Exam 21: Flexible Savings Account Options

Pension fund reserves in total ranked at the top among all household assets, just exceeding ________ trillion by the year 2009.

In 2009 mortgage loans represented about _____ of all household debt in the United States.

The payment device that contains pre-encoded information, such as a pre-authorized credit line, is known as a:

Credit extended by a credit card is referred to as revolving credit because the borrower can borrow up to a pre-specified limit, pay back the borrowed money, and borrow again.

Consumer loans are more costly to make per dollar of loan then any other kind of loan.

The law which entitles consumers to have access to their credit files is the:

An interest-bearing checkbook deposit with up to six preauthorized third-party transfers out of the account, only three of which may be by check, is known as a share account.

Under Chapter 7 bankruptcy rules secured obligations, e.g., home mortgage loans and auto credit, are usually still subject to being repaid by the bankrupt consumer. If not, the property can be repossessed.

Debit cards may be used for payments but they cannot eliminate float.

In recent years, household bankruptcies have soared. Currently, approximately _____ of all U.S. households file for personal bankruptcy annually.

Consumers filing for bankruptcy can use one of two methods: Chapter 7 or Chapter 13.

Pawn shops and other "fringe banks" primarily serve individuals with stable and lengthy credit histories.

The _______ limits the number of days that a bank can hold a check before allowing the depositor access to the funds.

The proportion of homes that Americans actually own fell to less than _______ in 2009.

After slackening early in the 1990s, household debt-to-income ratios rose to more than _____ in the late 1990s.

The ratio of liabilities to assets for the household sector in 2000 was approximately:

So-called "Smart Cards" have pre-encoded information such as a pre-authorized credit line to finance the cardholder's purchases.

The single most important consumer lending institution is the:

Commercial banks have increased their share of the market for auto and mobile home loans.

Which of the following laws requires institutions to make an "affirmative effort" to meet the credit needs of low to middle income customers?