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Which of the following is NOT a part of the Truth in Savings Act? ●

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Selected Answer:

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Answers:

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A.

Banks are not required to abide by the Truth in Savings Act, but it is probably a good idea if they do. A.

Banks are not required to abide by the Truth in Savings Act, but it is probably a good idea if they do. B.

Banks must provide account disclosure. C.

Consumers should be allowed to use the disclosures to shop for the best account for them. D.

Disclosures must be clear and in writing.

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Response Feedback:

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Yes...the Truth in Savings Act is a law that must be followed by all banks.

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Question 2 ●

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Where can you find information on how a financial institution handles and shares your personal information? (Select the BEST answer.) ●

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Selected Answer:

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Answers:

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B.

In a Privacy Notice sent to you by the financial institution A.

On the back of your personal checks B.

In a Privacy Notice sent to you by the financial institution C.

In the Terms and Conditions listed on your account

10 out of 10 points

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statement ● ●

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D.

It is listed in the Truth in Lending Act

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Respons ● e Feedbac k:

Yes...you can find this information in a privacy notice sent to thou by the financial institution. You should read this notice, as the financial company and questions you may have, and if applicable, decide whether you wan tot opt out.

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Question 3 ●

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0 out of 10 points

When purchasing car insurance, you might receive a discount for all of ● the following EXCEPT: ●

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Answers:

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C.

Certain safety features in your car (anti-lock brakes, air bags, etc.) A.

Good references

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B.

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C.

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D.

Good grades Certain safety features in your car (anti-lock brakes, air bags, etc.)

Good driving record

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Response Feedback:

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No...when purchasing car insurance, you do not supply references.

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Question 4 ●

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10 out of 10 points

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Long-term care insurance is only for the elderly who'll need people to care for them for a long time. ●

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Selected Answer:

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Answers:

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False True

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Respons ● e Feedbac k:

Yes...long-term care is care or help with daily activities for those with a chronic illness or disability. The need for long-term care can come at any age due to disabling diseases, car accidents, brain injuries, strokes, and other disabling events.

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Question 5 ●

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If you get an e-mail from a government agency or a company you do business with asking you to confirm or verify personal financial information, it is always save to do so. ●

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Selected Answer:

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False True

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Respons ● e Feedbac k:

Yes...just because an email or website looks like what you'd expect from a government agency or company you do business with, convincing copycats are out there. Remember that no reputable agency or company would ever contact you asking for personal information such as account numbers and only passwords and/or usernames.

10 out of 10 points

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Question 6 ●

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How can you protect yourself from identity theft? ●

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Selected Answer:

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10 out of 10 points

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A.

Review your financial account statements and credit report regularly. A.

Review your financial account statements and credit report regularly. B.

Keep a copy of your PIN in your wallet or purse in case you forget the number. C.

Carry all of your credit cards and identification with you at all times. D.

Never use direct deposit.

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Respons ● e Feedbac k:

Yes...signing up for direct deposit and reviewing financial statements regularly are two ways to avoid identity theft.

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Question 7 ●

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"EFTA" stands for the "Electronic Financial Taxation of America". ●

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Selected Answer:

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Answers:

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False

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True

10 out of 10 points

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False ● ●

Respons ● e Feedbac k:

Yes..."EFTA" stands for the "Electronic Fund Transfer Act", and it establishes your rights, liabilities, and responsibilities when using electronic fund transfer services.

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Question 8 ●

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If your wallet or purse is lost or stolen, you should request a new social security number (SSN) within 3 business days. ●

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Selected Answer:

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0 out of 10 points

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True True

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Response Feedback:

No...requesting a new SSN is an extreme action that is not necessary.

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Question 9 ●

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In case of fire or natural disaster, these are all items should you keep locked away in a safe/secure place EXCEPT: ●

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Selected Answer:

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Answers:

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D.

High school and college academic transcripts A.

List of account numbers and phone numbers

10 out of 10 points

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Checkbook, ATM card, credit card, cash

B.

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Forms of identification

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High school and college academic transcripts

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D.

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Respons ● e Feedbac k:

Yes...while copies of transcripts can usually be obtained easily, the other items are difficult to replace in a short amount of time and may be needed right away. Also, if you have a safe deposit box, you should be sure that your key is in a safe/secure place...without that key, you cannot access your safe deposit box!

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Question 10 ●

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All of the following are techniques used to avoid identity theft EXCEPT: ●

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Selecte ● d ● Answer:

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Answer ● s: ●

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B.

Printing your social security number or driver's license number on your checks. A.

Shred old checks, bills, and bank statements. B.

Printing your social security number or driver's license number on your checks.

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C.

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D.

Never provide your ATM PIN, computer passwords, entire social security number, etc. over the phone or via email. Pick up your mail from your mailbox as soon as possible and place payments in the post office collection boxes.

10 out of 10 points

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Respons ● e Feedbac k:

Yes...keep all of your personal information secret and don't leave it laying out where someone could get ahold of it. Since your checks can pass through many hands, don't print your social security number or driver's license number on them.

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Question 1 ●

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0 out of 10 points

The right to receive written information about the accounts banks offer ● is guaranteed by the Truth in Lending Act.

