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Banking & Financial
Final Review
| Question | Answer |
|---|---|
| What is the equation to calculate real estate equity? | Value of real estate - amount owed on mortgage |
| Periodic payments made to purchase insurance are called? | Premiums |
| Loans and securities are examples of a banks? | Assets |
| What do you call fees charged for withdrawing cash at an ATM? | Surcharge |
| Which is NOT needed for a consumer auto loan? | Signature |
| A home loan in which the interest changes over the life of the loan is? | Adjustable rate mortgage |
| What is a bank's largest expense? | Interest expense |
| What do you call an item that maintains its value over time? | Store of Value |
| How do banks increase profit? | A combination of increasing income and decreasing expenses |
| A person who has a history of paying bills on time has good? | Character |
| A finance company owned by a large manufacturer is called? | Captive Finance Company |
| Taylor company receives a loan to purchase a new computer. It must be paid back in 6 months. This is an example of what type of loan? | Commercial, closed-end |
| What cannot be done at an ATM? | Apply for a loan |
| Name the insurance that pays off the balance owed on your home upon death. | Mortgage life |
| When did the era of free banking occur? | 1837-1863 |
| The size of money affects which physical property of currency? | Portability |
| What is NOT included in the 5 Cs of credit? | Credit score |
| What type of money is the US dollar today? | Fiat |
| What is most beneficial to credit card holders in determining finance charges? | Adjusted balance method |
| What fee is NOT charged by the bank? | Interest |
| The FDIC insures each depositor up to? | 250,000 |
| What is the difference between the price paid by the investment bank and the price sold to the public in a stock offering? | Underwriting spread |
| Can banks print money? | NO |
| The first United States bank did not? | Make personal loans |
| Who advocated and developed the first Bank of the United States? | Alexander Hamilton |
| An immediate money transfer from one person to another is conducted through? | P2Ps |
| The funds a bank makes loans with are known as? | Excess reserves |
| Which fee will occur, if you write a check but do not have enough funds in your account to cover it? | Insufficient funds |
| A bank that lends money when a commercial bank is unable? | Central |
| What is NOT a responsibility of a loan committee? | Changing loan policy |
| What is NOT a primary function of Federal Reserve System? | Assume state debts |
| What is NOT a basic category of services offered by banks? | Withdrawal |
| Who grants loans to help Americans sell goods overseas? | Ex-Im Bank |
| What is NOT a primary function of commercial banks? | Sell insurance |
| Failure to meet the terms of a loan agreement is known as? | Default |
| What is non-transactional banking? | Downloading bank statements |
| A share account is found at? | Credit union |
| What is NOT true about bank notes issued by national banks? | They are charged a 10% tax |
| What service is provided to US government by the Federal reserve? | Buy and Sell currency issued by other countries |
| Payments made to holders of stock are? | Dividends |
| Paper money that is backed by gold is an example of? | Representative money |
| Unit banks are usually found? | Internationally |
| Which of the following is NOT a main factor in determining how much interest a bank charges for a loan? | Bank's code of ethics |
| The Federal Reserve System comprises how many regional central banks? | 12 |
| What allowed small savers to open savings accounts? | Savings associations |
| Whose campaign promised to do away with the second Bank of the United States? | Andrew Jackson |
| What is NOT a membership criteria for a Credit union? | Income |
| Beads and tobacco were once used as? | Commodity Money |
| A banker's blanket bond does NOT cover? | Bank Failure |
| Which bank controls the money supply? | Central |
| What does the Federal Reserve measure to calculate the money supply? | Aggregates |
| What is the major source of revenue for most banks? | Interest from loans |
| An increase in income is known as? | Gain |
| When conducting monetary policy you do NOT need? | Prime rate |
| Fannie Mae is an example of? | Government-sponsored enterprise |
| Raising money through the purchase and sale of US loans is an example of which monetary policy tool? | Open market operations |
| The exchange of money for goods and services is known as? | Medium of exchange |
| Which of the following is the final step in the loan application process? | Funding |
| What is NOT a depository institution? | Insurance company |
| When was the Federal Reserve System established? | 1913 |
| Banks receive their largest amount of income from? | Extending loans to customers |
| Which banks have been hardest hit by the global financial crisis? | Money center |
| Who is responsible for making monetary policy? | Federal Open Market Committee |
| What is NOT considered a non-depository institution? | Credit unions |
| An institution that acts as a middleman in financial transactions is? | Financial intermediary |
| The total amount of money available at any given time in an economy is the? | Money supply |
| What fees may a credit provider charge? | Over-limit fee |
| Who only offers loans to their customers? | Finance company |
Created by:
davissn60
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