Banking Insurance Investing (A)

Front

Which of the following is TRUE about banks and credit unions?
Options:
Banks are for-profit institutions, while credit unions are non-profit
Banks offer higher interest rates on savings accounts than credit unions
Credit unions are insured by the FDIC, while banks are not
Banks are owned by their customers, while credit unions are owned by shareholders

Back

Banks are for-profit institutions, while credit unions are non-profit

Front

Which of the following is NOT required to open a checking account? Proof of identity, Proof of address, Social security number, Minimum age requirement

Back

Minimum age requirement

Front

What is an annual fee?

Back

A fee charged by a card issuer for being a card holder.

Front

The maximum amount you may borrow on a credit card is known as: creditworthiness, credit report, credit limit, variable rate of credit

Back

credit limit

Front

How can you avoid paying interest fees on your credit card?

Back

pay off the full balance, on time, each month

Front

Having a high credit score will allow lenders to give you lower interest rates.

Back

True

Front

You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?

Back

American Express

Front

An "Excellent" Credit Score is in the range of: 300-579, 750-850, 900-999, 600-749

Back

750-850

Front

The highest FICO score possible is: 1600, 1000, 850, 700

Back

850

Front

Credit allows for purchases without cash.

Back

True