Banking

Final Exam Review

The 5 characteristics of money are

Describe a sole proprietorship

What is the OCC responsible for?

What is wampum?

Principles concerned with the goodness or badness of human

actions are called_________

What was the first bank in the U.S.?

Why did the government encourage people to borrow

money for homes and cars during the great depression in the 1930s?

Who is responsible for printing money?

Day to day expenses such as a utility bill would be paid using

which bank service?

Secured loans are backed by______

Name companies that are part of the financial services industry

What is the purpose of the Federal Reserve System?

Money that is not backed by reserves of another commodity

How many federal reserve banks are there?

Who was the first secretary of treasury?

What is a kickback?

What is a mortgage?

Your code of conduct when no one is watching is called________

How do banks earn money?

If someone steals and uses your credit card, what amount are you

required to pay?

How does a debit card work?

What is collateral?

What services do banks and credit unions offer?

A credit score of 850 is bad, good, or excellent?

Paper money was first used in ?

What is the purpose of a bank reconciliation?

What is an adjustable rate loan?

What does the Sarbanes-Oxley Act do?

What is an average interest rate on credit cards?

What happened in early Greece if you couldn’t pay your debts?

What is an outstanding check?

What is an IRA?

What does a stock broker do?

What will the banking system in the U.S. look like in the future?

Why was the present banking system in the U.S. created?

Savings accounts in banks are protected by the

A partnership is __________

What is a public company?

Why do credit card companies target college students?

What should you consider before choosing a bank?

FDIC protects savings accounts up to $_____________

What is a grace period?

What are cowrie shells?

What is a safe deposit box?

What is a home equity loan?

Who is the current secretary of treasury?

What is the rule of 72?