Types of Deceitful, fraudulent scams that lead to financial losses
Classification of Financial Institutions
Common payment services
Saving and Investing Basics
100
Spending without using a spending plan (budget), which often leads to overspending
What is Failure to plan?
100
expecting you to pay up front in order to receive full information about a product or service
What is vague offers ?
100
Earns money to finance their business by accepting deposits from customers
What is a depository?
100
Signing a signature card is the first step
What is opening a bank account ?
100
may borrow money to improve or expand transportation, schools, or other public services.
What is the government ?
200
Making personal information available that can lead to identity theft?
What is Failure to protect?
200
prizes awarded by chance after purchase of ticket; very small chance of winning
What is lotteries?
200
Earns money to finance their business by selling specific services such as policies, investments, and loans
What is Non-depository ?
200
Transfers payment of a check to someone else.
What is special endorsements ?
200
Growth of savings
What is simple interest and compound interest?
300
Not reading the fine print in sales agreements, product labels, contracts
What is Failure to be informed ?
300
on the condition that you purchase software
What is earn money at home offers?
300
characteristics of financial institutions are used for comparing
What is Services offered, Safety, Convenience,Fees and charges, and Restrictions?
300
Blank, Full, Restrictive
What is Types of endorsements ?
300
(P=Principal, R=Rate, T=Time and I=Interest Rate)
What is simple interest formula?
400
Not asking sufficient appropriate questions to inform financial decisions
What is failure to communicate?
400
states that you have won a valuable prize, but need to pay a processing fee to claim the prize
What is sweepstakes letter?
400
Types of Non-depository
What is Life insurance companies, Investment companies, Consumer finance companies, Mortgage companies, Check-cashing outlets, Pawnshops ?
400
allows the payee to cash the check, deposit the check or transfer payment of the check to someone else.
What is an endorsement?
400
interest earned when others borrow your money.
What is growth of savings?
500
Shopping with out an list. Not securing life, health and property. Not researching sales offers. Not Discussing financial decisions.
What is consumer behaviors that could lead to financial losses?
500
claiming the offer is only good for one day, or if you call in the next 15 minutes, or stay with you until you purchase
What is High pressure sales approach?
500
Mutual savings banks, which are owned by the depositors and specialize in savings and home loans.
Credit unions, which are not-for profit, serve their members only, and are owned by their depositors.
What is types of depository?
500
Obtain the monthly bank statement.
Determine checks paid.
Find differences between the monthly bank statement and monthly check register.
Calculate the adjusted balance.
If the balances do not agree, check the steps again and recalculate.
What is steps in bank reconciliation?
500
the amount of money paid to saver on money deposited and interest previously earned for a period of time.