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Chapter 6 PMM

Quiz by Jan Timmerman

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40 questions
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  • Q1
    Short-term needs include things such as home ownership, education of children, and retirement.
    False
    True
    30s
  • Q2
    For use of the saver’s money, the financial institution pays the saver money called interest.
    True
    False
    30s
  • Q3
    A regular savings account pays much less interest than a certificate of deposit.
    False
    True
    30s
  • Q4
    You may be charged a service fee if you order checks from your bank or use a teller to complete a bank transaction for you.
    True
    False
    30s
  • Q5
    Certificates of deposit are more liquid than regular savings accounts.
    False
    True
    30s
  • Q6
    Compound interest is interest computed on the original principal plus accumulated interest.
    True
    False
    30s
  • Q7
    The law requires all financial institutions to tell consumers the annual percentage yield on their accounts.
    False
    True
    30s
  • Q8
    Commercial banks offer many banking services and are very competitive
    True
    False
    30s
  • Q9
    There are around 500 mutual savings banks across the country.
    False
    True
    30s
  • Q10
    Savings and loan associations usually offer savings and checking account services.
    False
    True
    30s
  • Q11
    Liquidity is a major advantage to regular savings accounts.
    True
    False
    30s
  • Q12
    Interest rates on money market accounts go up and down with the securities market.
    True
    False
    30s
  • Q13
    Money market accounts are not subject to early withdrawal penalties.
    False
    True
    30s
  • Q14
    Convenience is a reason why many people choose a financial institution.
    True
    False
    30s
  • Q15
    Your goals for saving money will affect your choice of a financial institution.
    True
    False
    30s

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