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Selected Answer:

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True True

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Respons ● e Feedbac k:

No...the right to receive written information about the accounts banks offer is actually guaranteed by the Truth in SAVINGS Act.

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Question 2 ●

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If your wallet or purse is lost or stolen, you should request a new social security number (SSN) within 3 business days. ●

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Selected Answer:

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Answers:

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False True

10 out of 10 points

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Response Feedback:

Yes...requesting a new SSN is an extreme action that is not necessary.

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Question 3 ●

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In case of fire or natural disaster, these are all items should you keep locked away in a safe/secure place EXCEPT: ●

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Selected Answer:

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Answers:

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High school and college academic transcripts

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Forms of identification

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Checkbook, ATM card, credit card, cash

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List of account numbers and phone numbers

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10 out of 10 points

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A.

High school and college academic transcripts A. B. C. D.

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Respons ● e Feedbac k:

Yes...while copies of transcripts can usually be obtained easily, the other items are difficult to replace in a short amount of time and may be needed right away. Also, if you have a safe deposit box, you should be sure that your key is in a safe/secure place...without that key, you cannot access your safe deposit box!

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Question 4 ●

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0 out of 10 points

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You should only provide your social security number and other private ● information through email IF you know the person who will be receiving the information.

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Selected Answer:

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Answers:

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True True

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Respons ● e Feedbac k:

No...you should never send your social security number or other such sensitive information through email. Email is not secure and can be viewed by any number of people who might intercept it. Also, thieves can pretend to be someone or some company you know and "phish" for your information.

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Question 5 ●

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10 out of 10 points

When purchasing car insurance, you might receive a discount for all of ● the following EXCEPT: ●

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● Selected Answer:

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Good references

Answers:

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Good references

A.

A.

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B.

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C.

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D.

Certain safety features in your car (anti-lock brakes, air bags, etc.)

Good driving record Good grades

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Response Feedback:

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Yes...when purchasing car insurance, you do not supply references.

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Question 6 ●

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Long-term care insurance is only for the elderly who'll need people to care for them for a long time. ●

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Selected Answer:

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Answers:

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10 out of 10 points

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False True

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Respons ● e Feedbac k:

Yes...long-term care is care or help with daily activities for those with a chronic illness or disability. The need for long-term care can come at any age due to disabling diseases, car accidents, brain injuries, strokes, and other disabling events.

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Question 7 ●

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Suppose you've lost your ATM card. What should you do? Select the best response from the list below. ●

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Selecte ● d ● Answer:

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Notify the bank within two (2) days of discovering/determining that the ATM card has been lost.

10 out of 10 points

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Answer ● s: ●

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A.

Write checks instead of making ATM transactions until your card turns up. B.

Notify the bank after you have looked for your card in your home, car, office, and any store where you might have used the card. C.

Notify the bank within two (2) days of discovering/determining that the ATM card has been lost. D.

Open a new account so you can get a new ATM card.

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Respons ● e Feedbac k:

Yes...the Electronic Fund Transfer Act (EFTA) states that it is the customer's responsibility to notify the bank within two days that an ATM card is stolen or lost. This ensures that you are only responsible for $50 or less of the amount of any transfers made on your card that you did not authorize. If you take the time to look for the card in too many places, someone could be using your card during that time; thus, the sooner you notify the bank of the lost card, the sooner they can cancel that card and issue you a new card.

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Question 8 ●

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Which of the following is NOT a part of the Truth in Savings Act? ●

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Selecte ● d ● Answer:

D.

Banks are not required to abide by the Truth in Savings Act, but it is probably a good idea if they do.

Answers ● : ●

A.

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B.

Banks must provide account disclosure. Consumers should be allowed to use the disclosures to shop for the best account for them.

10 out of 10 points

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C.

Disclosures must be clear and in writing.

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D.

Banks are not required to abide by the Truth in Savings Act, but it is probably a good idea if they do.

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Response Feedback:

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Yes...the Truth in Savings Act is a law that must be followed by all banks.

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Question 9 ●

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From the list below of my friends and their investments, which of them ● will get their money back if something bad happens, like their financial institution going out of business. In other words, select which of my friends are FDIC insured.

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Selected Answer:

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B.

Michelle has a $1000 mutual fund from Southern National Bank.

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C.

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Morris has $1000 in a mason jar buried in his back yard. Michelle has a $1000 mutual fund from Southern National Bank.

Denise has $1000 invested in Hydro Dog Food Company. D.

Robert has a $1000 certificate of deposit, or CD, from Southern National Bank.

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Respons ● e Feedbac k:

No...Robert is the only one whose $1000 is FDIC insured. Mutual funds and stocks are not FDIC insured against loss, and neither is money stored in mason jars.

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Question 10 ●

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How can you protect yourself from identity theft? ●

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Selected Answer:

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Answers:

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10 out of 10 points

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C.

Review your financial account statements and credit report regularly. A.

Keep a copy of your PIN in your wallet or purse in case you forget the number. B.

Carry all of your credit cards and identification with you at all times. C.

Review your financial account statements and credit report regularly. D.

Never use direct deposit.

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Yes...signing up for direct deposit and reviewing financial statements regularly are two ways to avoid ide...