Personal Finance Study Set 15

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

An asset management account provides a complete financial services program for a single fee.

Using a debit card to make purchases means you are spending your own funds.

Demand deposits are another term for checking accounts.

A regular savings account usually offers a higher rate of return to savers than a certificate of deposit.

A certificate of deposit is also known as a demand deposit.

The more frequently the compounding occurs,the less a person will earn on a savings account.

A restrictive endorsement on a check to be deposited consists of the words "for deposit only."

When preparing a bank reconciliation,interest earned on your checking account is added to the bank statement balance.

The most frequent users of payday loans are workers who have become trapped by debts or poor financial decisions.

A trust has the purpose of:

The storage of funds for future use is a purpose of ________,which include savings accounts and certificates of deposit.

An all-purpose account offered by investment brokers that provides a complete financial services program is a(n):

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:

A debit card transaction is processed by a retailer,with the amount of purchases deducted from your checking account by:

When interest rates are rising,a person should select:

Checking accounts are frequently referred to as ________ deposits.

Time deposits are another name for:

Which of the following statements regarding debit and credit card liability is correct?

Which of the following is organized as a corporation and owned by stockholders?