FCS 340 Exam 2 | Actual Exam Questions 100% Correct Answers Verified 2024 Version
1 view 0 purchase
Course
Academic Avengers Verified Papers
Institution
Academic Avengers Verified Papers
FCS 340 Exam 2 | Actual Exam Questions |
100% Correct Answers | Verified
2024 Version
If you lose your debit card and notify your financial institution within two days, how much are you
potentially liable for? - Anywhere between $50 to $500
When you select a financial services provider, what a...
FCS 340 Exam 2 | Actual Exam Questions |
100% Correct Answers | Verified
2024 Version
If you lose your debit card and notify your financial institution within two days, how much are you
potentially liable for? - ✔✔Anywhere between $50 to $500
When you select a financial services provider, what are major factors to consider? - ✔✔Convenience;
Service; Interest rates (borrowing); Fees
What type of financial services does a credit card company provide - ✔✔Short-term lending
What type of financial services does a investment company provide - ✔✔Mutual funds, money market
funds
What type of financial services does a life insurance company provide - ✔✔Life Insurance, savings and
investments
What type of financial services does a mortgage company provide - ✔✔Loan for house
What type of financial services does a payday loan company provide - ✔✔Cash advancements with high
interest rates
Which of the financial services listed in Question 3 will likely provide the most expensive access to
funds? - ✔✔Payday Loans
What type of institution is most likely to provide a full range of financial services, including checking,
savings, and lending? - ✔✔Commercial Bank
Ed needed some cash quickly, so he received a short-term loan based on the value of an old ring. Where
did he go? - ✔✔Pawnshop
, What would be considered a drawback of a savings account? - ✔✔Low returns; Withdrawal Limitations;
Missed Opportunities
A certificate of deposit that has different interest levels based on the stock market performance is called
a - ✔✔Stock Indexed CD
A savings plan requiring that a certain amount be left on deposit for a stated time period to earn a
specified interest rate - ✔✔A certificate of deposit
usually earns interest only if the account stays above the required amount - ✔✔An interest-earning
checking account
A savings account offered by banks, savings and loan associations, and credit unions that requires a
minimum balance and has earnings based on market interest rate. - ✔✔A money market account
A mutual fund that invests in short-term debt securities, such as commercial paper, banker's acceptance,
repurchase agreements, T-bills, and negotiable CDs. - ✔✔A money market fund
Previously called a passbook, or statement accounts, usually involves a low or minimum balance and
allows you to withdraw money as needed. - ✔✔A regular savings account
Earnings on savings can be measured by the __________ - ✔✔Rate of Return
Earning interest on interest is called ___________________ - ✔✔Compounding Interest
The Truth in Savings Act requires financial institutions to disclose the
_____________________________________ on savings accounts. - ✔✔Annual Percentage Yield (APY)
What does the term liquidity mean? - ✔✔Quick availability of cash
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller hov. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
