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Question
What is a charter and why is it important to banks?
Answer
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The right of ____________________ allows a consumer to change his or her mind about a loan until midnight of the third business day following the signing of papers.
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a. Fair Debt Collection Act
b. Fair Credit Reporting Act
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Which of the following is NOT a function of the Federal Reserve?
a. levying a high tax on state bank notes
b. conducting bank examinations
c. handling the governments central banking function
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When did the U.S. government begin to print paper currency? Where did American paper currency come from before then?
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How did Alexander Hamilton attempt to establish the federal government as the final authority for Americas economic security?
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A(n) ____________________ savings account provides a ledger of activity that a teller updates when a customer makes deposits or withdrawals.
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a. Reserve requirements apply to the M1 and M2 money supply.
b. Reserve requirements are the most important factor in bank lending.
c. Reserve requirements do not change very often.
d. If reserve requirements are low, banks must keep back more money and therefore have less to lend.
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Money doesnt just mean currency, but also checks, ledger transfers, and even credit.
a. True
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What is a promissory note?
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This morning Terran had a balance in his checking account of $208.68. During the day he wrote two checks: one to his friend George for $23.00 and one to the comic book shop for $13.75. What is his account balance at the end of the day?
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Online systems called _________________________ allow consumers to pay each other directly for a product.
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Marisol has written a $500 check to Stephen, but she has only $300 in her account and it is returned unpaid to Stephen. Marisol has written a
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b. promissory note.
c. postdated check.
d. bounced check.
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Which of the following largely eliminated the wide variation of legal regulation from the countrys payments system?
a. Federal Reserve Act of 1913
b. Uniform Commercial Code of 1958
c. National Banking Act of 1864
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Which of the following features of a check indicates who is to receive the funds?
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What is a certificate of deposit?
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What is a demand deposit?
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____________________ is all media of exchange circulating in a country.
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A loosening of lending oversight standards contributed to the recent mortgage crisis.
a. True
b. False
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Counterfeiting was not a problem when the government first began printing paper currency.
a. True
b. False