Banking & Financial Management

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Many recent bank closings can be tied to:

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credit default swaps

competition and recent laws governing banks

the recession

unethical practices and greed

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What is another name for the rate of the return on a savings account?

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yield

equity

liquidity

compounding

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What is the first sale of a common stock to the public called?

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IPO

call

debenture

secondary market

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What do actuaries do?

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evaluate the likelihood of present events

evaluate assets and liabilities

evaluate the likelihood of future events

actually evaluate accounting statements

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What's the best action to take after an interview?

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evaluate how you did and send a thank you note

write down all the questions you were asked in case you're asked again

tell the other interviewees about what went right or wrong

e-mail the interviewer to find out when they are going to hire

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When is revenue recorded?

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contract talks reach a successful ending

when sales or services take place

cash is received from the customer

at the end of a quarter when financial statements need to be prepared

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The Board of Governors are:

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elected by the presidents of the Federal Reserve Banks and serve six-year terms

representative governors from states that have Federal Reserve Banks and serve for four years

appointed by the president and confirmed by the Senate for 14 year terms

the Presidents of the Federal Reserve Banks

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EFT is an acronym for

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electronic funds transit

electronic funds transfer

electronic funds transmitter

electronic financial transfer

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If you had a savings account at a bank, which of the following would be correct concerning the interest that you would earn on this account?

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Income tax may be charged on your interest depending on your income.

Your interest would not be credited to your account until you turn 18

Sales tax may be charged on the interest that you earn

Earnings from saving account interest may not be taxed.

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What is the primary goal of insurance?

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to protect the insurance companies from losses from natural disasters

to aid the government in setting fiscal policy for losses and premiums

to allocate the risks of loss from the individual to a great number of people

to make sure that when you have insurance you are always covered for all losses

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Revenues are reported when

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work is completed on the job

a contract is signed

work is begun on the job

cash is received from the customer

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The last two quarter to be issued in the "State Quarters" series will be issued in 2008, and will be those commemorating

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Alaska and Hawaii

Texas and New Mexico

Washington and Alaska

Oklahoma and Arizona

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One unique feature of the $50 bill is the

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picture of Alexander Hamilton on the front of the bill.

Great Seal of the United States on the back of the bill.

Image of the U.S. Capitol building on the reverse of the bill.

use of the lower case letters for the words "federal reserve Note."

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An investor might want ti use a "put" option if she believes that

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a firm is planning an initial public offering

the price of a stock will go down in the next few months

a company is planning to split its stock

the price of a stock will rise before the option period expires

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Helen insures her car with Slambang Direct Property and Casualty Company. She has full coverage, including 500-200-50 personal injury liability, $100,000 maximum coverage for property damage, collision with a $500 deductible, and comprehensive with a $350 deductible. Her personal injury protection (also known as "medical payments") requires yjay she pay the first $1,000. The insurance company pays 75% of the next %5,00 and everything above the amount. One day, Helen swervedto avoid hitting a possum. her car went across the center line, sideswiped another car, and slid down the side of a fill. The occupants of the other car were not hurt, but Helen suffered a broken leg and some additional minor )but painful) injuries. The damage to the other car came to $2,400.Helen's car required $4,100 in repairs. Her medical bills $9,250. the amount the insurance company will pay out in claims for this incident is.

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$12,500

$13,000

$15,750

$14,500

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The Federal reserve would be most likely to institute a "tight money" policy under which of the following conditions:

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The economy is booming, and consumer goods prices are rising rapidly.

Stock proces are falling rapidly, and the sosts of materials being paid by producers are rising slowly.

The inflation rate is low

Unemployement is high, and the administration wants tax cuts to stimulate the economy.

