Personal Finance Ch. 7 Flashcard

Front

At a Pawn Shop, if you don’t pay off the loan by the deadline, the shop:

Back

keeps your item and any money deposited

Front

All are true about Debit Cards EXCEPT: use to withdraw money from your checking or savings accounts, use to make a purchase and pay at a later date, card is linked to both your checking and savings accounts, use to transfer money between accounts at the ATM

Back

use to make a purchase and pay at a later date

Front

Problematic financial businesses include each of the following EXCEPT: credit unions, pawn shops, check cashing outlets, rent-to-own centers

Back

credit unions

Front

When writing a check, include all of the following EXCEPT: dollar amount written numerically and in words, the name of the payee, your signature on the front, an endorsement on the back

Back

an endorsement on the back

Front

The Rule of 72 is used to tell you:

Back

how many years it will take to double your money at a specific interest rate

Front

If Bank of America, an FDIC bank, goes out of business, will Mr. Palacio be entitled to his $225,000 that he has in his savings account?

Back

yes, he is entitled

Front

Compared with commercial banks, credit unions generally offer:

Back

lower interest rates on loans

Front

Ms. Reese participates in ____ when she automatically has her net pay from Rowland Unified sent to her checking account.

Back

direct deposit

Front

A checking account is best used for: storing money for spending, investing money, long term earned interest, saving money

Back

storing money for spending

Front

Where do banks get most of the money that they loan to customers?

Back

customer savings type of accounts