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Exam 10: Specialized Bank Services

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Question 1

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What is a living trust?

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A living trust is a legal docu...

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Question 2

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A debt instrument issued for a period of more than one year with the purpose of raising capital through borrowing is called a(n)

A) bond.
B) annuity.
C) certificate of deposit.
D) stock.

E) A) and D)
F) A) and C)

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Question 3

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The value of one U.S. dollar equals 0.45 samolians, the currency of the country of Erehwon. What would $500 be worth, converted into samolians?

The demand for a given currency will be strong if all of the following factors are present EXCEPT

A trust is an arrangement by which one party holds property on behalf of another party for certain defined purposes.

The value of one U.S. dollar equals 0.45 samolians, the currency of the country of Erehwon. What would 135 samolians be worth, converted into U.S. dollars?

The Single Euro Payments Area (SEPA) designates specific bank branches within major European cities where customers can go to pay bills for items purchased in other countries.

What is Electronic Data Interchange (EDI)?

Investing in mutual funds usually increases your cost of investing.

Describe the function and purpose of a zero-balance account (ZBA).

Define the terms estate, will, and executor. Describe the steps that are usually involved in the settlement of an estate.

____________________ corporations are financial corporations that are federally chartered and allowed to engage only in international banking or other financial transactions related to international business.

What organization has primary responsibility for supervising the branches and agencies of foreign banks operating within the United States?

The person who creates a trust is called a

The practice of buying debt at a discount is called

A(n) ____________________ bank acts as a point of contact for other banks that do not have a branch in the host country.

The ____________________ charters and supervises U.S. national banks that do international business.

Every business, no matter how large or small, needs to disburse and collect cash to complete business transactions.

What savings can a firm derive from outsourcing?

Because of the tax advantages, many people use annuities as the basis of their overall financial plan, instead of CDs or savings accounts.