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WIse Test Review Exam 2024/2025 Questions With Completed & Verified Solutions.
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WIse Test Review Exam 2024/2025 Questions With Completed & Verified Solutions.
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WIse Test ReviewThe National Credit Union Administration (NCUA) provides what - ANS insurance protection for
accounts in credit unions
instead of keeping money under the mattress people prefer using a bank or credit union savings
account all for the following reasons except - ANS the interest earned is not taxable
The best Advice a Person can give to a friend who is writing a check for the first time is to - ANS
use the checkbook register to keep a record of the check written
a person sold her house and deposited the money from the sale into her saving account in
doing so she has - ANS earrings
one of the federal reserve system functions is to - ANS promote stability of the financial system
a person's paycheck is transferred electronically from her employers bank account into her
checking account what is this service called - ANS direct deposit
an example of an electronic funds transfer is a - ANS direct deposit from a checking account
banks and credit unions may use money deposited in customer accounts to - ANS offer different
kinds of loans to customers
Investors select "blue chip" stocks because they: - ANS Have a reputation for quality
management and sometimes pay dividends
the securities investor protection coporation does Not protect an investor when his investmants
go down in value - ANS it is part of the ups and downs asscoicated with the risk of investing
a person used a credit card to buy a large flat screen tv that she can pay for over 5 months this
persons future spending power will is most likely - ANS decreased because some of her future
earnings must pay for the new tv
what is one benefit of paying the total credit card bill on or before the due date - ANS there will
be no interest charged or late fee on the credit card bill next month
one major disadvantage of payday loans is that - ANS the fees and interest charged on these
loans make payday loans among the most expensive loans
when making a purchase with a debit card linked to a checking account it is important that the
cardholder remember that - ANS purchases are made with money from the persons account
, a person with a credit score under 600 is looking for a mortgage loan to purchase a home his
interest rate on the mortgage will most likely be - ANS higher than average
Most payday loans - ANS are extremely expensive
a person applying for a car loan a friend told him to compare the actual cost of one year car
expressed as a percentage from three banks he needs to ask for - ANS annual percentage rate
(APR)
what is a true statement about credit - ANS the total cost of a purchase bought on credit is less
when paid in 14 months instead of 24 months
a person receives a credit card bill of $1,000 with a minimum payment due of $250 the person
sends the company a check for $100 before the due date as a result the credit card company
will - ANS charge a late fee on the account
a person has not made a mortgage payment for the past two years the current value of his
house is 250,000 and his mortgage balance is 100,000 what is the bank likely to do - ANS
repossess the house to sell
a person whose only income to pay family expenses is from his job dies unexpectedly he had
no life insurance his wife and two children will likely - ANS suffer from the loss of his income
reducing their standard of living
dianna has a minor accident with her car hitting another car although her insurance would have
covered the costs of the repair she chooses not to report the accident in this situation what
should dianna know - ANS not reporting an accident that resulted in damage is a violation of the
law
a person has a hospital bill of $10,500 this person's insurance has a $500 deductible and
requires the insured policy holder to pay 20% of the balance of the bill in total with the
deductible how much of this bill will the person have to pay - ANS $2,500
a persons health insurance policy requires her to pay the first $500 of medical costs each year
before the insurance company will start to pay any of her medical bills this $500 requirement is
called the - ANS annual deductible
a person pays $400 each year on her renters insurance policy the $400 is the - ANS premium
a person has a health insurance plan with a $50 co-pay this $50 payment is the - ANS amount
paid to the doctor at each visit
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