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WorksheetsFDIC Review
Total questions: 15
Worksheet time: 30mins
Define the Equal Credit Opportunity Act (ECOA).
A loan is the amount of money a financial institution charges for letting you use its money.
True
False
Bankruptcy is a legal proceeding that can release you from repaying debts, and it remains on your credit report from 7 to 10 years.
True
False
If you pledge an asset (e.g., house, car) as collateral for an loan, it is considered what type of loan
Unsecure loan
Secure loan
What type of financial institution requires you to be a member in order to keep your money there?
Bank
Credit Union
Mortgage company
What is the part of your monthly payment used to repay the money you borrowed?
Principle
Interest
Deposit
It does not make sense to shop around before opening a checking or saving account because all financial institutions offer the same services, fees, and interest rates.
True
False
Mobile banking allows you to
Use your computer to complete banking transactions
Review your credit report
Make purchases or payments with your cell phone.
What is a remittance?
Money transfer that goes to a bank or a person in another country
Method of electronically transferring money from one bank to another
An account feature that you must repay for only in months when you do not keep a minimum balance in your account
The ____ is the best person to help you fill out a mortgage application
Bank manager
Loan officer
Lender
You must be careful to rent-to-own services, payday loans, and refund anticipation loans because they often cost more than an installment loan.
True
False
What type of savings product is the best and safest place to keep money that you may need on short notice for an emergency expense?
Checking account
Savings account
Why is credit important?
The Rule of 72 helps you determine _____?
How long it will take for your savings to double in value with a variable or adjustable interest rate.
How long it will take for your savings to double in value with a fixed interest rate
What is the major difference between saving and investing?
Most savings products are federally insured, while investments products are not
It is used to make purchases at retail locations and ATM cash withdrawals.
Ability to link a savings account to a checking account.
