When the economy experiences a decline in real GDP for two or more successive quarters, what stage of the economic cycle does this indicate?

Select one:

a. Trough

b. Recession

c. Peak

d. Recovery

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All of the following economic activities represent governmental fiscal policy EXCEPT:

Select one:

a. The government increases purchases of goods and services.

b. The government cuts taxes.

c. The government cuts the Federal Funds Rate.

d. The government uses higher taxes to dampen consumption and private investment.

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The husband of one of your clients had his wallet stolen. He had five credit cards in his wallet when this occurred. He reported the cards as missing the next morning, but the following transactions had already occurred: (Discover Card - $350) (MasterCard - $100) (VISA - $425) (Sears - $25) (Marshall Fields - $685) What is the clients liability for the fraudulent transactions on these cards?

Select one:

a. $50.

b. $225.

c. $250.

d. $1,235.

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The Dodd - Frank Wall Street Reform and Consumer Protection Act permanently increased the FDIC limit to what amount?

Select one:

a. $100,000.

b. $250,000.

c. $500,000.

d. Unlimited amount.

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