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| The storage of funds for future use is the purpose of |
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Definition
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| an individual expects interest rates to decline over the next few months. To maximize her earnings, what approach should he/she use |
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Definition
| five-year certificate of deposit |
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| the purpose of a debit card is to make purchases from |
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Definition
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| when interest rates are rising, a person would be best served by |
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Definition
| short term savings instruments |
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| checking accounts are frequently referred to as ___________ deposits |
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| direct deposit and automatic monthly payments are features of |
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Definition
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| traditionally, the greatest variety of financial services have been offered by a |
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| to avoid high fees for loans, a person should not borrow from a |
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Definition
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| an advantage credit unions may have over other financial institutions is |
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Definition
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| a financial institution organized for the mian purpose of providing loans to purchase homes is a |
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Definition
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| the business hours and location of a financial institution refer to the __________ factor of selecting a financial institution |
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Definition
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| a certificate of deposit usually has |
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Definition
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| a saver will usually earn the highest rate with which type of savings plan |
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Definition
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| the rate of return on a savings account is also referred to as |
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Definition
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Term
| a $200 savings account that earns $13 interest in a year has a yield of ____________ percent |
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Definition
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| savings compounded ____________ would have the highest effective yield |
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Definition
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Term
| the Federal Deposit Insurance Corporation provides deposit insurance for |
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Definition
| commercial banks and savings & loan associations |
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| a ____________ endorsement is especially useful when you are depositing checks |
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Definition
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Term
| when preparing a bank reconciliation, outstanding checks should be |
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Definition
| subtracted from the bank statement balance |
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Term
| an individual gets a personal loan from his crdit union for $1000. He will make monthly payments of $85.15 over the next year to repay the loan. what type of financial service is David using? |
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Definition
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| an individual has set up a legal agreement that allows the First State Bank of Orlando to manage funds set aside for each of his girls to go to college. What type of financial service is John using? |
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Definition
| College Account/ Savings Account |
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Term
| Be able to choose from a list of services as to which ones are/are not provided on online banking |
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Definition
you can view accounts, deposit money, transfer money
you cannot withdraw money |
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Term
| the rate that commercial banks charge large corporations for loans is known as |
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Definition
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Term
| the rate that the Federal Reserve charges banks for loans is known as the |
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Definition
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Term
| What are the benefits offered by the U.S. Savings Bonds? |
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Definition
| return without risk, tax benefits, and inflation protection |
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Term
| Credit permits more immediate satisfaction of needs and desires. Does it also increase purchasing power? |
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Definition
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Term
| what are the trade-offs of paying cash for a purchase |
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Definition
| builds credit and you get 25 extra days to pay it off. |
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| what is another name for closed-end credit is? |
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Definition
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Term
| the maximum amount of crdit you are allowed by a creditor is called a |
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Definition
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Term
| a good example of an open-end credit is |
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Definition
| the use of a bank credit card to make a purchase |
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Term
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Definition
| debits your account at the moment you buy goods or services |
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Term
| in determining your credit capacity, you first provide for basic necessitiees, such as |
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Definition
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| experts suggest that you spend no more than _______ percent of your net income on credit purchases |
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Definition
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| which agency can produce for a subscribing creditor, almost instantaneously, a report about your past and present credit activity? |
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Definition
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Term
| most of the information in your credit file may be reyported for only ______ years |
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Definition
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Term
| what are the guidelines/possible actions regarding incorrect information in your credit file? |
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Definition
| notify the bureau, investigate, sue |
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Term
| if you have declared personal bankruptcy, that fact may be reported to credit bureaus for |
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Definition
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Term
| the borrower's attitude toward his or her credit obligations is called |
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Definition
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Term
| borrower's financial ability to meet credit obligations is called |
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Definition
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Term
| a term that refers to the borrower's assets or net worth is called |
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Definition
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| a valuable asset pledged to assure loan payments and subject to seizure upon default is called |
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Definition
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Term
| if you have a problem with your creditor, the best solution is to |
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Definition
| solve the problem directly with the creditor |
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Term
| the best eay to maintain your credit rating is to |
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Definition
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Term
| what should you do if your edentity is stolen? |
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Definition
| contact the fraud departments of each of the 3 major credit bureaus |
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Term
| which federal consumer credit law provides specific cost disclosure requirements for the annual percentage rate and the finance charge as a dollar amount |
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Definition
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Term
| be able to choose from a list as to what is most likely not a valid reason for using credit? |
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Definition
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Term
| be able to choose from a list as to what is a disadvantae of using credit |
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Definition
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Term
| someone purchases a sofa, love seat and reclining chair for their family room and will make payments of $65 per month for the next 24 months. Whay type of credit did they use |
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Definition
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Term
