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Nasca 2010
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 check
stale 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.
400
is drawn on an account in
which there is insufficient
funds.
When you receive a check made out to you in your name, you
are called the
maker
holder
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 week
30 days
60 days
90 days
60 days
500