ECON 248 UNIT 5 CERTIFICATION
EVALUATION EXAMS SOLVED QUESTIONS
STUDY GUIDE GUARANTEED TO PASS
◉ a) the process of a borrower giving up any valuable property in
order to pay off lenders
b) a bank account that allows customers to pay for items in stores or
through the mail with paper "tickets" or electronic transfers that are
drawn directly from the funds in said account
c) resisting the temptation to receive an immediate reward, and
waiting instead for a later, greater reward
d) the income the lender receives from loaning money
e) the length of time after which a loan or CD must be repaid
f) a type of savings account that offers a higher interest rate but
requires a higher balance and deposits
g) an account that provides a means to hold money with a minimal
interest rate
,h) a type of savings account that pays higher interest but does not
allow the premature withdrawal of money without paying a penalty
Answer: a) bankruptcy
b) checking account
c) delayed gratification
d) interest
e) maturity
f) money market account
g) savings account
h) time deposits
,◉ Banks serve as centers where many individuals can combine their
money to create a large pool of ___. Answer: capital
◉ ********** Lesson 2 ********** Answer: ********** Lesson 2
**********
◉ a) an agreement between a buyer and seller to exchange goods or
services
b) a personal record that gives bank customers a way of keeping track
of their checking balance
c) report in which the bank informs its customers what account
activity the bank has on record
d) the total amount an employee is paid before any deductions
e) comparing two sets of records to ensure accuracy Answer: a)
transaction
b) check register
, c) bank statement
d) gross wages
e) reconciliation
◉ ********** Lesson 3 ********** Answer: ********** Lesson 3
**********
◉ The ________ is the amount borrowed that is used to calculate
interest payments. Answer: principal
◉ ________ is an item of value promised to a lender if a loan is not
repaid. Answer: Security
◉ A(n) __________ loan offered by banks is used to assist in the
creation of a small business or to help in the advancement of that
business. Answer: commercial
◉ A(n) __________ loan offered by banks is used to pay for a house.
Answer: home
◉ One's ________ cumulatively rates one's level of risk when
borrowing money. Answer: credit score
EVALUATION EXAMS SOLVED QUESTIONS
STUDY GUIDE GUARANTEED TO PASS
◉ a) the process of a borrower giving up any valuable property in
order to pay off lenders
b) a bank account that allows customers to pay for items in stores or
through the mail with paper "tickets" or electronic transfers that are
drawn directly from the funds in said account
c) resisting the temptation to receive an immediate reward, and
waiting instead for a later, greater reward
d) the income the lender receives from loaning money
e) the length of time after which a loan or CD must be repaid
f) a type of savings account that offers a higher interest rate but
requires a higher balance and deposits
g) an account that provides a means to hold money with a minimal
interest rate
,h) a type of savings account that pays higher interest but does not
allow the premature withdrawal of money without paying a penalty
Answer: a) bankruptcy
b) checking account
c) delayed gratification
d) interest
e) maturity
f) money market account
g) savings account
h) time deposits
,◉ Banks serve as centers where many individuals can combine their
money to create a large pool of ___. Answer: capital
◉ ********** Lesson 2 ********** Answer: ********** Lesson 2
**********
◉ a) an agreement between a buyer and seller to exchange goods or
services
b) a personal record that gives bank customers a way of keeping track
of their checking balance
c) report in which the bank informs its customers what account
activity the bank has on record
d) the total amount an employee is paid before any deductions
e) comparing two sets of records to ensure accuracy Answer: a)
transaction
b) check register
, c) bank statement
d) gross wages
e) reconciliation
◉ ********** Lesson 3 ********** Answer: ********** Lesson 3
**********
◉ The ________ is the amount borrowed that is used to calculate
interest payments. Answer: principal
◉ ________ is an item of value promised to a lender if a loan is not
repaid. Answer: Security
◉ A(n) __________ loan offered by banks is used to assist in the
creation of a small business or to help in the advancement of that
business. Answer: commercial
◉ A(n) __________ loan offered by banks is used to pay for a house.
Answer: home
◉ One's ________ cumulatively rates one's level of risk when
borrowing money. Answer: credit score
