LifePac Unit 9
If you want the credit card issuer to set things right, when you find an error on your credit card billing statement, you must notify them in writing at the address specified for billing errors about the mistake discovered and you must do so within _____ days after the first bill containing the error was sent to you.
60
no-haggle dealership
A car market where the price sticker is the final sale price. There is no discussion over a final price.
Federal Pell Grant
Assistance from the government which is not to be repaid
something given to guarantee repayments of a loan
Collateral
A record of how well a person pays their bills and is financially responsible
Credit card history
A bookstore is a good alternative to a library.
False
A refund policy is the set of guidelines and regulations that define how and when you get repaid in case of theft or misplacement.
False
Any property, such as land or stock, that may cover a person's liabilities is called a debit.
False
Auto loans are a type of unsecured loan.
False
Cash is the best system for keeping track of your spending.
False
Local banks will no longer offer educational loans.
False
The great thing about IRAs is that you can withdraw money anytime you want with no financial penalty.
False
a percentage of the amount in the savings account which is a reward for the bank's use of the money
Interest
"He that tilleth his land shall be satisfied with bread"
Proverbs 12:11
"Wealth [gotten] by vanity shall be diminished"
Proverbs 13:11
the guidelines and regulations that define how and when you get repaid in case of theft or misplacement.
Refund policy
Accounted for 59% of all home loans in 1987
S&LS
A debit card is a card that acts like a check, When you make a purchase, the money is removed from your checking account immediately.
True
A default is a failure to fulfill a financial obligation.
True
A finance charge is a cost for the convenience of borrowing money.
True
An adjusted balance is computed by subtracting the payments you made and any credits you received during the present billing period from the balance you owed at the end of the previous billing period.
True
At first, savings and loan associations were serving a short-term mission, so to speak.
True
Banks, credit unions, and s&ls exist to make a profit.
True
Factory direct is manufacturer-to-consumer selling.
True
If your credit union is registered with the United States government, it is known as being "federal-chartered."
True
In most cases with a credit card, the most you will owe for unauthorized charges is $50.
True
It is easy to tell yourself, "It's only ten dollars," but you will find yourself saying that again and again until you wonder where your money has gone.
True
Knights Templar was the name of the medieval group that would guard valuables and negotiate loans, as well as transport money between nations.
True
Never charge more on your credit cards than you can afford to pay in one month.
True
Proverbs 21:20 tells us, "There is treasure ... and oil in the dwelling of the wise, but a foolish man spendeth it up." The writer is telling us that the wise man will save what they can.
True
The Expected Family Contribution is the assumed amount that the family will contribute to the student's college tuition and other expenses.
True
The time when there is no obligation to repay your loan is called a grace period.
True
Traveler's checks have the time and staff's names of the issuing bank or agency.
True
Travelers checks are easy to use; they are broken down into denominations such as $20, $50, and even $500 and $1000.
True
Under the Fair Credit and Charge Card Disclosure Act, you have the right to comparison shop different cards' terms and conditions.
True
When it has matured, your IRA money can be meted out to you in periodic payments or in one large sum.
True
When we talk about a "ceiling" on the interest rate, we are referring to the limit on the interest given.
True
One of the basic things to remember when purchasing a car is that " _____ is _____"
What you see is what you get
Non-sufficient funds
a notice that will be sent to the bank customer if their deposits are not enough to cover the costs of the check they have written
the amount a savings account will earn on interest in the course of a calendar year
annual return
FFEL Stafford Loan
assistance from the government which is to be repaid
Other agencies may sell you the traveler's checks but add on ______ up to 1.5%, so be careful to check and see whether you must pay a fee.
charges
A credit union is a(n) ___ 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 report.
credit bureaus
The amount of spending that the credit card company will allow you is known as the ____.
credit limit
a card that acts like a check
debit card
IRAs are savings accounts that ________________ taxes
defer
When _____ is usesd, the paycheck is electronically transferred into the depositors account with out the depositor having to come to the physical locationof the credit union office.
direct deposit
A partial payment given in order to show intent of purchase is called a
down payment
When you have listed all your income and expenses and want to find out how much you have left over, subtract the ___ from ___ and see what comes out on the "bottom line."
expenses, income
Proverbs:13:11 - "Wealth [gotten] by vanity shall be diminished: but he that gathereth by labour 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 their ____.
increase, add to their savings
The charges that your bank incurs when you use an ATM that is not owned by your bank are referred to as
interchange fees
____ is a percentage of the amount loaned which is a charge for the use of the money.
interest
The smallest amount allowed in an account without a financial penalty is called a(n) ____.
minimum balance
A(n) ___ is used to keep a record of activity in a savings account
passbook
Pin stands for
personal identification number
"Not for____not for charity, but for ____" is a credit union motto.
profit, service
Under the __________, your lost or stolen traveler's checks are replaceable when you provide the refund office the serial numbers and exactly which checks you have cashed and lost.
refund policy
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.
running balance
your paying back the loan is guaranteed by an asset like a piece of real estate
secured loan
gross income
total money earned, before any deductions are made
In case of a low balance you can ____ between each and every checking or savings account that you have tied to your bank ATM card
transfer
____ are checks which function almost like cash but are replaceable if lost or stolen
traveler's checks
If you attempted in good faith effort to work out the problem with the seller about a charged item or service, the law gives you the right to ______ from the card issuer payment for the merchandise or service.
withhold
subsidized loan
you will not be charged any interest before you begin repayment
