Which of the following is not a characteristic of a loan commitment?
A. The maximum amount of the loan is negotiated at the time of the loan agreement.
B. The interest rate on fixed-rate loans is determined at the time of the loan is actually taken down.
C. Floating-rate loans transfer the interest rate risk to the borrower.
D. The time period for which the loan is available is negotiated at the time of the loan agreement
E. In a floating-rate loan the borrower pays interest rate in force when the loan is actually taken down.
Ans: B. The interest rate on fixed-rate loans is determined at the time of the loan is actually taken down.
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Which of the following is correct with regard to the powers of government in the United States?
A) The federal government is a government of enumerated powers. B) The federal government is all-powerful except in cases of state criminal law. C) Legislation enacted by Congress does not need to be based on a specific power granted to the federal government by the Constitution or be reasonably necessary to carry out a specified power.. D) Congress may not enact legislation that affects the states.
Which of the following is an example of an electronic fund transfer:
a. an ATM deposit b. a direct deposit of a paycheck c. using a debit card to buy groceries d. an automatic bill paying service e. all of the other choices are correct