Term
| Christian has just received his first checking account bank statement. He pulls out his checkbook and looks to find his outstanding checks and deposits and check his balance. What is Christian doing? |
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Definition
| Reconciling the statement |
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Term
| Karen is preparing the daily deposit of checks for her sporting goods business. Which endorsement should she use on the checks to make the deposit? |
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Definition
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Term
| Daniel is going on vacation and does not wish to take cash. Which type of negotiable instrument should he take with him? |
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Definition
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Term
| Craig returned a recently purchased stereo to Electronic Warehouse for a full refund. Last week Craig’s credit card bill still showed a charge for the purchase. What law could help Craig correct this error? |
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Definition
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Term
| Mark’s credit report indicates non-payment of a credit card bill. Mark wants to correct this error. Which act was passed by Congress to assist Mark in correcting this dispute? |
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Definition
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Term
| Lissie is very careful when writing checks. Which check writing procedure does she use to avoid negligence when writing a check? |
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Definition
| Writing close to “Pay to Order of" on the check. |
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Term
| Belinda has opened a checking account and wants to avoid writing a bad check. What should she do immediately? |
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Definition
| Verify the account balance will cover the check before writing it. |
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Term
| Joan is concerned she will be turned down for a loan because she is a single female. What law protects her against this concern? |
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Definition
| Equal Credit Opportunity Act |
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Term
| Stephen uses his home as security for a loan. Which term describes the use of his home in this transaction? |
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Definition
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Term
| Tara’s credit card company adds finance charges to last month’s ending balance. Which type of finance charge method is being used? |
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Definition
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Term
| Julia’s landlord threatens to report unsubstantiated debts on her credit. What law protects her against this concern? |
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Definition
| Fair Credit Reporting Act |
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Term
| Vince is being threatened by his credit card company after falling behind in his payments. What law protects him against this concern? |
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Definition
| Fair Debt Collections Act |
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Term
| Susie loses her credit card. Unauthorized charges are made on the card before notifying the issuing company. How much is Susie liable for? |
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Definition
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Term
| What is the purpose of bankruptcy laws? |
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Definition
| Give debtors an opportunity to recover from overwhelming debt |
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Term
| Bart has no chance of getting out of debt and needs to liquidate all his belongings to pay creditors. Bart should file for which type of bankruptcy? |
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Definition
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Term
Terri forgets to
deposit a $50 check to her account, what term would be used to describe this check after six months? |
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Definition
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Term
| Bob cashed a check at a local convenience store. What term identifies the store in this transaction? |
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Definition
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Term
| Daniel buys a new LCD television using his credit card. Which term identifies Daniel? |
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Definition
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Term
| Mike has not made a payment on his car in over 6 months. What will the bank do with his car? |
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Definition
| The bank will repossess the car. |
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Term
| Terri had four of her customers pay her with checks. Which endorsement should Terri make on the checks she is going to deposit? |
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Definition
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Term
| James pledges a security for a car loan. What is the term used to describe his pledge? |
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Definition
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Term
| Terri had four of her customers pay her with checks. She decides to sign over one of the checks to her landlord to pay her rent. Which endorsement should Terri make on the check she used to pay her rent? |
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Definition
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Term
| Terri had four of her customers pay her with checks. Terri needs some cash so she decides to cash one of the checks. Which endorsement should Terri make on the check she cashed? |
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Definition
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Term
| Shawn wrote a promissory note to Larry. What term identifies Shawn in this transaction? |
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Definition
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