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WISE Test questions with correct answers
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WISE Test questions with correct answers
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WISE TestOne of Andre's seldom-used credit cards has been stolen without his knowledge. When he gets his
monthly statement, he realizes that someone else has been using the card and reports it stolen. The
maximum amount of unauthorized purchases he is liable for is: - correct answer ✔✔$50
Consumers who file for bankruptcy are still responsible for: - correct answer ✔✔Tax claims and student
loans
Which of the following provides an increase in assets or wealth? - correct answer ✔✔Having capital
gains
The denominations of coins in the United States are: - correct answer ✔✔$.01, $.05, $.10, $.25, $.50,
$1.00
Mutual funds are: - correct answer ✔✔An investment that holds a wide range of different investment
instruments, providing diversification
Michele and Claudia have a seven year old son. They won $50,000 on a TV games show and want to put
it away for their son's education. Which of the following has the highest potential growth and the
highest risk? - correct answer ✔✔Common Stock
Banks use savings account deposits to: - correct answer ✔✔Give loans to consumers and businesses
You have a checking account balance of $100 and you deposit a personal $200 check from your brother
in you checking account. When will you be able to withdraw $150 in cash? - correct answer ✔✔3 to 7
days later, depending on your bank's check clearance policy
Why is term life insurance usually the least expensive type of life insurance? - correct answer ✔✔The
policy only pays a death benefit
, Neil will be traveling by air in Southeast Asia for six-week vacation. Which step will not provide
protection during the trip? - correct answer ✔✔Take his passport
Victims of predatory lending practices are typically: - correct answer ✔✔The elderly and people with a
poor credit history
How can you avoid becoming a victim of identity theft? - correct answer ✔✔Avoid giving your Social
Security number on a phone call you did not initate
Which of the following statements is usually true about indivuals who are financially literate? - correct
answer ✔✔They understand the basics of personal finance and money management
Which of the following is a disadvantage of using phone cards, debit cards, electronic transfers, and ATM
cards? - correct answer ✔✔They expose consumers to greater likelihood of identity theft
The price of the Candy Corporation Stock will generally increase when there is: - correct answer
✔✔Positive news about corporate earnings
The process of setting aside money and putting it to work by having it earn intrest or dividends or gain
value in the equities market with the idea of having additional funds to use in the future is described as:
- correct answer ✔✔Savings and Investing
The most liquid type of investment is: - correct answer ✔✔A money market account
Joan wants to open a checking account and wonders if checking accounts pay interest. How would you
answer her question? - correct answer ✔✔Some types of checking accounts pay interest
The purpose of Insurance is NOT to: - correct answer ✔✔Diversify an investment portfolio
Generally, the higher the deductible on an insurance policy, the - correct answer ✔✔Lower the premium
A credit card finance charge is: - correct answer ✔✔The dollar amount it cost to use credit
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