accounts and mortgage loans

Commercial banks

For-profit financial institution that offers full range of financial services to indiv, business, gov

Money market account

Hey savings account that requires a minimal balance usually $1000 and has earning based on intrest

Simple intrest

Interest computed on a principal only without compounding

Which of the following is a common feature of financial institutions?

Investment trading check and saving accounts, mutual funds, access to investment products

Which savings account will earn you the least money

One that compounds interest daily, one that earns simple interest, monthly one that earns simple interest daily, one that compounds interest monthly

Beware of this tax variation service, which offers the convenience of getting a refund immediately when you're really getting a loan interest rate is high as 100%

Refund anticipation, loans auto title loans convenience, center payday loans

Regular savings account

Safe storage of funds for future use commonly referred to as time deposits, low risk

Liquidity

The ability to readily convert financial resources into cash without a loss in value

The federal reserve

The central bank of the United States and chief monetary authority in the US

Principal

The sum of money borrow or invested

Which of the following statement about check cashing company is true?

They charge high fees they sometimes offer free services. They delay when you can access your cash. They have limited operating hours.

Why is it important to check your bank statements?

To avoid spending more than what is on your account to detect any errors in your account to determine if you were charged any fees, and all of the above

Savings and loans associations are always for profit true or false

True

The FDIC is backed by full faith and credit of the US government true or false

True

The formula for calculating simple interest is principal, acts rate, and interest. X time, true or false?

True

Credit unions

User owned nonprofit cooperative financial institution that is organized for the benefit of its members

Which savings account were earn you the most money

When the compound interest daily, one that compounds interest monthly one that earns simple interest daily, one that earn simple interest monthly


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