7. Commercial banks are insured by the a. Financial Deposit Insurance Associatio

Question

7. Commercial banks are insured by the a. Financial Deposit Insurance Association. b. Federal Depositors Assurance Corporation. c. Federal Deposit Insurance Corporation. d. Financial Deposit Insurance Company. e. Federal Demand Deposit Corporation. S. Joe Gustafson is a very busy person who likes to handle all his financial service needs with one account if possible. Which of the following types of accounts would best serve this need? a. Checking account b. Money market deposit account c. Brokerage account d. Asset management account 9. The interest earned on your Series EE savings bonds a. will be taxable every year as it accrues. b. will be tax-deferred until redemption. c. will be subject to both federal and state income taxes upon redemption. d. is tax-free of both federal and state income taxes upon redemption. 10. When doing a bank reconciliation, interest earned on your account should be a. deducted from your checkbook ledger. b. added to your checkbook ledger. c. ignored because the bank has already recorded it. d. listed as outstanding. e. compared to your interest calculations. 11. is a fixed auto ownership cost. a. Gasoline b. Installment loan paymernt c. Auto insurance d. Maintenance e. Both b and c

Explanation / Answer

7.(c) Federal deposit insurance corporation

8.(d) Asset management account

9.(d) is tax free of both federal and state income taxes upon redemption.

10.(b) added to your checkbook ledger

11.(e) Both b and c

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