Personal Finance Study Set 15

Business

Quiz 5 :
Financial Services: Savings Plans and Payment Accounts

Quiz 5 :
Financial Services: Savings Plans and Payment Accounts

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A "no-fee" checking account that requires a non-interest-earning minimum balance of $500 has an opportunity cost of lost interest earnings.
Free
True False
Answer:

Answer:

True

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An asset management account provides a complete financial services program for a single fee.
Free
True False
Answer:

Answer:

True

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Using a debit card to make purchases means you are spending your own funds.
Free
True False
Answer:

Answer:

True

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Demand deposits are another term for checking accounts.
True False
Answer:
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A regular savings account usually offers a higher rate of return to savers than a certificate of deposit.
True False
Answer:
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A certificate of deposit is also known as a demand deposit.
True False
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The more frequently the compounding occurs,the less a person will earn on a savings account.
True False
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A restrictive endorsement on a check to be deposited consists of the words "for deposit only."
True False
Answer:
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When preparing a bank reconciliation,interest earned on your checking account is added to the bank statement balance.
True False
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The most frequent users of payday loans are workers who have become trapped by debts or poor financial decisions.
True False
Answer:
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A trust has the purpose of:
Multiple Choice
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The storage of funds for future use is a purpose of ________,which include savings accounts and certificates of deposit.
Multiple Choice
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An all-purpose account offered by investment brokers that provides a complete financial services program is a(n):
Multiple Choice
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Joan Martin expects interest rates to decline over the next few months.To achieve her long-term financial goals,she will trade off liquidity for a higher return by using a:
Multiple Choice
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A debit card transaction is processed by a retailer,with the amount of purchases deducted from your checking account by:
Multiple Choice
Answer:
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When interest rates are rising,a person should select:
Multiple Choice
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Checking accounts are frequently referred to as ________ deposits.
Multiple Choice
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Time deposits are another name for:
Multiple Choice
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Which of the following statements regarding debit and credit card liability is correct?
Multiple Choice
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Which of the following is organized as a corporation and owned by stockholders?
Multiple Choice
Answer:
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