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linda_us, Master's Degree
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Question 1 of 20 A trust has the purpose of: A.

Resolved Question:

Question 1 of 20
A trust has the purpose of:

A. solving a person's financial problems.

B. obtaining low-interest loans.

C. handling daily money management activities.

D. managing the assets of a person.

Question 2 of 20
An all-purpose account that provides several services is a(n):

A. NOW account.

B. asset management account.

C. EFT account.

D. mutual fund.

Question 3 of 20
Which of the following is a deposit institution?

A. A life insurance company

B. An investment company

C. A credit union

D. A mortgage company

Question 4 of 20
A certificate of deposit usually has:

A. high interest-rate risk.

B. low safety for savers.

C. limited liquidity.

D. a variable rate of return.

Question 5 of 20
An account at a commercial bank designed for people who want to earn a higher savings rate is a(n) __________ account.

A. regular savings account

B. regular checking

C. share draft

D. money market account

Question 6 of 20
Based on the following information, what amount would be subtracted from the bank balance side of a checking account reconciliation? Service charge $12, Outstanding checks $145, Interest $3.50, Deposit in transit $80

A. $145

B. $12

C. $157

D. $148. 50

Question 7 of 20
Which of the following is a disadvantage of using credit?

A. The use of credit can allow you receive advance notice of sales.

B. The use of credit can lead to overspending.

C. The use of credit allows for the purchase of goods even when funds are low.

D. The use of credit can allow for the easier return of merchandise.

Question 8 of 20
Kathy purchased a $2,000 digital TV from Young's Appliances. She will make 12 equal payments over the next year to pay for it. She is using:

A. closed-end credit.

B. open-end credit.

C. revolving check credit.

D. a line of credit.

Question 9 of 20
Jake Skinner purchases a big screen TV on credit and will repay the loan with one payment at the end of 90 days. What type of credit did Jake use?

A. Installment sales credit

B. Installment cash credit

C. Single lump sum credit

D. Revolving credit

Question 10 of 20
If your monthly net (after-tax) income is $1,500, what should be your maximum amount spent on credit payments?

A. $200

B. $300

C. $400

D. $500

Question 11 of 20
Debt-to-equity ratio is:

A. calculated by dividing total liabilities by net worth.

B. calculated by dividing monthly debt payments by net monthly income.

C. determined by dividing your assets by liabilities.

D. rarely used by creditors in determining credit worthiness.

Question 12 of 20
Which of the following is NOT a source that provides data to credit bureaus?

A. Banks

B. Finance companies

C. Merchants

D. Internal Revenue Service

Question 13 of 20
If you have a problem with your creditor, the best solution is to:

A. file a lawsuit against the creditor.

B. solve your problem directly with the creditor.

C. complain to the Federal Reserve System.

D. complain to the Board of Governors.

Question 14 of 20
If you think that your bill is wrong, you should first:

A. contact the local credit bureau and inform it of the billing error.

B. complain to the Better Business Bureau.

C. contact your state consumer protection agency.

D. notify the creditor in writing within 60 days after the bill was mailed.

Question 15 of 20
If you borrow $100 at 10 percent simple annual interest and repay it in one lump sum at the end of one year, you will have to pay:

A. $100.

B. $105.

C. $110.

D. $115.

Question 16 of 20
If creditors add finance charges after subtracting payments made during the billing period, this is called the:

A. APR method.

B. average daily balance method.

C. previous balance method.

D. adjusted balance method.

Question 17 of 20
If creditors give you no credit for payments made during the billing period, this is called the:

A. APR method.

B. discount method.

C. previous balance method.

D. adjusted balance method.

Question 18 of 20
The CCCS aids families by:

A. setting up a budget for them.

B. paying off their loans.

C. providing free basic necessities.

D. providing one month free shelter.

Question 19 of 20
Which bankruptcy allows a debtor with a regular income to extinguish his or her debts from future earnings or other property over a period of time?

A. Chapter 7

B. Chapter 11

C. Chapter 13

D. Chapter 15

Submitted: 5 years ago.
Category: Multiple Problems
Expert:  linda_us replied 5 years ago.

Thanks for requesting me exclusively. I am working on it.





Expert:  linda_us replied 5 years ago.

Please CLICK HERE for Solution

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