LifePac Government grade 12 unit 9

Other agencies may sell you the traveler's checks but add on charges up to _______ percent, so be careful to check and see whether you must pay a fee

1.5

ATM owners have started to collect extra fes besides the withdrawal amount. These surcharges are usually around $1, but they can be as high as $___________

10

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

1600s

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

1831

If Wild Westbank, the ATM owner, levies a $1.50 surcharge, then your $20 withdrawal will appear on your receipt as $21.50, even though all you receive was $__________

20

There is a limit to how much you can withdraw; some banks allow you only up to $__________

300

In 1987 savings institutions accounted for _____ percent of all home loans

59

Before a trip, find a well-known company which charges no fees and has checks that almost any business would recognize. __________________ and _______________ offer traveler's checks for no fee

American Express, Visa

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

Bank Merger

(T or F) A check date is necessary so the bank will know the amount of money used in the processing of the check as well as the day of purchase

F

(T or F) Auto loans are a type of unsecured loan

F

(T or F) Credit unions, banks and SLAs exist to make a profit

F

(T or F) In some cases banks have charged anywhere from $18 to $250 for an overdraft

F

(T or F) In the text, the example was given about bank balance requirements. If your balance falls below $100, the bank charges you a fee of $10 a month

F

(T or F) Semiannual means once every two years

F

Student loans mentioned in the text include:

FFEL Stafford Loan, USA Student Loan

_____________________________ is assistance from the government which is not to be repaid; the assistance may be thousands of dollars

Federal Pell Grant

Your IRA money can be meted out in periodic payments rather than one large sum. This is called _______________

Installment payment

The _______________________ were the medieval group that guarded valuables and negotiated loans as well as transport money between nations

Knights Templar

PIN stands for ____________________________________

Personal Identification Number

"He that tills his land shall be satisfied with bread." This verse about a diligent worker comes from __________________

Proverbs 12:11

Although it is a good idea to pursue financial aid, the Christian teen ought to be diligent to get a job and save as much as possible. "In all labor there is profit..." The hard worker will be able to meet many financial goals. This work ethic principle is found in ___________________

Proverbs 14:23

(T or F) A famous-name that may be more expensive due solely to its high-recognition logo or slogan is known as a name-b[r]and product

T

(T or F) An explanation of how the card's balances are determined is required to appear on billing statements

T

(T or F) Banks normally levy ATM surcharges only on customers of other banks

T

(T or F) Biblical tithing basically means you will give 10 percent of your income to the Lord

T

(T or F) If you receive a subsidized loan you will not be charged any interest before you begin repayment

T

(T or F) It is important that you copy the serial numbers of your traveler's checks and keep the list in a safe and separate place so if you lost your traveler's checks, you can quickly get replacements

T

(T or F) SLAs are institutions that give fewer products than a bank would, but make up for it by giving better returns on the money put into their account

T

(T or F) The National Credit Union Share Insurance Fund is an agency of the federal government and

T

(T or F) The housing industry depends on SLA for continual growth

T

(T or F) The serial association SLA was different because the members were not forced to buy a home

T

(T or F) There was once a time when banks were not allowed to merge or even expand outside of their county

T

Visa is using a "plastic traveler's check" called a ________________________

Travel Money card

Keep a list of your credit card _____________________, checking account information and telephone numbers of each credit card issuer in a safe place in case your cards or checks are lost or stolen

account numbers

The savings and loan association now had a long life and took members in on a quarterly, semiannual, or _____________ basis

annual

Keeping a _____________ 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

bank balance

Oxford was starting to fell a need that commercial banks were overlooking; individuals who wanted to ___________________________

buy a home

Traveler's check function almost like __________ but are replaceable is lost or stolen

cash

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

ceilings

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

commercial real estate loan

You might find bargains at a place where people may take their used clothes or other items and sign an agreement to have the store sell the clothes on consignment, meaning that the store will pick up a percentage of the money to the individual who brought it in for sale This place is called a _________________________

consignment shop

A credit union is a ___________________________ 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

IRAs are savings accounts that ________________ taxes

defer

Official permission to postpone the payment to a loan is known as a _______________

deferment

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

Proverbs 21:20 tells us, "There is treasure.... and oil in the _______________ of the wise, but the foolish man spends is up." The writer is telling us that the wise man will save __________

dwelling, reserves

If you had a taxable savings account, each year you must pay income taxes on your ______________________ and capital gains you would make

earnings

When you have listed all your income and expenses, subtract the ___________________ from the _________________ and see what come out on the bottom line.

