WSE 3701 NEWEST UPDATED FINAL EXAM WITH COMPLETE
DETAILED QUESTIONS AND CORRECT VERIFIED ANSWERS
ALREADY RATED A+ GRADE
Bounced check
a check written for an amount more than in your account
Cashier's Check
A check issued by a bank and sold to you for personal payments to people who won't accept a
personal check. It certifies that you have the money available.
credit union
A nonprofit financial institution that is owned by its members and organized for their benefit.
Commercial Bank
a for-profit institution that offers a full range of financial services
Money Order
A form of check payment on which the financial institution prints the exact amount covered.
Often used by people who do not have a checking account.
,Reconcile
Make your bank records compatible with your bank statements.
safe deposit box
a small, secure storage compartment that you can rent in a bank, usually for $100 a year or less.
Brokerage
a firm that provides you access to the stock markets
U.S. Savings Bond
Obtainable through the U.S. government. Purchased at one-half the face value and will mature
to full face value over a specified period of time. FDIC insured, moderate liquidity, moderate
rate of return.
3 C's of Credit
Character(credit history), Capacity(ability to repay), Capital(assets)
APR
Annual percentage rate; the annual rate of interest that is charged for using credit
Chapter 7
, The chapter of the Bankruptcy Code providing for "liquidation" (i.e., the sale of a debtor's
nonexempt property and the distribution of the proceeds to creditors).
chapter 11
Section of Bankruptcy law that allows businesses to reorganize, continue functioning and pay
creditors equitably according to a court-approved plan
Consumer Credit Counseling Services
a nonprofit organizatioin that provides debt counseling for individuals with serious debt
problems
collateral
something of value that a borrower lets the lender claim if a loan is not repaid
FICO score
A credit rating developed by Fair Isaac & Company in the late 1950s, now widely used by lenders
and employers. It consists of digit numbers ranging from 300-850.
credit reporting agencies
equifax, transunion, and experian keep a record of consumer's credit transactions
finance charge
DETAILED QUESTIONS AND CORRECT VERIFIED ANSWERS
ALREADY RATED A+ GRADE
Bounced check
a check written for an amount more than in your account
Cashier's Check
A check issued by a bank and sold to you for personal payments to people who won't accept a
personal check. It certifies that you have the money available.
credit union
A nonprofit financial institution that is owned by its members and organized for their benefit.
Commercial Bank
a for-profit institution that offers a full range of financial services
Money Order
A form of check payment on which the financial institution prints the exact amount covered.
Often used by people who do not have a checking account.
,Reconcile
Make your bank records compatible with your bank statements.
safe deposit box
a small, secure storage compartment that you can rent in a bank, usually for $100 a year or less.
Brokerage
a firm that provides you access to the stock markets
U.S. Savings Bond
Obtainable through the U.S. government. Purchased at one-half the face value and will mature
to full face value over a specified period of time. FDIC insured, moderate liquidity, moderate
rate of return.
3 C's of Credit
Character(credit history), Capacity(ability to repay), Capital(assets)
APR
Annual percentage rate; the annual rate of interest that is charged for using credit
Chapter 7
, The chapter of the Bankruptcy Code providing for "liquidation" (i.e., the sale of a debtor's
nonexempt property and the distribution of the proceeds to creditors).
chapter 11
Section of Bankruptcy law that allows businesses to reorganize, continue functioning and pay
creditors equitably according to a court-approved plan
Consumer Credit Counseling Services
a nonprofit organizatioin that provides debt counseling for individuals with serious debt
problems
collateral
something of value that a borrower lets the lender claim if a loan is not repaid
FICO score
A credit rating developed by Fair Isaac & Company in the late 1950s, now widely used by lenders
and employers. It consists of digit numbers ranging from 300-850.
credit reporting agencies
equifax, transunion, and experian keep a record of consumer's credit transactions
finance charge
