1.Federal Deposit Insurance coverage on a single account in a single institution was set at this maximum insurable amount. A) 1,500,000 B) 1,000,000 C) 500,000 D) 250,000 E) 100,000
2.Federal Deposit Insurance coverage on a joint account in a single institution was set at this maximum insurable amount. A) 1,500,000 B) 1,000,000 C) 500,000 D) 250,000 E) 100,000.
3.If you had a 300,000 joint account with a relative in the FDIC insured Merchants Bank, and a second joint account with the same relative in the FDIC Insured Farmers Bank, then how much of your savings would be covered. A) 150,000 B) 300,000 C) 500,000 D) 600,000
4.If you had a 540,000 joint account with a relative in an FDIC insured financial institution, how much of your savings would not be covered. A) 40,000 B) 20,000 C) 250,000 D) 270,000
5.Under the Federal Truth-in-Savings Act, Banks must use a standard ______________ formula when stating the interest paid; which makes it easier for consumers to compare banks offerings. A) APR B) ROI C) APY D) CPI E) None of the above
6.The Savings Act also requires disclosure of _____________________ on any statements provided to customers. A) fees B) APY earned C) both of the above D) None of the above
7.Money Market Mutual Funds (MMMFs) pay earnings to investors/depositors interest rates based on __________. (A) Treasury yields ( B) Prime (C) Libor ( D) Market interest rates
8.Money Market Deposit Accounts at ____________________________ are federally insured. A) Investment companies B) Banks C) Banks & Investment companies D) Banks & Credit Unions
9.You can make arrangements with the bank to pay a check that overdraws your account, this is. A) Withholding B) Reconciling C) Stopping Payment D) Overdraft Protection E) Compounding
10In order to correct a billing error you must notify the creditor in writing _________ days after the bill was mailed. A) ten B) twenty C) thirty D) sixty
11.Once you have notified a creditor of a billing error, they can give damaging information to other ___________ . (A) Creditors; (B) Credit bureaus; (C) both A & B; (D) none of the above
12.Under the new Federal Reserve rules of 2010, the credit card company must notify you _______ days before they can increase your rate or other fees. A) 30, B) 45, C) 60, D) 90.
13.Under the new Federal Reserve rules beginning in Feb. 2010, the credit card company must notify you ___ days before they can make significant changes to the terms of your credit card. A) 30, B) 45, C) 60, D) 90.
14.Your rates can be increased without advanced notice if, _______________________________. (A) the index tied to your variable rate goes up; (B) your introductory rate expires and reverts to the “go to” rate; (C) you haven’t made your payments as agreed; (D) All of the above
15.The Fair Debt Collection Practices Act prohibits _______________________________ practices. A) abusive, B) deceptive, C) unfair, D) all of the above
16.Medium-priced loans typically cost _______ %. A)5 to 7; B) 6 to 8; C) 9 to 12; D) 8 ti0 20.
17.Expensive loans typically cost _______ %. A)5 to 7; B) 6 to 8; C) 8 to 20; D) 20 to 50.
18.Before the financial crisis of 2008, unethical predatory lending practices exploit __________. A) lower-income borrowers, B) Minority borrowers, C) elderly homeowners, D) all of the above
19.The ____________ favors lenders and dictates that you pay more interest at the beginning of the loan. A) rule of 72; B) rule of 78s; C) rule of the digits; D) catch 22.
20.The new Credit CARD law requires creditors to include a warning in their monthly statements that warn them that paying the minimum due you will ________________________________. A) pay more interest; B) take longer to pay off the balance; C) Both A & B; D) None of the above
21.The Truth in Lending Law requires your creditor disclose whether you are entitled to a ______ of the finance charge if you pay off the loan early. A) discount; B) refund; C) rebate; D) recredit.
22.The Credit Card Act of 2009, amongst other things, limits card issuer’ ability to increase the APR on transferred balances during the __________________ that the credit card account is open. A) first year; B) for 2 years; C) for 5 years; D) during the life of the loan.
23.The Credit Card Act of 2009, amongst other things, restricts the penalties that card issuers can charge for _____________. (A) early payment; (B) going over the credit limit; (C) late payment; D) all of the above.
24.The Credit Card Act of 2009, amongst other things, requires all teaser rates to stay in effect for at least ___ months. A) 6; B) 9; C) 12; D) 18; E) 24.
25.The Credit Card Act of 2009, amongst other things, sets a _________ due date for card payments each month. A) Early B) extended C) consistent D) flexible
26.The Credit Card Act of 2009, amongst other things, restricts card issuers from applying new (higher) interest rates to the Ă‚ÂĂ‚ÂĂ‚Â________ Ă‚ÂĂ‚ÂĂ‚ÂĂ‚ÂĂ‚ÂĂ‚Âcard balances. A) remaining, B) existing, C) undisclosed D) all of the above
27.Debt collection agencies cannot contact before ___ a.m. in the morning. A) 6; B) 7; C) 8; D) 9.
28.Debt collection agencies cannot state that you will be ___________ if you do not pay the debt. A) sued in civil court; B) sued for bankruptcy; C) arrested; D) all of the above
29.Debt collection agencies cannot state they are taking legal action if they _________________. A) haven’t probable cause; B) don’t intend to; C) haven’t done due diligence; D) all of the above
30.Debt collection agencies cannot contact you after ______ p.m. A) 7; B) 8; C) 9; D) 10.
