EPF Mid Term Exam Study Guide

All banks charge fees.

• True

• False

Your paycheck is just a piece of paper until you deposit it or cash it.

• True

• Falso

A contract spells out the conditions of a loan so both the lender and the borrower know what to expect.

• True

• Falso

The needs of one family member may have to wait until the wants of the other family members are met.

• True

• False

Specialty stores are convenient when you need to buy different things but don't want to go to different stores.

• True

• Falso

A credit union's goal is to earn money for its customers.

• True

• False

Interest rates vary from bank to bank.

• True

• False

Which of the following is not a common method of using electronic fund transfers?

• Debit Card

• Online Banking

• Online Payment Services

• A Credit Card

Gerda owns a grocery store. Increasing prices make her willing to supply more. What is the first thing Gerda does?

• limit the variety of food she sells

• have people work more hours

• move to a bigger store

• increase her tax payments

In a budget, wages and allowance are examples of which of the following?

• flexible income

• flexible expenses

• fixed income

• fixed expenses