PF - Unit 2 Test Review

Which of the following is an example of open-ended credit?

• Credit Card Payment

• Mortgage on a home

• Loan on a vehicle

• Installment loan

The FDIC insures depositors against losing their money in the case of a ______.

• Death in the family

• Bank failure

• Stolen Paycheck

• Lost debit card

What does DIF stand for?

• Debt Insurance Fund

• Deposit Insurance Fund

• Debt intellectual Fund

• Deposit Insurance Finance

What is the purpose of the FOMC?

• Support local banks

• Regulate monetary policy

• Make regulations for the government

• Identify identity fraud cases

What does FDIC stand for?

• Federal Deposit Insurance Corporation

• Federal Deposit Institute Conglomerate

• Financial Deposit Insurance Cooperative

• Financial Debt Insurance Corporation

You will earn a higher interest rate when you _____.

• Buy a CD (Certificate of Deposit)

• Use an ATM

• Open a Traditional Savings Account

• Recharge a store-value card.

What is the main characteristic of a Credit Card?

• Spend money that's in an account

• Buy now and pay later

• Protect your checks from theieves

• Transfer money between accounts online

A company or individual who owes money is known as this.

• Bank

• Phillips

• Creditor

• Debtor

The minimum credit score is..?

• 325

• 0

• 350

• 300

St. Louis is the main branch of what Federal Reserve Dsitrict?

• 5

• 6

• 8

• 9