Credit and Debt

What does FDIC stand for?

• Federal Deposit Interest Corporation

• Federal Debt Investment Company

• Federal Deposit Insurance Corporation

• Financial Deposit Insurance Corporation

Which account is designed to build interest over time?

• Checking Account

• Money Market Account

• Savings Account

• Certificate of Deposit

What is the primary function of a Credit Union?

• To insure deposits

• To provide banking services to its members

• To offer loans to the public

• To make a profit from its members

What is the range of a Credit Score?

• 300 to 850

• 200 to 850

• 100 to 900

• 0 to 800

What does APR stand for?

• Annual Payment Rate

• Annual Profit Rate

• Annual Principal Rate

• Annual Percentage Rate

Which type of bankruptcy involves liquidation?

• Chapter 11

• Chapter 13

• Chapter 7

• Reorganization

What is a Certificate of Deposit?

• A checking account with no fees

• A high-interest savings account

• A loan with a fixed interest rate

• A savings alternative with a fixed term

What is the main advantage of Online Banks?

• Physical branches for in-person service

• Higher interest rates due to lower costs

• Exclusive loans for online users

• More ATMs available

What does the Schumer Box display?

• The credit score range

• Terms and fees of a credit card or loan

• The interest formula

• The balance of a savings account

What is the purpose of the Fair Credit Reporting Act (FCRA)?

• To regulate credit unions

• To protect consumers from fraud

• To give consumers the right to view and correct their credit information

• To set interest rates for loans