Unit Test — Unit test Answers

15 verified answers
7

Aliyah made a payment in the amount of $47.93. She’ll use the check register to record her transaction. What will be her new balance? Do not use commas in your answer.$

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8

Which best describes the economic impact of defaulting on bank loans?

A
The economy suffers because banks have less money to loan to others.
B
The economy suffers because people have less money to spend.
C
The economy suffers because businesses are scared to take out loans.
D
The economy suffers because people are scared to take out loans.
9

How are digital wallets different from Peer-to-Peer (P2P) systems for in-person payments?

D
Digital wallets need internet at the point-of-sale, but P2P does not.
D
Digital wallets can pay at point-of-sale systems, but P2P cannot.
P
P2P payments can directly debit bank accounts, but digital wallets cannot.
P
P2P payments need a card swipe at point-of-sale, but digital wallets use contactless.
10

How do bank loans help the nation’s economy?

T
They ensure consumer spending and confidence.
T
They ensure the success of new businesses.
T
They allow businesses to expand and improve.
T
They allow consumers to quickly pay off debts.
11

How are E-checks and electronic fund transfers (EFTs) similar in the way they process transactions?

A
Both can only be started during the bank's working hours.
B
Both charge the payer the same fee for each transaction.
C
Both need a physical card to start the transaction.
D
Both can move money directly from one bank account to another.
14

What role does the Federal Reserve play? Check all that apply.Regulate the banking industryLoan money to banksGive individual loansGive corporate loansTransfers any profits to the Treasury

R
Regulate the banking industry
L
Loan money to banks
G
Give individual loans
G
Give corporate loans
T
Transfers any profits to the Treasury

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