expenses, income

There are more than 12,000 ___________________-chartered and state-chartered credit unions nationwide

federal

There may be __________ for cashing traveler's checks

fees

The passage in Proverbs 3:5-10 tells us: "Honor the Lord with thy substance, and with the _________________ of all thine increase: So shall they barns be filled with plenty..." This passage could be titled, "_______________________."

first fruits, God's Plan for Financial Prosperity

If you need to withdraw $20 using an ATM owned by Wild Westbank, your bank (Mountain Bank) is probably going to charge you a fee for using a ___________________ ATM and the fee will show up on your next monthly statement.

foreign

A __________________ is also called a "grace period"

free period

____________________ is the total money you earned, if you don't subtract the deductions

gross income

At first, savings and loan association received their loan and started on _____________________ payments to pay back the loan, the association pretty much started closing down. It was like a club of would-be-______________ buyers

home

Earning money in a responsible way is _____________ to God; spending and saving it wisely is just as _________________

honorable, honorable

Proverbs 13:11 --"Wealth gotten by vanity shall be diminished; but he that gathers by labor 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 savings

increase

SLAs pay earnings in regular _____________________ to their members, but continue to finance homes and charge interest

installments

Are my creditors charging me with ________________?

late fees

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

If you buy items at a retail store, there is a bit of ______________ money that gets added on, meaning that money will not only go to the manufacturer but also to the store that stocks and sells the product

middle-man

Proverbs 23:4-5 warns us against an unhealthy desire for wealth: "Labor not to be rich: cease from thine own ____________. Wilt thou set thine eyes upon that which is ______?"

not (KJV)

_____________________________ is stretching one's credit beyond the financial guidlines

overextending

A _______________________ is a tangible way to see what you are saving

passbook

Terry's $2000 contribution into the IRA has "protected" him from having to ________________ on that portion of his wages

pay tax

Many employers offer direct deposit of ________________ to a credit union

paycheck

Make it a habit to put money into a savings account. This is known as ________________

paying yourself

The amount of wages due to all it's employees is called a _______________.

payroll

A "rollover" IRA is one that gets money from another qualified ______________

plan

One of the basic things to remember when purchasing a car is that "knowledge is _____________"

power

Many ATMs may limit your transaction to your _____________ account and may limit your withdrawal amounts

primary

"Not for ____________________, not for charity, but for ____________" is a credit union motto.

profit, service

A card-issuer is required to credit your account on the day the issuer receives your payment. That is known as ________________ credit for payment

prompt

Under the _________________, your lost or stolen travelers checks are replaceable when you provide the refund office he serial numbers and exactly which checks you have cashed and lost

refund policy

A _____________ means your paying back the loan is guaranteed by an asset like a piece of real estate. (secured loan, unsecured loan)

secured loan

Oxford Provident was such a success that a new form of SLA was created--the ______________ association

serial

The bank makes a profit by collecting loan fees and the interest the customer pays on the loan; these are called ______________________

servicing fees

Are my checking and savings accounts smaller than they were _________ month(s) ago?

six

Anyone wanting to join should see if their employer ___________ a credit union

sponsers

a(an) ___________________ item means it comes with the car at no extra cost

standard (vs. optional)

When no taxes are due until the required time and the payments are held off, the action is called _______________

tax-deferred

Deuteronomy 2:11 is one of the many Bible passages that tell us of the principle of the _____________

tithe

In case of a low balance, many ATMs allow you to __________________ funds between each and every checking or savings account that you have tied to your bank ATM card

transfer

The automated telephone banking system is a great help to baking customers. By following simple voice prompts, you can not only check the balances on your deposit accounts, you can also __________________ funds between your different accounts

transfer

Credit cards are considered _____________________ debt

unsecured

A loan that will charge you interest from the start is called an ____________________ loan

unsubsidized

A _______________________ is another type of business that eliminates the retail part of the transaction. Many times a consumer can buy products in bulk, or larger quantities than is available in retail stores

warehouse club

There is also an education benefit. Starting in 1998, you can take a penalty-free ________________________ for certain approved higher education-related expenses

withdrawal