FCS 340 Exam 2 Actual Exam Questions 100% Correct Answers Verified 2024 Version
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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
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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
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