Personal Finance chapter 7

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

savings and loan associations

Problematic financial businesses include each of the following EXCEPT

bank failure

The Federal Deposit Insurance Corporation insures depositors against losing the money in case of a ________

False

A finance company specializes in savings accounts and mortgage loans.

False

A prepaid hone card is an example of a debit card.

False

A savings and loan association is a financial institution that is owned by its members

True

A stop-payment order is a request that a bank or other financial institution not cash a particular check.

False

According to the Truth and Savings Law, Financial institutions have a guarantee you a minimum interest rate on your deposits.

lower fees and loan rates

Compared with commercial banks, credit unions generally offer______

$106.18

If you deposit $100 in an account with an annual interest rate of 6% compounds monthly after 12 months you will have

Money market

In Which kind of springs plan does the interest rate vary from month to month

True

Money in a checking account is called a demand deposit

True

Overdraft protection is an automatic loan made to an account if the balance will not cover the checks written.

comparing checks in the check record with this on the statement

The first step in balancing a checkbook is

completing a monthly ban reconciliation

To earn high interest rates n a certificate of deposit, you mist accept all the following limitations EXCEPT.

an endorsement on the back

When writing a check include all of the following EXCEPT

debit card

a card issued by a financial institution that allows you to withdraw money form you account or pay for purchases by deducting funds directly form you account

credit union

a nonprofit financial institution that is owned by its members and organized for their benefit

False

a restrictive endorsement allows you to transfer a check to an organization or another person

money market account

a savings account in which the interest rate vares as market rates change.

Direct deposite

an automatic deposit of an employee's paycheck onto a designated bank account

borrow money for a short term

credit cards allow you to ________

commercial bank

for-profit institution that offers a full range of financial services.

False

pawnshops will offer payday loans with high finance charges to desperate borrowers.

certificate of deposit

savings alternative in which money is left on deposit for a states amount of time to earn a specific rate of return

annual percentage yield

the amount of interest that a financial institution would pay on a $100 deposit, after computing for one year.

rate of return

the percentage of increase in the value of savings from earned interest

compounding

the process in which interest is earned both the principal and any perviously earned interest.

endorsement

the signature of a payee on the back of a check

False

you can write checks from a money-market account


संबंधित स्टडी सेट्स

Chapter 67: Management of Patients With Cerebrovascular Disorders

View Set

CCHS 9th Literature/Comp , CCHS GA-Foundations of Algebra , CCHS Health and Personal Fitness ( 1 full credit) , CCHS Introduction to Business and Technology, 6/21 (FIRST)

View Set

PrepU & Picmonic: CH 29 Nonmalignant Hematologic Disorders

View Set

Principles of Marketing Final Exam

View Set