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Wise Practice Test Questions & answers
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Wise Practice Test Questions & answers
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Wise Practice Testbudget variance. - ANS-the difference between the budgeted amount and the actual
amount that you spend
debt ratio - ANS-shows the relationship between debt and net worth.
debt ratio - ANS-The lower the ratio the better off financially the person is.
debt ratio - ANS-calculated by dividing liabilities by net worth
excise tax - ANS-government imposes a tax on specific goods and services such as
alcohol, cigarettes, gasoline, and airline
capital gains - ANS-are profits made from the sale of capital assets such as stocks and
bonds
Capital gains - ANS-tax deferred until the asset is sold,
Capital Gains Tax - ANS-If held over one year are considered long-term capital gains
and are taxed at a lower tax rate or in some cases are not taxed at all.
variable expenses - ANS-change from one period to another,examples Electricity and
food expenditures
get advice from your friends - ANS-will help you the least in managing your money?
Financial planning - ANS-the process of developing and implementing a coordinated
series of actions to achieve financial success.
Financial planning - ANS-need to be reviewed and adjusted to accommodate changing
needs and goals.
emergency fund - ANS-Should be an important consideration when saving money
liquidity - ANS-being in cash or easily convertible to cash, How easily an asset can be
converted into cash
, Social Security - ANS-benefits depends on the person?s earnings over a lifetime of
work
Department store charge cards. - ANS-open-end credit
Department store charge cards. - ANS-is a revolving live of credit that is offered by
banks There is a limit set on the line of credit and the funds
mortgage loan - ANS-closed-end credit,made at a specified interest rate for a specified
time period.
collateralized loan. - ANS-A loan that is secured by collateral, properties or assets that
are subject to seizure on default.
collateralized loan. - ANS-When a person brings an item to a pawnshop to obtain cash,
the transaction is considered
Federal Housing Administration (FHA) loan - ANS-insures lenders who make mortgage
loans that are riskier than regular bank loans because
uncollateralized loan - ANS-A personal loan without assets to cover the loan amount.
Collateral - ANS-tangible asset that is used to secure a loan. In the case of a mortgage,
the actual house or apartment serves as the collateral for that loan.
bankruptcy - ANS-will appear on the person?s credit report for 10 years
Notify the credit card companies in order to negotiate a new payment plan. - ANS-Notify
the credit card companies in order to negotiate a new payment plan.
Installment loan - ANS-a loan repaid with interest in equal periodic payments
dispose of a credit card - ANS-Cut up the card, put parts in different garbage bags, and
instruct the credit card company in writing or by phone to close the account
Garnishment - ANS-Occurs when a creditor obtains a court order requiring an employer
to attach an employee's earnings in order to pay back a debt.
rate of inflation - ANS-determines the time value of depositing into a savings account,
and the interest rate and
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