Alpha Omega History 1209 Self Test 2
In most cases with a credit card, the most you will owe for unauthorized charges is ______________________.
$50.00
True statements about a credit card.
A card issuer is required to credit your account on the day the issuer receives your payment. An affinity card issuer donates a portion of the annual fees or transaction charges to the sponsoring organization. Keep your credit card receipts and promptly compare them when your bills arrive.
True statements about local banks.
Local banks offer educational loans. Local banks offer unsecured loans. Local banks offer residential mortgage loans. Local banks offer commercial real estate loans.
True statements about credit unions.
A credit union's charter gives the definition of its "field of membership." Credit Unions are not for profit and are closely related. Credit unions serve groups of people that share something common, such as where they work or live. The National Credit Union Share Insurance Fund is an agency of the Federal government and insures deposits of credit union members up to $100,000.
True statement about finance charges.
A finance charge is cost for the conveniences of borrowing money.
Federal Pell Grant
Assistance from the government which is not to be repaid
state-chartered
Registered with the state in which the credit union resides
free period
also called a "grace period"
Proverbs 22:7 says, in effect, that is you borrow money, you are the
lender's slave.
If you went to a bank for a loan, you would see a(n) _______________________, a bank official who will oversee the approval or denial of a loan.
loan officer
A cooperative means, in effect, that the people cooperate in order to
make the institution a success.
In an IRA, you cannot withdraw money anytime without a
penalty.
When it hs matured, your IRA money can be meted out to you in
periodic payments or one large sum.
A "rollover" IRA is one that gets money from another qualified ___________________.
plan
Servicing fees include fees to cover the costs of
processing the loan and obtaining the money for the borrower.
"Not for ______________, not for charity, but for _____________________" is a credit union motto.
profit, service
An explanation of how the card's balances are determined is
required to appear on billing statements.
True statements about credit card fees.
Transaction fees might include a fee when you use the card to obtain a cash advance, when you fail to make a payment on time, or when you go over your credit limit.
IRAs are savings accounts that ________________ taxes
defer
Official permission to postpone the payments of a loan is known as a(n) _________.
deferment
A paycheck is electronically transferred into the depositor's account without the depositor having to come to the physical location of the credit union office. This is called a(n) _______________.
direct deposit
The passage in Proverbs 3:27-28 gives this advice: "Withhold not good from them to whom it is _____________, when it is in the power of thine hand to do it. Say not unto thy neighbor, Go, and come again, and tomorrow I will ______________, when Thou hast it by thee."
due, give
There is also an education benefit, You can take a penalty free withdrawal for certain approved higher ______________________ related expenses.
education
credit union
a financial cooperative that provides loans to its members at lower rates of interest than would be available at other institutions
credit history
a record of how well a person pays their bills and is financially repsonsible
FFEL Stafford Loan
assistance from the government which is to be repaid
If Sam wants to buy a building and property for his dry-cleaning business, he would apply for a(n) ________________.
commercial real estate loan
A credit union is a(n) _________________ financial institution.
cooperative
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 credit report.
credit bureaus
The amount of spending that the credit card company will allow you is known as the _________.
credit limit
An adjusted balance is computed by subtracting the payments you made and any credits you received during the present billing period from the balance you owed at the
end of the previous billing period.
There are more than 12,000 ________________ chartered and state-chartered credit unions nationwide.
federal
Auto loans are a type of
secured loan.
collateral
something given to guarantee repayment of a loan
Anyone wanting to join should see if their employer _________ a credit union.
sponsors
field of membership
the range of eligibility for a credit union, such as a teacher's credit union or a bricklayer's credit union
Credit cards are considered __________________ debt.
unsecured
A loan that will charge you interest from the start is an
unsubsidized loan.
A cooperative is a joint economic activity that is owned and operated by those who
use its services.
If you attempted in good faith effort to work out the problem with the seller about a charge item or service, the law gives you the right to
withhold from the card issuer payment for the merchandise or services.
subsidized loan
you will not be charged any interest before you begin repayment
