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Banking & Financial

Final Review

QuestionAnswer
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