W!SE Prep Money, Intro to Finance

Front

Which of the following does the Federal Reserve use to regulate the nation's money supply? Fiscal Policy, Proposing legislation, Monetary Policy, Regulation

Back

Monetary Policy

Front

Which statement is FALSE about most ATM (Automated Teller Machine) cards? Options: You must have an account with a financial institution to have an ATM card. You can always get cash anywhere in the world with no fee. You can generally obtain information concerning your account balance(s) at an ATM machine. You can generally get cash 24 hours a day seven days a week.

Back

You can always get cash anywhere in the world with no fee

Front

A type of electronic funds transfer (EFT) is:

Back

An ATM transaction

Front

Money in the United States includes: Gold, Checking account balances on which checks can be drawn, Barter, Diamonds

Back

Checking account balances on which checks can be drawn

Front

Nora needed to buy food and did not have the cash, but had money in the bank. She was able to make the purchase by using her:

Back

Debit Card

Front

Money for saving, investing, or spending cannot be from: An inheritance from someone who has died, Discretionary income or a gift of money, Capital gains from a sale of stock, Capital losses from the sale of stock

Back

Capital losses from the sale of stock

Front

How can Susan get the $75 back after Marie withdrew $100 instead of the agreed $25?

Back

No bank or government agency is obligated to reimburse Susan because she authorized Marie to use her ATM card and PIN.

Front

Jami lost her debit card and did not report it missing for 3 months. If an unauthorized person used her debit card, her maximum liability is:

Back

Unlimited liability

Front

When money is not used and goods and services are exchanged for other goods and services, this system is called:

Back

Barter

Front

Which of the following is a disadvantage of using phone cards, debit cards, electronic transfers and ATM cards? Consumers can make purchases without writing a check, They expose consumers to greater likelihood of identity theft, They slow down the economy's recovery, They decrease availability of currency in the economy

Back

They expose consumers to greater likelihood of identity theft