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Customer Service 2 - Finance & Insurance

Quiz by Abner Santos

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20 questions
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  • Q1

    A __________ is a type of loan used to purchase or maintain a home, plot of land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property itself serves as collateral to secure the loan

    Home equity loan

    Home equity line of credit

    Lease

    Mortgage

    30s
  • Q2

    __________ refers to the state of being legally responsible for something. It can also mean a thing for which someone is responsible, especially an amount of money owed or a risk taken.

    Liability

    Parent or guardian

    Co-signer

    Power of attorney

    30s
  • Q3

    A(n) ______ is a company used by lenders or creditors to recover funds that are past due or from accounts that are in default. These agencies work closely with lenders to try to retrieve delinquent funds. They are regulated by the Fair Debt Collection Practices Act (FDCPA) and follow rules about what they can and cannot do to retrieve funds.

    LLC

    Sole Proprietorship

    Shell Company

    Collection Agency

    30s
  • Q4

    A(n) ______  is a monthly report that summarizes the financial transactions between a customer and a company during a specific period. It includes all the purchases, payments, fees, and interest charged to the account during the billing cycle and other relevant information. These reports are typically issued at the end of each monthly billing cycle and can be received by mail or online.

    Financial statement

    Billing statement

    Accounts report

    Credit report

    30s
  • Q5

    A(n) __________ is an amount paid for a contract of insurance. In insurance, it represents the cost of coverage.

    Co-pay

    Out-of-pocket amount

    Premium

    Co-insurance

    30s
  • Q6

    A(n) __________ is a written statement made under oath or affirmation, typically used as evidence in legal proceedings. It is a formal declaration of facts, often signed before a notary public or other authorized official.

    Vow

    Affidavit

    Contract

    Notarized signature

    30s
  • Q7

    A(n)  ______ is a legal document that outlines an individual's preferences regarding medical treatment and care in case they become unable to communicate their wishes. It includes instructions about life-sustaining treatments, organ donation, and other healthcare decisions.

    Will

    Sworn affidavit

    Doctor's note

    Advanced directive

    30s
  • Q8

    A(n) __________ is a person who signs a loan, a rental agreement, or credit application alongside the primary borrower. This person agrees to be equally responsible for repaying the debt if the primary borrower defaults.

    Guardian

    Insurer

    Guarantor

    Co-signer

    30s
  • Q9

    Foreclosure is a legal process through which a lender takes possession of a property due to the borrower's failure to make mortgage payments. It typically results in the sale of the property to recover the outstanding debt.

    true
    false
    True or False
    30s
  • Q10

    Equity represents the ownership interest in an asset, such as a home or business. It is the difference between the market value of the asset and any outstanding debts or liabilities related to it.

    For example: my house is worth $200,000. I still owe the bank $50,000 in mortgages. I have an equity of $150,000 on the property.

    true
    false
    True or False
    30s
  • Q11

    A wire transfer is an electronic transfer of funds from one person to another. It is commonly used for large transactions, international payments, or urgent transfers.

    false
    true
    True or False
    30s
  • Q12

    A routing number is a unique numerical code assigned to the client of financial institution, such as a person or a business. It is used for identifying the person or business during electronic transactions.

    false
    true
    True or False
    30s
  • Q13

    A __________ account refers to an account on which payments are overdue or past due. It can apply to various types of debts, such as credit cards, loans, or utility bills. Often, an account receives that classification after 30 days of past due.

    Users re-arrange answers into correct order
    Jumble
    60s
  • Q14

    __________ are resources owned by an individual, company, or organization. They can include cash, property, investments, equipment, and other valuable items.

    Users re-arrange answers into correct order
    Jumble
    60s
  • Q15

    The account  cycle refers to the regular sequence of financial activities related to an account, such as billing, payments, and reporting. It typically follows a monthly or periodic schedule.

    true
    false
    True or False
    30s

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