Unit 8: Quiz 2

Question 1

Meticulous, careful

Answer 1

conscientious

Question 2

One who makes a deposit of money in a bank or similar institution.

Answer 2

depositor

Question 3

A contract renting land, buildings, etc, to another for a specified period of time and payment.

Answer 3

lease

Question 4

A book of forms that provides space for writing in the dates, amounts, and payees for all checks.

Answer 4

register

Question 5

Forms answering questions such as Who, What, When, Where, and Why are

Answer 5

descriptive forms

Question 6

Forms answering questions such as How much and How many are

Answer 6

financial forms

Question 7

Forms answering a mix of questions are

Answer 7

combination forms

Question 8

A book with pages for recording financial information is a

Answer 8

ledger

Question 9

A heavy paper folder with files for storing papers is called an

Answer 9

expandable file

Question 10

A locked container made to resist heat is a

Answer 10

fireproof safe

Question 11

A locked container within a bank vault is a

Answer 11

safe-deposit box

Question 12

Mortgage papers should be stored in a

Answer 12

safe-deposit box

Question 13

Rental leases should be stored in a

Answer 13

expandable file

Question 14

U.S. Savings Bonds should be stored in a

Answer 14

safe deposit box

Question 15

A high school diploma should be stored in a

Answer 15

expandable file

Question 16

Stock certificates should be stored in a

Answer 16

safe deposit box

Question 17

Stock certificates should be stored in a

Answer 17

safe deposit box

Question 18

Last year’s tax records should be stored in a

Answer 18

fireproof safe

Question 19

Savings account passbooks should be stored in a

Answer 19

expandable file

Question 20

A CD player warranty should be stored in a

Answer 20

expandable file

Question 21

A list of medical expenses should be stored in a

Answer 21

record book

Question 22

Earnings records should be stored in a

Answer 22

expandable file

Question 23

A list of insurance policies should be stored in a

Answer 23

record book

Question 24

Birth certificates should be stored in a

Answer 24

fireproof safe

Question 25

Photographs of furnishings should be stored in a

Answer 25

fireproof safe

Question 26

Photographs of furnishings should be stored in a

Answer 26

fireproof safe

Question 27

An apartment lease agreement should be stored in a

Answer 27

expandable file

Question 28

A marriage certificate should be stored in a

Answer 28

fireproof safe

Question 29

The date for expiration of a TV warranty should be stored in a

Answer 29

record book

Question 30

One who makes a deposit of money in a bank or similar institution.

Answer 30

depositor

Question 31

The state of being due; the time when a note or a bill of exchange becomes due.

Answer 31

maturity

Question 32

A person to whom money is paid.

Answer 32

payee

Question 33

All the checks written and fees applied to the account within a given month have been subtracted. The deposits have been added. The resulting check register balance and the bank statement balance agree.

Answer 33

reconciling

Question 34

A check register is a book of forms that provides space for writing in the dates, amounts, and payees for all checks.

Answer 34

register

Question 35

The process of checking information for completeness and accuracy.

Answer 35

verify

Question 36

How do banks make money?

Answer 36

By charging fees for services and by collecting interest on loans

Question 37

offers investment services

Answer 37

brokerage firm

Question 38

A nonprofit organization owned by its members is called a

Answer 38

credit union

Question 39

has numerous branches

Answer 39

commercial bank

Question 40

is considered more personal

Answer 40

savings bank

Question 41

Which of the following offers a full range of banking services?

Answer 41

commercial bank

Question 42

Members may have the same place of employment at a

Answer 42

credit union

Question 43

Service fees will likely be lower at a

Answer 43

savings bank

Question 44

An order to a bank to pay money is called a

Answer 44

check

Question 45

The form listing the checks and money to put into an account is a

Answer 45

deposit slip

Question 46

The form with the official account holder's written name is called a

Answer 46

signature card

Question 47

Before a check can be deposited, it should be

Answer 47

endorsed

Question 48

The person to whom a check is written is called a

Answer 48

payee

Question 49

The booklet of forms used to record checks and account balances is called a

Answer 49

register

Question 50

When the check amount is greater than the account balance, the check is called

Answer 50

overdrawn

Question 51

The monthly record listing the checks, charges, and deposits for an account is called the

Answer 51

bank statement

Question 52

Making the bank statement balance and the check register balance is called

Answer 52

reconciling

Question 53

For the use of a depositor's money, the bank pays

Answer 53

interest

Question 54

FDIC insures an account up to

Answer 54

250k

Question 55

A savings account that offers a fixed rate of interest in called a

Answer 55

regular savings account

Question 56

An account that requires a minimum deposit for a certain period of time is called a

Answer 56

certificate of deposit account

Question 57

An account that requires a minimum deposit yet allows the depositor to deposit more money or withdraw funds is called a

Answer 57

money market account

Question 58

What are three advantages of a savings account?

Answer 58

They earn interest, They're safe, and Depositing or withdrawing is very convenient.

Question 59

What are three other options for investing your money?

Answer 59

Bonds, Stocks, and Mutual funds

Question 60

A contract renting land, buildings, etc, to another for a specified period of time and payment.

Answer 60

lease

Question 61

A specified income payable at stated intervals for a fixed or a contingent period, often for the recipient's life, in consideration of a stipulated premium paid either in prior installment payments or in a single payment

Answer 61

annuity

Question 62

Social Security is collected at age

Answer 62

67

Question 63

Two retirement financial plans that companies offer are

Answer 63

401K and pensions

Question 64

Two retirement plans that you might set up for yourself are

Answer 64

IRA and annuity

Question 65

What two things do loan institutions expect from the borrower?

Answer 65

That you pay back the amount borrowed and that you pay a finance charge

Question 66

What is a credit report?

Answer 66

A summary of your financial history

Question 67

How can you avoid paying finance charges on short-term credit?

Answer 67

By paying the full amount owed each month

Question 68

A credit card that can be used to charge purchases at many different stores and businesses is called a

Answer 68

bank credit card

Question 69

What is a good rule to adopt when considering long-term credit?

Answer 69

That what you are buying is an appreciable item or an investment.

Question 70

Depending on someone or something else for aid, support, etc.

Answer 70

dependent

Question 71

Claim

Answer 71

your request for payment from an insurance company

Question 72

Premium

Answer 72

the annual amount you pay for insurance coverage

Question 73

Endorsement

Answer 73

an attachment to a policy that changes the policy’s original terms

Question 74

List the four steps required to figure your income tax.

Answer 74

a. Add up your total income b. Subtract your deductions c. Apply the tax rates d. Subtract your withholding and other payments and credits

Question 75

Which would you most likely use: itemized deductions or the standard deduction?

Answer 75

standard

Question 76

You fill out and give your employer a form ____ if you have a full-time job

Answer 76

W4

Question 77

You receive a form _____ from your employer.

Answer 77

W2

Question 78

As a teenager you will most likely fill out a _________ tax form.

Answer 78

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