Tim Gleason has set up a legal agreement that allows the First State Bank of Orlando to manage funds set aside for his daughter's college education. What type of financial service is Tim using? (Points : 1) payment service savings service borrowing service trust service asset management

Question 2. 2. David Wynn gets a personal loan from his credit union for $1,000. David will make monthly payments $85.15 over the next year to repay the loan. What type of financial service is David using? (Points : 1)

payment service savings service borrowing service trust service asset management

Question 3. 3. The purpose of an automobile service contract is to: (Points : 1)

reduce operating costs of the vehicle. cover regular maintenance. provide automobile insurance at a discount. repair major problems after the warranty expires. stay informed of government safety recalls.

Question 4. 4. Revolving check credit is a: (Points : 1)

credit arrangement that has no extra costs. prearranged loan for a specified amount that you can use by writing a special check. credit arrangement that has no specific repayment plan. synonym for installment cash credit. synonym for single lump-sum credit.

Question 5. 5. Pam McNally is planning to use the services of the Better Business Bureau. A major purpose of the B.B.B. is to: (Points : 1)

recommend reputable companies in an area. resolve consumer complaints. lobby for improved consumer protection laws. evaluate products and services for quality. represent business in government hearings.

Question 6. 6. The purpose of a "special" endorsement is to: (Points : 1)

cash a check. deposit a check. transfer a check to another person. withdraw cash from your account. reduce the charge for service fees.

7. A few months ago, you sent a certified letter to a debt collector and requested verification of a debt the collector says you owe. You know the letter was received by the collector but you have received no response to your request. Today, you received a letter threatening court action. What should you do?

pay the debt and protect your credit rating insist that communications about the debt cease renegotiate payment terms with the creditor sue the collection agency pay half the outstanding balance

8. Which organization specializes in the testing of products for electrical and fire safety?

Consumers Union Better Business Bureau Consumer Product Safety Commission Underwriters Laboratories Federal Trade Commission

. 9. An advantage credit unions may have over other financial institutions is

interest-bearing checking accounts. low-cost personal loans. flexible-rate loans. credit cards. variable-rate savings plans.

10. The storage of funds for future use is a purpose of ____________ services.

trust borrowing credit card savings cash checking