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Exam 20: Money,financial Institutions,and the Federal Reserve

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Question 111

Multiple Choice

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A few retailers enable their customers to pay for gas by using a ________ card that electronically transmits information through an embedded radio-frequency antenn A.

A) credit
B) smart
C) debit
D) e-commerce

E) A) and D)
F) None of the above

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Question 112

True/False

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As nonprofit institutions,credit unions enjoy an exemption from federal income taxes.

A) True
B) False

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Question 113

Multiple Choice

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Chipper's Golf Resort plans to use famous Kauri wood from New Zealand for parts of the interior of the magnificent club house at its new golf resort near Portland,OR.According to the importer,each ten foot slab will cost Chipper's approximately $5,000.Looking at the exchange rates,Chipper's finance director noted that $500 US dollars = $738 NZ dollars.The importer will order directly from his source in New Zealand.Chipper's finance director has determined that:

The problem with barter exchanges is that it is too difficult to find people to exchange your good with.

A banker's acceptance represents a promise that a bank will pay a specified amount at a specified time if certain conditions are met.

The Fed Chairman is in control of:

Tracing the cause of the recent banking crisis,which of the following organizations is not in the news as having been a contributor to the crisis?

A barter exchange is a system where you input into a system the goods and services that you are willing to trade,and receive trade credit.

A more recent product of banks is checking accounts that pay interest to depositors.

A saving account is also known as a time deposit.

Economic growth and the creation of jobs depend on the availability of money.

Which of the following is not a favorable characteristic of money?

A newer product is the payroll debit card.It is cheaper for employers to load your paycheck on a debit card than to cut a check.This is convenient for customers who do not qualify for a regular debit or credit card,because they can use it to pay bills,do online purchasing and even get cash from an ATM machine.

Which of the following helps to provide for the smooth flow of money between nations?

Yesterday it was reported that the U.S.is clearly experiencing an economic downturn.A strategy the Fed may enact if the nation is facing recession is to buy government securities in open-market operations.

Commercial and consumer finance companies specialize in making low interest loans to individuals and businesses with strong credit ratings.

H & Q Importers arranged to have a French winery ship a large quantity of fine wine to the United States.By signing an) ______________ H & Q authorized its bank to make full payment to the French winery if and when the wine arrives at the H & Q warehouse in Boston.

The Fed requires that banks hold a percentage of their deposits in a vault.This percentage is the __________.

The ________ insures holders of accounts in savings and loan associations.

On payday,employers can designate their banks to electronically transfer funds from the business' checking account to the employees' checking account.This represents an example of an) :