what are the signs of a compulsive shopper? |
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Definition
breaking set budget, shopping to feel better, unable to make budget |
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Term
| what are the names of the 3 credit bureaus |
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Definition
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Term
| which is often the source of the least expensive loan? |
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Definition
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Term
| what are the drawbacks of borrowing from parents or family members |
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Definition
| bad feelings if not paided back |
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Term
| the interest rate on a collateralized loan is reatively low, but what are the disadvantages of such loans? |
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Definition
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Term
| the most expensive loans are available from |
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Definition
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Term
| if you are denied credit by a bank or a credit union, the best thing for you to do is to |
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Definition
| question your ability to afford the loan |
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Term
| the total dollar amount you pay to use credit is called the |
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Definition
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Term
| which formula dictates that you pay more interest at the beginning of the loan and pay less and less interest as the debt is reduced? |
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Definition
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Term
| what should you do if you find that you cannot make your payments of debts? |
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Definition
| contact your creditors and once and try to work out a modified payment plan with them |
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Term
| according to consumer affairs experts, the nation's number two family financial problem is? |
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Definition
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Term
| be able to identify the signals of potential debt problems |
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Definition
| study exhibit 7-4 page 226 |
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Term
| what is a local organization affiliated with the National Foundation for Consumer Credit that provides debt counseling services for families and individuals? |
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Definition
| Consumer Credit Counseling Service |
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Term
| most people who are in debt over their heads are |
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Definition
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Term
| the CCCS is basically concerned with? |
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Definition
| preventing and solving the problems related to credit overextension |
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Term
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Definition
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Term
| the most reliable source of product information is likely to come from which of these |
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Definition
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Term
| which organization has the purpose of testing products for electrical and fire safety |
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Definition
| underwriters laboratories |
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Term
| which factor is usually best to use when selecting services? |
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Definition
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Term
| are non-profit stores created by people in a neighborhood to serve their customers, who are alsocalled members. Prices ar this type of store are usually lower than at other retailers |
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Definition
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Term
| what does the term "impulse buying" refer to? |
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Definition
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Term
| the items produced for retail stores are commonly sold under a _____ brand |
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Definition
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Term
| private label products are those that are |
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Definition
| sold by one chain of stores |
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Term
| open dating provides information on |
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Definition
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Term
| an ____________________ is a specifit agreement created by the seller or manufacturer |
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Definition
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Term
| an implied warranty exists as a result of |
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Definition
| the intended use of the product |
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Term
| the major criticism of service contracts is |
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Definition
| high costs and a low chance of need |
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Term
| most consumer complaints are resolved by |
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Definition
| returning to the place of purchace |
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Term
| a major purpose of the BBB is to |
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Definition
| resolve consumer complaints |
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Term
| one disadvantage of leasing an automobile would be the |
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Definition
| limited milage in the lease agreement |
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Term
| what is usually the largest fixed expense for a new vehicle? |
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Definition
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Term
| renting is more advantageous than buying a home for? |
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Definition
| lower short term living cost |
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Term
| one cost associated with home buying would be |
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Definition
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Term
| renting would be most appropriate for people who |
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Definition
| have limited funds currently available |
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Term
| the legal document involved in renting an apartment is called |
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Definition
|
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Term
| ownership of an individual housing unit in a building is commonly called a |
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Definition
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Term
| a common financial benefit of home ownership is |
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Definition
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Term
| a common financial risk of home ownership is that |
|
Definition
| property value may decrease |
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Term
| the most commonly considered factor when selecting a home is the |
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Definition
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Term
| as an individual conducts as investigation of property valuefactors, most real estate expersts tell him/her that ______________- most influences the housing values in an area |
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Definition
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Term
| the purpose of a counteroffer is to |
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Definition
| negotiate the purchase price |
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Term
| what is the purpose of "earnest money" in the purchase of a home |
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Definition
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Term
| what factors increase the amount of mortgae a person is eligible for |
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Definition
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Term
| be able to identify mortgage decision that would increase the speed of equity growth for a homebuyer? |
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Definition
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Term
| what is prepaid interest charged by a mortgage company |
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Definition
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Term
| what are some attributes of a conventional mortgage |
|
Definition
certainly about future payments debts
look up |
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Term
| a short term mortgage with a ber large final payment is called a _________ mortgage |
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Definition
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Term
| a home equity loan is also referred to as a ______ mortgage |
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Definition
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Term
| under what circumstances is it wise to consider refinancing a mortgage |
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Definition
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Term
| identify examples of a closing const |
|
Definition
title insurance.
attorney's fee, appraisal fee, termite inspection. |
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Term
| if you sell your home without the use of a real estate agent, you should still make use of a |
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Definition
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