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CTE State Assessment Study guide (part 1)
Terms in this set (25)
What is the role of a state's Department of Insurance?
To monitor insurance company practices
What law guarantees that all information about a loan is provided in writing?
TILA - Truth in Lending Act
If a familiar customer calls to ask for her account balance while you are processing a
transaction for another customer, what should you do?
Ask her to hold or ask her if you can call her later.
What characteristic is typical of a successful customer service employee?
Which plan is NOT necessary when starting a new business?
Which person will have the higher interest rate on a loan?
Low credit score with an unsecured loan
If an investor's financial goal is to preserve an inheritance, what would be an appropriate
Certificate of deposit
What policy does the Federal Reserve use to promote a healthy economy?
Which formula describes how to calculate simple interest?
interest = principle x rate x time
What type of insurance covers smashed windows at a place of business?
Why was the Federal Deposit Insurance Corporation (FDIC) created?
To promote confidence in the U.S. financial system
How can an unsatisfied customer affect business?
Negative financial impact
What is the amount of money a tenant pays to the property owner to guard against any financial loss or damage?
What practice does a credit card company MOST commonly use to reduce its risk with applicants who are recent high school graduates with no credit history?
Require proof of employment.
What asset fee is paid for medical services at the time services are rendered?
How does the bank determine it is balanced at the end of the day's transactions?
Debits equal credits
Based on the Rule of 72, if an investor can earn 9 % on an investment, approximately how long will it take to double in value?
Which areas are governed by the Department of Labor?
Minimum wage, child labor, safety, health regulations
What is the equation for a balance sheet?
Assets = Liabilities + Owner's Equity
Carlos has just purchased his first vehicle. Who can Carlos contact to learn about various types of insurance, insurance agents, the process of filing a complaint, and where to shop for insurance?
State Department of Insurance
Which investment yields the highest long-term growth and is also the greatest potential for risk?
When answering customer questions over the phone, what is the MOST important characteristic for a customer service representative?
What should a business budget for short-term goals include?
Alexis has come up with a great new device to hang her purse underneath a restaurant table, safe from people passing by and off the dirty floor. She wants to create a website and bring it to market. In this case, which important entrepreneurial trait BEST describes
What are the four general types of federal business taxes?
Income, self-employment, employment, excise
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