1. The maturity date on a 95-day note dated March 17, 20X5 is

2. Letters of credit are used in international finance to

3. From the viewpoint of banks and other financial institutions, which of the following is not an advantage of the new federal banking legislation known as the Check Clearing for the 21st Century Act ('Check 21')?

4. Jana puts $1,000 in her savings account, which pays 4% compound interest. Assuming that (1) the interest rate doesn't change and (2) Jana neither withdraws nor deposits additional funds, approximately how long will it take for her account balance to double?

5. Chin Wong has the following accounts at Midwestern Federal Savings: Individual savings account; balance $59,000 - Individual retirement account; balance $114,000 - Revocable trust account (three beneficiaries, each is to receive an equal share), owner retains full control over the money during his lifetime; balance is $225,000 - If Midwestern Federal were to fail today, the minimum amount for which FDIC insurance would reimburse Chin would be

6. Visa, MasterCard, and Discover Card are all examples of

7. Certified Financial Planners are licensed by the federal government and must meet continuing education requirements in order to retain their certification.

8. The Health Insurance Portability and Accountability Act of 1996

9. The primary lending function of a credit union is

10. Customers of securities firms can establish links between their accounts with stock and bond brokerages and their checking account that enable funds to be transferred electronically back and forth.

11. Qadri Mohammedi borrowed money from Silver City National Bank and agreed to repay the entire amount plus interest for six monhts at the annual rate of 8-1/4%. On the due date, he paid $7,549.06 to cover principal plus interest. How much did he initially borrow?

12. Many banks do not return checks along with the depositor's monthly bank statement. Most banks use digital imaging to photograph both sides of checks and will make copies if depositors need them. One disadvantage of this practice is that

13. 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

14. The difference between a deed to property and title to property is that 'title' refers to ownership of real property and a 'deed' is tangible evidence of that ownership.

15. Your ATM card is lost. If you report the loss of the card within five business days, your liability is limited to a maximum of $50 for unauthorized use. If you wait longer than five days, your potential liability increases to a maximum of $1,000.

16. Business loans that are secured by the things owned by a business, such as receivables, inventory, and equipment, are referred to as

17. Before the Fair Credit Reporting Act was enacted in 1970, there was $556 billion of credit outstanding in the USA. As of 2003, outstanding credit account balances in the United States totaled approximately

18. Abel writes a check to Baker. Baker then endorses the check to Clyde, at which time the document involved becomes a(n)

19. The purpose of a financial statement analysis is to compare the firm's financial performance with its own past efforts, with generally established financial standards, and with other firms in the same industry. People analyze financial statements in order to predict the future performance of a firm. The component of financial analysis that compares figures over a period of several years is

20. George Wong is 40 years old. He has a secure position as a chemical engineer. His steadily growing salary and the family's savings will allow George to retire at around age 60. He does not mind paying high premiums to purchase life insurance that will protect his wife and children after his death. A savings feature is not necessary, but George will buy a policy that has one. However, he does not want to make premium payments after he retires. The type of life insurance that best addresses the Wong family's needs is

21. Certified Public Accountants (CPAs) perform several business functions, including designing and maintaining accounting systems, verifying the accuracy of accounting records and statements, preparing tax returns, and providing consulting services. Those who earn the CPA credential

22. The Suzukis recently came into some money. They have been making $833 a month house payments to Slippery Slope Federal Bank, so they decided to pay off this loan. This will allow them to own their home 'free and clear' of any debts. Once this loan is paid off, the Suzukis will want to have Slippery Slope send them a(n)

23. Merchants can have faith that traveler's checks will be honored because

24. People who prepare income tax returns are usually compensated for their work by charging clients anywhere from 25

25. Because of the faster check clearing that will occur with the implementation of the Check Clearing for the 21st Century Act (also known as 'Check 21'), bad checks will be discovered more quickly.