unit 9 history

Proverbs 12:11

"He hath tilleth his land shall be satisfied with bread"

profit, service

"not for ______________, not for charity, but for ________________" is a credit union motto.

proverbs 13:11

"wealth [gotten] by vanity shall be diminished"

defer

IRAs are savings accounts that ___________________ taxes.

personal identification number

PIN stands for ____________________________________.

annual return

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

interest

____________________ is a percentage of the amount loaned which is charge for the use of the money.

traveler's checks

____________________________ are checks which function almost like cash but are replaceable if lost of stolen.

debit card

a card that acts like a check

cooperative

a credit union is a(n) _________________ financial institute.

interest

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

credit history

a record of how well a person pays their bills and is financially responsible

passbook

a(n) _______________________ is used to keep record of activity in a savings account.

S&Ls

accounted for 59% of all home loans in 1987

false

auto loans are a type of unsecured loan

false

banks, credit unions, and S&Ls exist to make a profit

withhold

if you attempted in good faith effort to work out the problem with the seller about a charged item or service, the law gives you the right to ____________________ from the card issuer payment for the merchandise or services.

60

if you want the credit card issuer to set things right, when you find an error on your credit card billing statement you must notify the in writing at the address specified for billing errors about the mistake discovered and you must do so within ___________ days after the first bill containing the error was sent to you.

true

if your credit union is registered with the US government, it is known as being "federal-chartered"

transfer funds

in case of low balance, you can ___________________ between each and every checking or savings account that you have tied to your bank account.

credit bureaus

it is important to pay back your student loan. besides your christian testimony being damaged, other problems could arise. the default could be reported to national __________________________________ and a negative history will stay on your report.

bank balance

keeping a(n) __________________________________ means you keep a current total of what you have deposited into your account as well as what you have spent out of your account.

true

knights templar was the name of the medieval group that would guard valuables and negotiate loans, as well as transport money between nations

false

local banks will no longer offer educational loans

knowledge, power

one of the basic things to remember when purchasing a car is that "___________________ is _______________."

charges

other agencies may sell you the traveler's checks but add on _________________ up to 1.5%, so be careful to check and see whether you must pay a fee.

increase, savings

proverbs 13:11 -- "wealth [gotten] by vanity shall be diminished: but he that gathereth by labour shall ________________." in other words, a person who tries to get money by fraudulent means will not get more, but the steady worker will add to his ___________________.

collateral

something given to guarantee repayment of a loan

credit limit

the amount of spending that the credit card company will allow you is known as the __________________________________.

refund policy

the guidelines and regulations that define how and when you get repaid in case of theft or misplacement

minimum balance

the smallest amount allowed in an account without a financial penalty is called a _________________________.

refund policy

under the ________________________, your lost or stolen traveler's checks are replaceable when you provide the refund office the serial numbers and exactly which checks you have cashed or lost.

true

when we talk about a "ceiling" on the interest rate, we are referring to the limit on the interest given

expenses, income

when you have listed all your income and expenses and want to find out how much you have left over, subtract the _________________ from _________________ and see what comes out of the "bottom line."

secured loan

your paying back the loan is guaranteed by an asset like a piece of real estate