Business test ch 25

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F

A Pawnshop charges lower fees than most other financial institutions.

Mutual savings bank

A ___________ is a financial institution owned by the depositors, to whom profits go.

T

A charter is required to start a bank

People who do not have a bank account

A check cashing outlet is commonly used by

Organized as a not for profit organization

A credit union differs from other financial institutions in that it is

A brand name

A name given to a product or service that is intended to distinguish it from other similar and or competitive products or services is

Electronic funds transfer

A system through which funds are moved electronically from one account to another is called ___________.

T

A trust company manages money and property for people.

Word of mouth

A type of advertising that originates with the consumer is what?

A Credit union

An example of a deposit type financial institution is

F

An insurance company is an example of a deposit type financial institution

Provide automatic teller service quickly and easily

Automatic teller machines (ATMs)

Comparison shopping

Comparing the price, quality, and service associated with one product with those of another product is called what?

A trust

Glenda Hopewell has set aside money for her child's college education. Which financial service will manage flinders investments on her behalf?

T

Interest refers to the amount paid for the use of money

Creates more jobs

Money that financial institutions Lend to others does what?

T

Mortgage companies are most helpful when a person borrows to buy a home

F

Safety deposit boxes allow savers to earn interest on their money

Clearance sales

Sales used to clear merchandise that stores no longer wish to carry in stock are

Discount stores

Stores that emphasize lower prices on their products are

Specialty stores

Stores that have a special line of products for sale are

F

The FDIC determines the interest rate banks charge for loans

Federal Reserve System

The ___________ was created by the federal government to supervise and regulate member banks so they serve the public efficiently.

Bond and stock certificates

The items most likely to be stored in a safe deposit box are

Make loans for durable goods

The main purpose of a consumer finance company is to

Supervise and regulate member banks

The main purpose of the Federal Reserve system is two

F

The main purpose of the federal reserve system is to protect a depositors money in case of bank failure

F

The profits of a credit union are shared among its depositors

A commercial bank

The widest range of financial services is offered by

Savings and loan association

Traditionally, a ___________ specialized in saving accounts and making loans for home mortgages, but in recent years these institutions have changed to savings banks

A product testing organization

Underwritten laboratories Inc., which concerns with fire and electrical safety, is an example of what?

Businesses do not have to be responsive to consumers needs

Which of the following is not true?

Make sales, earn profits, or remain in business

Without satisfied customers, businesses would not be able to what?

Investments

___________ are savings that are put to work to earn more money.


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