Exam 2 definitions

Which banking act allowed banks to participate in a wide range of services: insurance, securities brokerage, underwriting, leasing, etc

Financial Services Modernization Act

What factor has the smallest influence in determining your FICO score?

Number of credit inquiries

Property taxes are an example of a deduction that can be.......?

deducted in full

A credit card is an example of

An open-ended credit

While applying for an automobile loan, you are asked "what are your current living expenses?". This question demonstrates your:

Capacity

What chapter in bankruptcy is called the wage earner plan?

Chapter 13

The bankruptcy plan that gives you a fresh start and liquidates your assets, is called

Chapter 7

A share draft accounts are used at ____

Checking account used in credit unions

Which banking act made the distinction between investment and commercial banking, where business banking could only be conducted at a commercial bank and dealing in securities could only be conducted at an investment bank?

The Glass Steagal Act

What has the largest effect on your FICO score?

Your payment history