Wise Practice Test Exam Questions With 100% Correct Answers 2024/2025
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Course
Wise
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Wise
Wise Practice Test Exam Questions With 100% Correct Answers 2024/2025
Debbie owns a clothing store. She is concerned that a customer who is injured in the store will sue. Which type of insurance should Debbie purchase?
Liability insurance
Richard's auto insurance policy expired on 5/15/2002....
Wise Practice Test Exam Questions With
100% Correct Answers 2024/2025
Debbie owns a clothing store. She is concerned that a customer who is injured in the store will sue.
Which type of insurance should Debbie purchase?
Liability insurance
Richard's auto insurance policy expired on 5/15/2002. Richard was upset with his insurance agent and
decided to change insurance companies. At 10:00 a.m. on 5/16/2002, as he drove to a different agent
to buy a new policy, he had an accident. Who is liable for damage to his car and his personal injuries?
Richard
A person buys a homeowner's insurance policy with a $250 deductible, which means the person will
have to pay the first $250 which will be deducted from the claim settlement paid by the insurance
company.
Sally's health insurance policy requires her to pay the first $500 of medical costs each year before the
company will pay any of her medical bills. This policy provision is the:
Annual deductible
John's job provided the main income for his family. He died unexpectedly and had no life insurance.
The probable financial consequence for his wife and two children does not include:
An increase in income and expenses
Which statement does NOT accurately describe a characteristic of cash value for whole life insurance?
Policy that accumulates cash value is less expensive than a policy that does not accumulate cash
value.
Mr. Akon's wife died. The money he received as the beneficiary on her life insurance is called the:
Death benefit or face value
Money set aside to grow is typically called
savings or investments
Which of the following will help you the least in managing your money?
get advice from your friends
In addition to monthly mortgage payments, each year a homeowner can expect to pay
property taxes
Goals:
Need to be realistic, have a target date, and, if possible, an associated cost
A well stated financial goal is:
Realistic with a target date
, Patty is selling her car through a newspaper advertisement. When she finds a buyer, she wants a form
of payment which is guaranteed to be good. Which form of payment should she avoid?
A check
A bank Certificate of Deposit is a
Savings instrument that requires a deposit for a period of time during which there is a penalty for
withdrawals
How can individuals be prepared for losing their job or having a large medical expense?
Save at least three months of income
Which financial product typically pays the highest rate of interest?
Certificate of deposit
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the -
US Treasury Department.
You have a checking account balance of $100 and you deposit a personal $200 check from your
brother in your checking account. When will you be able to withdraw $150 in cash?
3 to 7 days later, depending on your bank's check clearance policy
Employees prefer direct deposits because:
The money is generally deposited in their checking account sooner than it would be if they had to
deposit it in person
The phrase used for putting money into a savings account is:
Making a deposit
The most liquid type of investment is:
A money market account
Margaret wants to store a valuable coin collection and important papers. Generally, consumers
should:
Rent a safe deposit box for their valuables
Dawn graduated from high school and wants to get a credit card. How can Dawn establish credit-
worthiness?
Opening a checking account, making regular deposits, and avoiding penalties for insufficient funds
When Mary bought a DVD player, she charged it on her credit card. Her purchase created a(an):
Debt
What is meant by an uncollateralized loan?
A personal loan without assets to cover the loan amount.
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