True/False
Indicate whether the sentence or statement is true orfalse. |
| | 1. | The main advantage oftraveler’s checks is that they are safer than cash due to the requirement of having to besigned twice, once when purchased and once when used. |
| | 2. | If you are a member of theAmerican Automobile Association (AAA), you only have to pay 1% of the total value of the travelerschecks to purchase them. |
| | 3. | There is a now prepaidelectronic version of traveler’s checks that works like a prepaid gift card; it can be used atmost ATMs and like a credit card. |
| | 4. | 401(k) accounts differ fromIRAs in that employers quite often also contribute to the 401(k) account where only the holder of anIRA account normally contributes to the account. |
MultipleChoice
Identify the letter of the choice that best completes the statement or answers thequestion. |
| | 5. | Which of the following wouldNOT be found a bank statement? a. | accounttransfers | c. | average balance for the month | b. | deposits made during the month | d. | beginning balance for themonth | | | | |
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| | 6. | Which type of money order isthe most expensive to get? a. | bank | b. | postal | c. | express | d. | telegraphic | | | | | | | | |
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| | 7. | ‘IRA’ standsfor...... a. | Individual Record Account | c. | Investment RetirementAccount | b. | Individual Retirement Account | d. | Investment RecordAccount | | | | |
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| | 8. | Penalties are assessed ifwithdrawals are made from your IRA before you reach the age of ___________ unless you incur apermanent disability and need the money. a. | 70-1/2 | b. | 65 | c. | 59-1/2 | d. | 55 | | | | | | | | | |