Wise Test Practice Questions and Answers Graded A 2024

Us currency - Not backed by gold; has value based on the confidence in and strength of the us government Barter - Exchange with goods and services, not money Role of the us department of treasury - Printing money Factors that influence income - Job opportunities, employment developments, inflation & deflation, recession & depression, taxation Type of imvestment where interest rates may increase - Short term savings Truth in lending act - Federal law that requires the cost of credit to be disclosed to consumers in bold print on loan agreement Which investment would you choose today if you believe interest rates will go up? - Short term savings instruments Which of the following is the federal law that requires the cost of credit be disclosed to consumers in bold print on agreement? - The truth in lending Act A person is convinced that a lending institution is charging too much interest for a loan. This person should be aware that... - Charging excessive interest rates in a loan is known as usury and that practice is prohibited by law If a person has $1000 on a savings account and earn $20 a year in interest on that account, the rate of return on the money is close to... - %2 The information that a lender must disclose to consumers applying for a cash loan is... - Consumers must be told annual percentage rate (APR) l, the finance charge, any special loan terms for mortgages Money receives today is worth more than the same amount of money received sometime in the future is... - Time value money is the concept that Money received today is worth more than the same amount of money received in the future The amount a left charged to borrow money - Finance charge Lamar believes that interest rates are going to fall in the near future and remain low for a considerable period of time. She should invest in... - Long term fixed rate certificate of deposit