Exam 4: Financial Services: Savings Plans and Payment Account

In general,which fees have recently changed for checking accounts?

What makes a credit union unique? What is an advantage of a credit union?

Amber wants to open an account,but she doesn't know which kind is appropriate.She is interested in earning a higher interest rate and plans to keep at least $1,000 in her account so she can avoid paying a fee.Amber wants to open her account at an investment company.What kind of account should she open?

Many people make mistakes when managing current cash needs.Which of these is NOT a frequently made mistake?

Franklin is planning for a purchase of a vehicle in two years.Since he wants to be certain that his funds are safe (insured),which of the following should he use?

Provide an example for two of the following: a.Debit card transaction b.Online payment c.Stored-value card d.Smart card

Discuss the relationship between inflation and interest rates.

Xavier bought a certificate of deposit whose interest rate changes with the stock market.In fact,he might even earn 0% interest on his investment for a time.He purchased a

Money market funds are not covered by federal deposit insurance.

In which of the following are most of the investments insured?

Patrick is interested in opening a different account that will allow him to write checks,but he doesn't want to maintain a minimum balance.He should open a(n)

A joint account with Sara and John allows

The text discusses several types of bonds.Which bond is purchased at face value and has two components to the rate of interest earned-a fixed rate as well as a rate that adjusts twice a year for inflation?

Nora bought a used car and was told that she needed a check with guaranteed payment.She obtained a

Margaret signed the back of her check with the words "pay to the order of Penelope." She used a(n)

Victor read the fine print for a checking account he was thinking about using.The fine print said,"A minimum balance of $500 is required.If your balance falls below this level,you will be assessed a monthly fee of $10." Since Victor was planning to keep only a $50 balance in his account,how much could he be charged each year?

Nancy invested $5,000 in a certificate of deposit earning 4% per year.Unfortunately,she needed to withdraw it before the maturity date.If the penalty was two months of interest,what was her total penalty (round to the nearest dollar)?

What is the APY for a one-year $4,000 certificate of deposit with $560 interest?

The Truth in Savings Act requires financial institutions to disclose the _____ on savings accounts.

A legal agreement that provides for the management and control of assets by one party for the benefit of another is known as