Nasca 2010

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Banking and Negotiable Instruments Part 2

(Chapter10)

Credit & Debt

(Chapter 11)

Banking and Negotiable Instruments Part 1

(Chapter 10)

Credit Protection and Bankruptcy

(Chapter 12)

If you want to cancel a check that you have written but that has not been paid, you can issue a

material alteration order. stale check order.

stop-payment order. substitute check order.

stop-payment order.

100

A check that is more than six months old is a

bad checkstale check.

voidable check. void check.

stale check.

200

An order to a third party to pay money is called a

bill of lading. certificate of deposit.

draft. note.

note

300

The person who writes a promissory note is called a(n)

acceptor. drawer. maker. payee.

maker.

400

In order to be negotiable, negotiable instruments must

be conditional. be made orally or in writing.

have a signature. not have a definite time they are due.

 

have a signature.

500

Certificates of deposit generally pay higher ____________________ than regular savings

accounts.

dividends exchanges

fees interest

interest

100

The omission of the ____________________ does not affect the negotiability of an instrument.

 amount

date promise or order to pay

signature

date

200

There are two basic kinds of negotiable instruments: 

drafts and checks. drafts and bonds. notes and drafts. notes and CDs.

notes and drafts

300

A bad check is one that

is drawn on an account in which there is insufficient funds.

is signed by someone other than the drawer. the bank is liable for any loss that you might suffer.

the bank deems to old to honor.

is drawn on an account in which there is insufficient

funds. 400

When you receive a check made out to you in your name, you are called the

makerholder

assignee drawer

holder

500

The party who buys the goods on credit is called the

creditor. debtor.

guarantor. secured interest.

debtor

100

Interest is 

a fee creditors charge for lending you money. a way to receive goods now and pay for them later.

the property that is offered as security when you borrow money.

also called a guarantee for repayment.

a fee creditors charge for lending you money.

200

The property pledged by the debtor as security for the debt is the

collateral. interest. credit. surety.

collateral

300

The party who sells goods on credit or lends money is called the ____________________.

creditor. loanee. debtor.

secured party.

creditor

400

Creditors have access to your collateral if you have

closed-end credit. open-ended credit.  

a secured loan. an unsecured loan.

A secured loan.

500

Repossession occurs when

a creditor reclaims property on which it has a lien if the debtor does not make a payment.

a worker's earnings are withheld for payment of a debt.

a debtor reclaims property on which it has a lien if the creditor does not make a payment.

the interest rate is restricted due to local usury laws.

a creditor reclaims property on which it has a lien if the

debtor does not make a payment.

100

A usury law restricts the amount of

credit cards a person has available to use.debt a person has.

income a person can make if filing for bankruptcy.

interest charged on a loan.

interest charged on a loan.

200

A bankruptcy filing remains on a debtor's credit report for ______

six months. one year. ten years.

life.

ten years.

300

The Fair Credit Billing Act requires

credit repair organizations to offer their services for free.

creditors to correct billing errors brought to their attention.

debt collectors to identify themselves when calling to collect a debt.

debtors to pay disputed amounts while creditors are making corrections.

creditors to correct billing errors brought to their

attention.

400

If you believe an error has been made on your credit card bill, how long do you have to notify the

creditor from the date of the credit card statement?

one week30 days 60 days90 days

60 days

500