Chapter 4 - Chapter 4 Review Questions True/False 1. 2. 3....

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Chapter 4 Review Questions True/False 1. The Truth in Savings Act was designed to help consumers compare terms and costs of banking products. 2. Credit unions typically pay higher rates of return on savings than banks and savings and loan associations. 3. Another term for the interest paid by credit unions on deposits is dividends. 4. The annual percentage yield (APY) formula takes compounding into account when determining an interest rate. 5. It takes two keys, one held by the bank and one held by the customer, to open a safe deposit box. 6. Asset management accounts are offered by most banks. 7. ATM transactions require the use of a PIN. 8. Your savings will grow faster with semiannual interest compounding than with monthly interest compounding. 9. You can stop payment when you purchase an item with your debit card. 10. You put $1,000 into a 12-month certificate of deposit. After seven months, you need the money. The bank will not let you have it before 12 months. Multiple Choice 1. is not a liquid asset. a.
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This note was uploaded on 08/28/2009 for the course BUS ACG2021 taught by Professor Yost during the Spring '08 term at W. Florida.

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Chapter 4 - Chapter 4 Review Questions True/False 1. 2. 3....

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