QUESTION 1Brick-and-mortar banks typically offer superior interest rates for borrowers and savers.TrueFalse1 points QUESTION 2John and Maile JohnsonThe Johnson family is very conservative financially. They have a retirement plan where John works and share a joint checking account at their bank. They keep a lot of money in their checking account to cover short-term needs and emergencies. Both of them want to step up to a higher interest rate than a checking or savings account pays, and at the same time stay with their bank.Which of the following is not an advantage of a CD as a cash management alternative for John and Maile?Fixed rate of interestHigh interest rateLends itself well to automated payroll deduction planIt is insured.Pays money market interest rates1 points QUESTION 3Credit unions and Internet-only banks typically offer more attractive interest rates to both borrowers and savers.TrueFalse1 points QUESTION 4Liquid assets allow you to cover unplanned expenses without having to interrupt your long-term investments or liquidate any tangible assets.TrueFalse1 points QUESTION 5Money Market Deposit Accounts enjoy one advantage over savings accounts found in commercial banks. This advantage isa variable rate that is generally higher.lower fees and smaller minimum balances.unlimited check-writing privileges.greater liquidity.1 points QUESTION 6Virginia Tech’s Hokie Passport is an example of a smart card.TrueFalse1 points QUESTION 7Which of the following is not an advantage of a CD as a cash management alternative?CDs offer a wide selection of maturities.CDs offer liquidity.CDs are convenient to purchase.CDs have fixed interest rates, which are beneficial if interest rates drop.CDs are insured.1 points QUESTION 8For a consumer who does not have a checking account a prepaid debit card is a means of paying for goods and services.TrueFalse1 points QUESTION 9Because liquid assets can be turned into cash quickly and with little loss, they have little risk associated with them and therefore provide a low rate of return for the consumer.TrueFalse1 points QUESTION 10Christopher GarciaChristopher just received his checking account statement from his bank. He has a NOW account with free checking that pays 0.75% APR on the balance and requires a $500 minimum balance. His statement shows that he currently has a balance of $3,950. In looking at his statement he notices that his car payment check for $400 is still outstanding, and that his recently received payroll deposit of $3,600 had not posted at the time the statement was created. His normal living expenses average $1,500 per month including his car payment. Other than his car loan, he rarely writes any checks as he prefers to use his debit card and ATM card for day-to-day living expenses. He pays his credit card balance in full every month. Other than his checking account he does not own any investments. He has always dreamed of owning a house, and would like to buy one within the next five years. He has access to a 401(k) pension plan at work where his employer will match contributions up to 6% of his salary. He currently contributes 2% of his salary to this plan.What recommendations would you give Christopher concerning his cash management?Create a budget and set some savings goals.Automate a savings plan using EFT.Set up an account at a mutual fund company.All of these are good recommendations.All of these except Set up an account at a mutual fund company are good recommendations.1 points QUESTION 11The use of credit involves receiving cash, goods, or services with an obligation to pay later. Which statement is not an opening line to the use of credit in a shopper’s language?”I’ll pay for it with plastic.””Put it on my debit.””Charge it.””Put it on my account.”1 points QUESTION 12Credit cards issued in conjunction with particular charities or organizations, like the Sierra Club or the Humane Society, that send a portion of their annual fee or percentage of their purchases back to the sponsoring organization are known asprestige cards.affinity cards.premium cards.secured credit cards.1 points QUESTION 13Wally currently has a balance of $14,500 on his credit cards and he is having a hard time making the minimum payments on them. He has missed several payments and is now paying the default APR of 29.99%. He and his wife own a nice home with $40,000 in equity. They have $7,500 in a certificate of deposit with a 4% APR. He has come to you in tears asking for advice. What would you tell him to do?Seek out a non-profit credit counseling company.Cash out his CD and pay down his credit cards.Become a convenience user, and maintain just one credit card.Take out an equity loan on the house.All of these1 points QUESTION 14The Consumer Financial Protection Bureau was created with the oversight authority necessary to ensure thatconsumer financial markets work.the prices and risks for credit products and other consumer financial services are easy to understand.the prices and risks for mortgages, credit cards, and other kinds of financial products and services are clear.All of these.1 points QUESTION 15The Fair and Accurate Credit Transactions Act (FACT) allows everyone to a free copy of their credit report every year. Why is it a good idea to check your credit report every year?To make sure that there are no errors on itTo make sure that someone has not stolen your identityTo challenge any unauthorized entriesAll of these are good reasons.1 points QUESTION 16Which of the following regarding credit application analysis is incorrect?Bankruptcy remains a mark against you for a period of ten years after it occurs.Credit card issuers normally assign a minimal acceptable credit cutoff score.Lenders may not discriminate on the basis of age.You are entitled to one free copy of your credit report each year from the three major credit bureaus.None of these statements is incorrect; All of these are true statements.1 points QUESTION 17Which method sums the outstanding balances owed each day during the billing period and divides by the number of days in the period?Previous balanceSimple interestAverage daily balanceAdjusted balanceBalance calculation method1 points QUESTION 18When you use a credit card at a store, the store is generally charged a fee ranging from 1.5% to 5%. What is this fee called?Merchant rateDiscount rateMerchant discount feeMerchant back-end charge1 points QUESTION 19Assuming the APR on your credit card is 24 percent and your average daily balance this month was $8,000, what will your interest or finance charges for the month be?$192$240$160$1.921 points QUESTION 20Research has determined that undergraduate college students tend to behave in similar manners with regards to their credit card usage. As noted in Chapter 6, which of the following behaviors are indicative of undergraduate students’ credit card behaviors?They make more than their minimum payment each month but still tend to carry a balance on their cards.They pay off all of their cards in full each month.Their parents do not frequently pay their credit card balances for them.They make more than the required minimum payment on 90% of all other cards each month.
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