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An office building that was purchased five years ago for $570,000 was recently assessed for real estate tax purposes at 144% of its purchase price. the building's current assessed valuation is

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$1,295,455

$808,200

$395,833

$820,800

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The Dowdells purchased options to buy one thousands shares of Ford Motor Company common stock a $18.75 a share. The cost of each 100-share option contract was $112.50, and the options were good for a period of six months. The current price of Ford common stock at the time was $12.61 per share. Five months later, the stick had risen to $24.40 a share. Should they decide to exercise their option, the commissions on the purchase and sale of the stock would total $30. Based on this set of facts, it is true tat Dowdells:

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should not exercise their options at this time, as they will have a short-term capital loss of $5,630 on their stock if the options are exercised and the stock is sold at the current market price.

can exercise their put option and make a gain of $4,525 on Ford common stock.

could elect to exercise their cll options and have a $4,495 short-term capital gain on 1,000 shares of the Ford stock.

should not exerceise their put options on Ford Motor stock at this time, looking in a long-term capital gain of $5,507.50, because Ford's stock price might go up.

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Distributions of profits by corporations to their shareholders are called.

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reinvestments

capital gains

dividends

tax-deductible exclusions

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The purpose of an acceleration clause in an installment agreement is to

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give the borrower an oppurtunity to pay the account in full at any time without an additional charge.

allow the lender to make the entire loan ballance due immediately if the borrower has not made payments on time.

giver borrowers a chance to change the payment date to an earlier day of the month if they so choose

provide for a single, very large pay,emy at some point during the loan in order to shorten the loan term and reduce the total interest paid by the borrower.

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The practice of buying debt at a discount is known as

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factoring

capitalizing

outsourcing

probate

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Initial public offerings (IPOs) of stock are brought to market by financial professionals who underwrite the issuance of stock by purchasing and distributing companies' newly issued shares. These financial professionals are known as.

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equity brokers

securities analysts

investment bankers

syndicators

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The Health Insurance Portability and Accountability Act of 1996

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limits the pre-existing illnesses and other aspects of an insured's physical condition that group health insures may choose not to cover.

allows insurers to deny health insurance to applicants based on their physical condition and previous illnesses they had.

places limits on the premiums that group health insurers may change.

applies to both individual and group health insurance.

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One of the purposes of the Gramm-Leach-Bliley Act is to

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force lenders to tell borrowers how much interest they would pay on a loan, the amont of other finance charges, and the payment terms of the loan.

encourage on-line banking and the use of automated teller machines.

prevent discrimination against those living in poor, inner city neighborhoods who want to purchase homes.

allow banking consumers a way to restrict the use of personal information.

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In the early 2007, the Federal Reserve has decided that inflation is a major worry. It has decided to take actions to reduce the chance that inflation will get out of hand. Among the actions the Federal Open Market Committee might take is to

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call a temporary halt to free and open markets in the United States

sell Treasury bills or Treasury bonds

purchase mortgages on the secondary mortgage market

change individual banks more to supply them with currency and coins

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The "prime rate" is the interest rate that

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the Federal reserve charges member banks when they borrow reserves fro a regional Federal Reserve Bank

banks charge their best corporate borrowers and most reliable customers

banks charge each other an overnight borrowing necessary to be in compliance with reserve requirements

individual commercial banks charge on any given day for unsecured business loans.

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A purchaser of Treasury bills would

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establish an account on the Internet and make the purchase online

got to the nearest Federal Reserve branch or headquarters bank to participate in an auction

send a letter to the Treasury Department, which would send the T-bills to the purchaser and bill him/her within 30 days

only be able to purchase the T-bills by authorising an automatic debit to his/her checking account.

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"Check conversion" is the process of

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cashing paper checks and receiving cash or coin in exchange

making payments through ATMs or other point-of-use terminals instead of using paper checks.

sending payments by using a scanner to copy a paper check and converting it into a standard check form available on a creditor's Web site.

converting payments made with paper checks into electronic payments

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The "big three" credit reporting agencies (credit bureaus) in the United States include all of the following except

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Trans Union

Equifax

CreditData

Experian

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Encumbrances are things that reduce the value, the quality of allowable uses, or the enjoyment of a property. All of the following are encumbrances except

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county tax liens for unpaid property taxes.

a mortgage loan on a personal residence

fees, paid in cash at the time a property sale is clsed, that are charged to a borrower by a lender for making a mortgage loan.

a deed restriction that prohibts a purchaser of land from playing any team sport on that property.

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