FCS-340 Exam 2 | Brigham Young University-Idaho | UPDATED
Questions with 100% Verified Answers
Question: If you lose your debit card and notify your financial institution within two days, how much are you
potentially liable for?
Answer:
Anywhere between $50 to $500
Question: When you select a financial services provider, what are major factors to consider?
Answer:
Convenience; Service; Interest rates (borrowing); Fees
Question: What type of financial services does a credit card company provide
Answer:
Short-term lending
Question: What type of financial services does a investment company provide
Answer:
Mutual funds, money market funds
Question: What type of financial services does a life insurance company provide
Answer:
Life Insurance, savings and investments
Question: What type of financial services does a mortgage company provide
Answer:
Loan for house
Question: What type of financial services does a payday loan company provide
Answer:
Cash advancements with high interest rates
Question: Which of the financial services listed in Question 3 will likely provide the most expensive access to
funds?
Answer:
Payday Loans
, Question: What type of institution is most likely to provide a full range of financial services, including
checking, savings, and lending?
Answer:
Commercial Bank
Question: Ed needed some cash quickly, so he received a short-term loan based on the value of an old ring.
Where did he go?
Answer:
Pawnshop
Question: What would be considered a drawback of a savings account?
Answer:
Low returns; Withdrawal Limitations; Missed Opportunities
Question: A certificate of deposit that has different interest levels based on the stock market performance is
called a
Answer:
Stock Indexed CD
Question: A savings plan requiring that a certain amount be left on deposit for a stated time period to earn a
specified interest rate
Answer:
A certificate of deposit
Question: usually earns interest only if the account stays above the required amount
Answer:
An interest-earning checking account
Question: 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.
Answer:
Questions with 100% Verified Answers
Question: If you lose your debit card and notify your financial institution within two days, how much are you
potentially liable for?
Answer:
Anywhere between $50 to $500
Question: When you select a financial services provider, what are major factors to consider?
Answer:
Convenience; Service; Interest rates (borrowing); Fees
Question: What type of financial services does a credit card company provide
Answer:
Short-term lending
Question: What type of financial services does a investment company provide
Answer:
Mutual funds, money market funds
Question: What type of financial services does a life insurance company provide
Answer:
Life Insurance, savings and investments
Question: What type of financial services does a mortgage company provide
Answer:
Loan for house
Question: What type of financial services does a payday loan company provide
Answer:
Cash advancements with high interest rates
Question: Which of the financial services listed in Question 3 will likely provide the most expensive access to
funds?
Answer:
Payday Loans
, Question: What type of institution is most likely to provide a full range of financial services, including
checking, savings, and lending?
Answer:
Commercial Bank
Question: Ed needed some cash quickly, so he received a short-term loan based on the value of an old ring.
Where did he go?
Answer:
Pawnshop
Question: What would be considered a drawback of a savings account?
Answer:
Low returns; Withdrawal Limitations; Missed Opportunities
Question: A certificate of deposit that has different interest levels based on the stock market performance is
called a
Answer:
Stock Indexed CD
Question: A savings plan requiring that a certain amount be left on deposit for a stated time period to earn a
specified interest rate
Answer:
A certificate of deposit
Question: usually earns interest only if the account stays above the required amount
Answer:
An interest-earning checking account
Question: 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.
Answer:
