For Self Test 2
If Same wants to buy a building and property for his dry-cleaning business, he would apply for a
Commericl,a real estate lona
A credit union is a ? financial institution
Cooperative
Student loans mentioned in the text include:
FFEL Stafford Loan, USA Student Loan
If you went to a bank for a loan, you would see a ?, a bank official who will oversee the approval or denial of a loan
Loan officer
In a credit union, people are not only borrowers and depositors, they are ?
Members
The amount of wages due to all employees is called a ?
Payroll
Anyone wanting to join should see if their employer ? a credit union
Sponsors
Credit unions serve groups of people that share something in common, such as where they work or live
Treu
A cooperative means, in effect, that the people cooperate in order to make the institution a success
True
A credit union's charter gives the definition of its field of membership
True
A rollover IRA is one that gets money from another qualified plan
True
Credit unions are not for profit and are closely regulated
True
IF you receive a subsidized loan you will not be charged any interest before you begin repayment
True
The expected family contribution is the assumed amount that the family will contribute to the student's college tuition and other expenses
True
Credit cards are considered ? debt
Unsecured
Many employers offer direct deposit of ? to a credit union
direct deposit
The first US credit union was formed in manchester, new hampshire, ?
1909
It is important to pay back your student loan. The default could be reported to national ? and a negative history will stay on your credit report
Credit bureaus
Official permission to postpone the payment of a loan is known as a
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
Direct deposit
If you had a taxable savings account, each year you must pay income taxes on your ? and capital gains you would make
Earnings
Any property, such as land or stock, that may cover a person's liabilities is called his income
False
Auto loans are a type of unsecured loan
False
Credit unions exist for a year then shut down after everyone pays off their loan
False
Credit unions, banks, and SLAs exist to make a profit
False
IRAs are tax free
False
Local banks offer automobile loans for the government
False
The great thing about IRAs is that you can withdraw money anytime you want with no financial penalty
False
There are more than 12000 ? and state-charted credit unions nationally
Federal
"In all labor there is profit"
Proverbs 14:23
When no taxes are due until the required time and payments are held off, the action is called
Tax deferred
Loan banks offer education loans
True
Local banks offer commercial real estate loans
True
Local banks offer residential mortgage loans
True
Local banks offer unsecured loans
True
Servicing fees include fees to cover the costs of processing the loan and obtaining the money for the borrower
True
There is also an education benefit. Starting in 1998, you can take a penalty-free ? for certain approved higher education-related expenses
Withdrawal
Terry's $2000 contribution into the IRA has protected him from having to ? on that portion of his wages
pay taxes
Not for ?, not for charity, but for ?
profit, service
A ? means your paying back the loan is guaranteed by an asset like a piece of real estate
secured loan
