Deck 13: Saving, Banking, Debt, and Credit Issues

Question 1

All of the following are credit reporting centers EXCEPT

A)Trans Union LLC Consumer Disclosure Center.
B)Experian Consumer Assistance Center.
C)Equifax Information Service Center.
D)Wells Fargo.

Answer 1

D

Question 2

Selling information is illegal.

Answer 2

False

Question 3

Online auctions outpace online banking.

Answer 3

False

Question 4

There is a wait time before funds are withdrawn after using a debit card.

Question 5

An individualʹs or familyʹs standard of living and future financial stability hinge on the ability to accumulate, save, invest, protect, and spend money wisely.

Question 6

To be successful, goals should be flexible, action-oriented, specific, and realistic.

Question 7

The Truth In Savings Act requires all of the following EXCEPT

A)annual percentage yield.
B)information and rules regarding maintaining a minimum balance
C)fees charged.
D)payroll deduction.

Question 8

Who is a specialist trained to focus on who gets the assets in a divorce?

A)Certified Financial Planner
B)Certified Divorce Planner
C)Chartered Financial Consultant
D)Certified Public Accountant

Question 9

The bankruptcy that allows debtors to repay some of the debt they owe while arranging in return for them to keep most of their property is called

A)Chapter 11 bankruptcy.
B)Chapter 13 bankruptcy.
C)Chapter 6 bankruptcy.
D)Chapter 7 bankruptcy.

Question 10

A CD is a type of

A)trial interest.
B)time deposit.
C)correspondent bank.
D)checking account.

Question 11

Financial planning is a lifelong process.

Question 12

The Federal Deposit Insurance Corporation is government insurance of bank and savings loan accounts up to how much money?

A)$100,000
B)$1,000,000
C)$5,000,000
D)$500,000

Question 13

If a person files bankruptcy, they no longer have to pay their student loans.

Question 14

Legal rights to take and hold property if a person with a loan doesnʹt pay are called

A)loans.
B)cosigners.
C)liens.
D)collateral.

Question 15

The possibility of experiencing loss or harm is

A)risk.
B)potential.
C)attitude.
D)resources.

Question 16

Ultimately, the cost of bankruptcy is passed down to the people who pay their bills and are responsible through higher interest rates, credit charges, and higher taxes.

Question 17

The cost of using money is called

A)tax.
B)interest.
C)appreciation.
D)principle.

Question 18

Of the many agencies regulating the use of credit, the Federal Trade Commission is foremost.

Question 19

Chapter 7 Bankruptcy looks better than Chapter 13 Bankruptcy on a personʹs future credit report.

Question 20

Under normal economic conditions, a recommended financial goal is having an emergency fund of how many monthsʹ salary?

A)6-9
B)0-3
C)3-6
D)9-12

Question 21

A PIN is short for_________ .

Question 22

What three things must a CFP do to get their credentials?

Question 23

Internet based payment systems called allow value to be transmitted through computer.

Question 24

Rent is an example of a expense.

Question 25

Identify the three steps in the financial management process.

Question 26

What are the safety factors involved in online banking?

Question 27

Straight Liquidation Chapter is also known as Chapter
Bankruptcy.

Question 28

Food and entertainment are expenses.