Question 1

When Imogene brought a necklace to a _______,she received a loan based on its value.

Accepted Answer

A)   commercial bank
B)   check-cashing outlet
C)   pawnshop
D)   payday loan facility
E)   rent-to-own centerF) B) and E)
G) A) and B)

Question 2

Which of the following is NOT required when writing a check?

Accepted Answer

A)   The amount of check written in words
B)   The date written
C)   A driver's license number
D)   The name of person or organization receiving payment
E)   A signatureF) A) and E)
G) A) and D)

Question 3

The Truth in Savings Act requires financial institutions to disclose the interest rate on loans.

Accepted Answer

A) True 
 B)False

Question 4

What are the main differences between a regular savings account and a certificate of deposit?

Accepted Answer

A regular savings account provides easy ...

Question 5

Which of the following provides deposit insurance for credit unions?

Accepted Answer

A)   FDCU
B)   FDIC
C)   NCUA
D)   SAIF
E)   None of theseF) B) and E)
G) A) and E)

Question 6

What are three common payment choices for routine spending activities?

Accepted Answer

Acceptable answers i...

Question 7

As inflation rates increase,the interest rates offered to savers usually increase.

Accepted Answer

A) True 
 B)False

Question 8

What is the APY for a savings account with a $250 balance that receives $12 interest for the year?

Accepted Answer

A)   2.4%
B)   4.8%
C)   5%
D)   10.4%
E)   20.8%F) All of the above
G) C) and D)

Question 9

What financial services are available from banking online?

Accepted Answer

Online services include services to obta...

Question 10

When Angela wanted to provide financial security for her dependents,she considered purchasing a specific type of account at a

Accepted Answer

A)   Credit card company.
B)   Investment company.
C)   Life insurance company.
D)   Finance company.
E)   Payday loan company.F) C) and D)
G) B) and E)

Question 11

If you think that rates will fall in the future,you should buy a long-term CD to lock in your rate now.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following offers checking,savings,lending,and other services?

Accepted Answer

A)   A commercial bank
B)   A check-cashing outlet
C)   A pawnshop
D)   A payday loan facility
E)   A rent-to-own centerF) A) and B)
G) C) and D)

Question 13

Ursula has an account that will allow her to waive the minimum balance if she keeps a certain amount in savings.What kind of account does she have?

Accepted Answer

A)   A regular checking account.
B)   An activity account.
C)   An interest-earning checking account.
D)   All of these are correct.
E)   None of these is correct.F) A) and B)
G) D) and E)

Question 14

Anders went to Norway and went shopping.He had to sign his name once when he purchased this document and a second time at the store.Anders used a

Accepted Answer

A)   Certified check.
B)   Cashier's check.
C)   Money order.
D)   Personal check.
E)   Traveler's check.F) A) and D)
G) A) and E)

Question 15

Karen wanted a certificate of deposit that would definitely be available until the maturity date.She would NOT want to consider a

Accepted Answer

A)   Bump-up CD.
B)   Callable CD.
C)   Portfolio CD.
D)   Promotional CD.
E)   Stock-indexed CD.F) B) and E)
G) C) and E)

Question 16

If you rent a big-screen television from a rent-to-own center for a week,you will be certain to own it at the end of the first week.

Accepted Answer

A) True 
 B)False

Question 17

Investments and tax assistance,both tools for financial planning,are also known as

Accepted Answer

A)   Checking accounts.
B)   Trusts.
C)   Loans.
D)   Savings accounts.
E)   Financial services.F) A) and B)
G) B) and E)

Question 18

Evan had three accounts as listed below.In 2011,how much was his total coverage by the FDIC?
• Bank A: $125,000
• Bank B: $50,000
• Bank C: $325,000

Accepted Answer

A)  $125,000
B)  $250,000
C)  $375,000
D)  $425,000
E)  $475,000F) A) and B)
G) A) and C)

Question 19

What makes an "I bond" unique?

Accepted Answer

An I bond earns a combined rate consisti...

Question 20

The best option for borrowing money at a low rate is to use a payday loan organization.

Accepted Answer

A) True 
 B)False

Exam 4: Financial Services: Savings Plans and Payment Account

What are the main differences between a regular savings account and a certificate of deposit?

Correct AnswerverifiedA regular savings account provides easy ...View AnswerShow Answer

Which of the following offers checking,savings,lending,and other services?

Correct AnswerverifiedShow Answer

If you think that rates will fall in the future,you should buy a long-term CD to lock in your rate now.

Correct AnswerverifiedShow Answer

The best option for borrowing money at a low rate is to use a payday loan organization.

Correct AnswerverifiedShow Answer

As inflation rates increase,the interest rates offered to savers usually increase.

Correct AnswerverifiedShow Answer

When Angela wanted to provide financial security for her dependents,she considered purchasing a specific type of account at a

Correct AnswerverifiedShow Answer

Karen wanted a certificate of deposit that would definitely be available until the maturity date.She would NOT want to consider a

Correct AnswerverifiedShow Answer

Which of the following is NOT required when writing a check?

Correct AnswerverifiedShow Answer

When Imogene brought a necklace to a _______,she received a loan based on its value.

Correct AnswerverifiedShow Answer

What are three common payment choices for routine spending activities?

Correct AnswerverifiedAcceptable answers i...View AnswerShow Answer

Investments and tax assistance,both tools for financial planning,are also known as

Correct AnswerverifiedShow Answer

If you rent a big-screen television from a rent-to-own center for a week,you will be certain to own it at the end of the first week.

Correct AnswerverifiedShow Answer

What financial services are available from banking online?

Correct AnswerverifiedOnline services include services to obta...View AnswerShow Answer

Evan had three accounts as listed below.In 2011,how much was his total coverage by the FDIC? • Bank A: $125,000 • Bank B: $50,000 • Bank C: $325,000

Correct AnswerverifiedShow Answer

The Truth in Savings Act requires financial institutions to disclose the interest rate on loans.

Correct AnswerverifiedShow Answer

What makes an "I bond" unique?

Correct AnswerverifiedAn I bond earns a combined rate consisti...View AnswerShow Answer

Ursula has an account that will allow her to waive the minimum balance if she keeps a certain amount in savings.What kind of account does she have?

Correct AnswerverifiedShow Answer

Anders went to Norway and went shopping.He had to sign his name once when he purchased this document and a second time at the store.Anders used a

Correct AnswerverifiedShow Answer

What is the APY for a savings account with a $250 balance that receives $12 interest for the year?

Correct AnswerverifiedShow Answer

Which of the following provides deposit insurance for credit unions?

Correct AnswerverifiedShow Answer

Correct Answer
verified
A regular savings account provides easy ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Acceptable answers i...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Online services include services to obta...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
An I bond earns a combined rate consisti...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified