Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
Most banks offer essentially the same types of accounts
|
True
|
|
A transaction account allows transactions to occur at any time and in any number.
|
True
|
|
Basic checking accounts pay interest on the balance deposited in the account.
|
False
|
|
Banks ma require up to a seven-day notice form a depositer who wants to withdraw money from a time deposit.
|
True
|
|
You cannot get your money from a certificate of deposit before the maturity date.
|
False
|
|
Principal is the price paid for using money.
|
False
|
|
Compound interest uses the same principal amount every time it is calculated.
|
False
|
|
Money doesn't just mean currency, but also checks, ledger transfers, and even credit.
|
True
|
|
In the United states, the government plays the greatest role in determining how money is moving
|
False
|
|
Banks are free to change governing documents, but they must give customers written notice of changes.
|
True
|
|
The most common form of a transaction account is a
|
checking account
|
|
To which category of the money supply do transaction accounts belong?
|
M1
|
|
Which of the following is NOT a time deposit?
|
checking account
|
|
Which of the following accounts are you LEAST likely to encounter at a modern bank?
|
passbook savings account
|
|
Which of the following accounts is the MOST liquid?
|
checking account
|
|
Adding interest to the principal and paying interest on the new total is called paying
|
compound interest
|
|
For the purposes of computing interest compounded daily, a year is generally considered to be
|
360 days
|
|
Which of the following statements about reserve requirements is true?
|
reserve requirements do not change very often
|
|
Which of the following governing documents list interest rates in effect at the time for various types of accounts?
|
deposit rate schedules
|
|
A check that is dated six months or more before it is presented for payment or deposit is called a(n)
|
stale check
|