WorksheetsUnit 8 Review
Total questions: 21
Worksheet time: 19mins
A special plastic card that you can use to pay for things directly from your bank account.
Credit card
Cash card
Debit card
What is one difference between Banks and Credit Unions?
SSEPFb
SSEPF4a
How do commercial banks make a profit?
commercial banks are non-profit institutions.
charge borrowers and depositors the same interest rate
pay depositors a lower interest rate than they charge borrowers
charge borrowers a lower interest rate than they charge depositors
Which of the following effects Jamie’s credit score the MOST?
His education level
Being married
How much he charges his customers
His payments always being on time
Consumers have a number of options when obtaining a loan. Financial institutions range from banks to payday lenders, and loans range from long to short term. One type of short-term loan is called a title pawn loan. Which statement BEST describes why these types of loans should be avoided if possible?
A person is unable to apply for a new car title for up to three years after paying back the total balance of a title pawn loan.
A vehicle title must be provided in exchange for a loan, and people can potentially lose their vehicles if loans are not paid back.
A person applying for a title loan must be approved by his or her employer, which is information some may want to keep private
After receiving a title loan, people are not allowed to open savings or checking accounts at any banks for up to six months.
Which of the following financial institutions only serves its members?
Savings and loan associations
Commercial banks
Credit Unions
Payday lenders
a place to store earnings, with direct deposits, credit and debit cards, and loans, but only provide these services to their members, who also own the institution.
credit union
provide short-term, very high interest loans to borrowers based on being repaid from a portion of the future earnings from the borrower’s job
payday lender
a place to store earnings that also offers direct deposit and check-writing, credit and debit cards, and loans and other services
bank
provide short-term, high-interest loans to borrowers based on the value of the borrower’s collateral, such as a car
title pawn lender
Money or other substance generally accepted as payment for goods and services.
Measure of value
Medium of exchange
Scarcity
Store of Value
What are the 3 functions of money?
Measure of Gold
Store of Value
Medium of Exchange
Store of Bank Notes
Measure of Value
What are the 3 functions of money?
Measure of Gold
Store of Value
Medium of Exchange
Store of Bank Notes
Measure of Value
A saving account in a bank represents the function of money:
Store of value
A medium of exchange
A standard for deferred payments
A measure of value
What function of money the picture represents?
Unit of Account
Store of Value
Durable
Medium of Exchange
What does store of value mean?
The way something is stored over time
The ability to keep the store open for a long time
The currency system holds its value today, tomorrow and so on
A legal process to get out of debt when you can no longer make all your required payment.
Liquidation
Bankruptcy
Mean's Test
Credit Counseling
Identify the three credit reporting agencies? (All must be correct)
TransUnion
Equifax
CarFax
Experian
American Express
