Government & Econ // Lifepac #9 TEST

Proverbs 12:11

"He that tilleth his land shall be satisfied with bread."

Proverbs 3:9-10

"Honor the Lord with thy substance, and with the firstfruits of all thine increase: So shall thy barns be filled with plenty, and thy presses shall burst out with new wine."

Proverbs 23:4-5

"Labour not to be rich: cease from thine own wisdom. Wilt thou set thine eyes upon that which is not?"

profit, service

"Not for _________________, not for charity, but for ____________________."

Proverbs 13:11

"Wealth gotten by vanity shall be diminished..."

Proverbs 3:27-28

"Withhold not good from them to whom it is due, 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 give, when thou hast it by thee."

defer

IRAs are savings accounts that __________________ taxes.

commercial real-estate loan

If Sam wants to buy a building and property for his dry-cleaning business, he would apply for a ___________________________ _________________ _________________ _________________.

59

In 1987 savings institutions accounted for ______ percent of all home loans.

deferment

Official permission to postpone the payments of a loan is known as a __________________________.

Bank Merger

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

1600s

The idea of banking was well accepted in society among nobles, but it was not until the mid-_______________ that the Riksbank in Sweden and the Bank of England made commercial banking available to the public.

loan officer

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

debit card

a card that acts like a check; when you make a purchase, the money is removed from your checking account immediately

credit union

a financial cooperative that provides loans to its members at lower rates of interest that would be available at other institutions

warranty

a guarantee that is legally binding to hold the dealership to what it has promised

processing

a series of actions which take the check from the merchant to the accounting centers of the bank

Nehemiah 10:37

a tithing principle verse

1 Corinthians 16:2

a verse which could tell us of people giving more than a 10% tithe

taxes

account for 20% of a budget

housing and utilities

account for 25 to 45% of a budget

savings

accounts for 5% or more of a budget

free period

also called a "grace period"

building and loan association

another name for savings and loan association, originally built to assist first-time home-buyers

warehouse direct

another type of business that eliminates the retail part of the transaction, allowing the consumer to buy products in bulk or in larger quantities than a retail store.

Federal Pell Grant

assistance from the government which is not to be repaid

FFEL Stafford Loan

assistance from the government which is to be repaid

password

coded word or number used to provide security to the cardholder

Better Business Bureau

consumer "watchdog" assists the car buyer by reporting unfair business practices

impulse buying

making a purchase "on the spur of the moment" without careful planning

non-sufficient funds

notice sent to the bank customer if his deposits are not enough to cover costs of the check he has written

share

one of the equal parts divided up by a corporation

steward

one who manages money or the affairs of another person

account balance information

provides you with current balances on checking, savings, and other accounts you may have in your bank

collateral

something given to guarantee repayment of a loan

serial number

specific number for the purpose of verification and location in case of theft or misplacement

annual return

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

bank balance

the current money available in the depositor's accounts

ceiling

the limit on the amount given

payee

the person who will receive the check as a payment

field of membership

the range of eligibility for a credit union, such as a teacher's credit union or a bricklayer's credit union

minimum balance

the smallest amount allowed in an account without a financial penalty

gross income

total money earned exclusive of any deductions

option

will cost you above the price of the car

subsidized loan

you will not be charged any interest before you being repayment

ceilings

In 1980 the Depository Institutions Deregulation and Monetary Control Act loosened many governmental controls, including the elimination of interest-rate ___________________ on savings and time deposits.

1831

Oxford Provident Building Association, the first SLA in America, was created in ___________________ in Frankfort, Pennsylvania.

return 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 and lost.