Wise Test Exam Test with Verified Answers Graded A+
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Course
Wise
Institution
Wise
Wise Test Exam Test with Verified Answers Graded A+
1. When a person brings an item to a pawnshop to obtain
cash, the transaction is considered
2. To qualify for a Federal Housing Administration (FHA)
loan, a person must generally
3. A person has three credit cards with very large out-
standi...
Wise Test Exam Test with Verified Answers Graded A+
1. When a person brings an item to a pawnshop to obtain a collateralized
cash, the transaction is considered loan.
2. To qualify for a Federal Housing Administration (FHA) fulfill income
loan, a person must generally guidelines.
3. A person has three credit cards with very large out- Notify the cred-
standing balances and is unable to make payments it card companies
on any of them. Which action should the person take? in order to negoti-
ate a new payment
plan.
4. Which of the following is considered to be open-end Department store
credit? charge cards.
5. What is meant by an uncollateralized loan? A personal loan
without assets to
cover the loan
amount.
6. Which of the following does the Federal Reserve use Monetary policy
to regulate the nation's money supply?
7. Money for saving, investing, or spending cannot be Capital losses
from: from the sale of
stock
8. Jami lost her debit card. She did not report it missing Unlimited liability
for 3 months. If an unauthorized person used her debit
card, her maximum liability is:
9. Susan gives Marie her ABC Credit Union debit card No bank or gov-
and personal identification number (PIN) so Marie ernment agency is
could get $25 from Susan's bank account. Marie with- obligated to reim-
drew $100 instead of the agreed to $25. How can Su- burse Susan be-
san get the $75 back? cause she autho-
rized Marie to use
her ATM card and
PIN
1/5
, Wise Test Exam Test with Verified Answers Graded A+
10. A man budgeted $200 a month for clothing. This a budget variance.
month the man spent $150 on clothing therefore that
budget item is considered to have
11. A person complains about how expensive it is to be a he government im-
cigarette smoker. One of the reasons cigarettes are so poses an excise
expensive is that tax on them.
12. A person's debt ratio shows the relationship between better off financial-
debt and net worth. The lower the ratio the ly the person is.
13. One of the benefits of holding an investment for over capital gains on
a year rather than selling it in less than a year is that the investment will
the be taxed at a lower
rate.
14. A company offers a defined-contribution pension plan the total amount of
which means that upon retirement the employee will money contributed
receive plus investment
earnings.
15. After five years of owning a Roth Individual Retire- tax and penalty
ment Account (IRA), a person wants to buy his first free.
home, the person can withdraw money from the Roth
IRA
16. Before the Kiss Corporation can issue stocks or The Securities and
bonds, it must register the issue with: Exchange Com-
mission (SEC)
17. What is the largest equities market in the world? New York Stock
Exchange (NYSE)
18. A pharmacy is to drugs as the American Stock Ex- Securities
change is to:
19. Using a brokerage firm, a qualified investor buys 1000 brokerage firm is
shares of a common stock at $50 a share on 50% lending the in-
margin. This means that the vestor 50% of the
money.
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