Finance Chapter 4

Claudette's grandchildren are 7 and 9 years old. When Claudette passed away, her grandchildren inherited her money. However, the will stipulated that they should not get control of the money until age 25. Which of the following should be set up to provide for the management and control of the funds?

A trust

Brenda lost her debit card. When she realized it was gone, her account had $173 in unauthorized charges. She notified her financial institution within two days. How much is she potentially liable for?

$173

All of the following are non-deposit institutions except

A credit union

A demand deposit is also known as

A loan

A time deposit is also known as

A savings account.

When you select a financial services provider, you should ask all of the following questions except

All of these questions should be asked

Which of the following usually offers money market mutual funds?

An investment company

A drawback of a regular savings account is

Ease of withdrawal

When Angela wanted to provide financial security for her dependents, she considered purchasing a product that would provide income replacement in the event of her untimely death and also provide a savings/investment component while she is alive. Which company would she most likely do business with?

Life insurance company

Which of the following is NOT a financial publication that can provide information about financial services and economic conditions?

The Daily Market