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Financial Quiz #4

True/False
Indicate whether the sentence or statement is true or false.
 

 1 

The main advantage of traveler’s checks is that they are safer than cash due to the requirement of having to be signed twice, once when purchased and once when used.
 

 2 

If you are a member of the American Automobile Association (AAA), you only have to pay 1% of the total value of the travelers checks to purchase them.
 

 3 

There is a now prepaid electronic version of traveler’s checks that works like a prepaid gift card; it can be used at most ATMs and like a credit card.
 

 4 

401(k) accounts differ from IRAs in that employers quite often also contribute to the 401(k) account where only the holder of an IRA account normally contributes to the account.
 

Multiple Choice
Identify the letter of the choice that best completes the statement or answers the question.
 

 1 

Which of the following would NOT be found a bank statement?
a
account transfers
c
average balance for the month
b
deposits made during the month
d
beginning balance for the month
 

 2 

Which type of money order is the most expensive to get?
a
bank
b
postal
c
express
d
telegraphic
 

 3 

‘IRA’ stands for......
a
Individual Record Account
c
Investment Retirement Account
b
Individual Retirement Account
d
Investment Record Account
 

 4 

Penalties are assessed if withdrawals are made from your IRA before you reach the age of ___________ unless you incur a permanent disability and need the money.
a
70-1/2
b
65
c
59-1/2
d
55
 

Numeric Response
 

 1 

You can change from one IRA investment to another without penalty if the money is not withdrawn for more than _____ days.

 

Completion
Complete each sentence or statement.
 

 1 

Which type of money order is limited to $1,000? (no capitalization; spelling counts)

_________________________
 

 



 
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