Exam (elaborations)
Wise Certification Test with complete solutions
- Course
- Institution
Wise Certification Test with complete solutions
[Show more]
Content preview
Wise Certification TestIf a person makes a deposit of $10,000 or more into a bank account, the bank must notify the - correct
answer ✔✔US Treasury Department
Margaret wants to store a valuable coin collection & important paper. Generally, consumers should: -
correct answer ✔✔Rent a safe deposit box for their valuables
Troy has $50 a month transferred electronically from his checking account to his savings account. This is
an example of: - correct answer ✔✔A savings plan
Employees prefer direct deposits because: - correct answer ✔✔The money is generally deposited in
their checking account sooner than it would be if they had to deposit it in person
A person is depositing $20 in cash and a check for $50. On the checking account deposit slip, the person
should - correct answer ✔✔List the cash deposit it separately from the check as well as the total of the
deposit
A person has three credit cards with very large outstanding balances and is unable to make payments on
any of them. Which action should the person take? - correct answer ✔✔Notify the credit card
companies in order to negotiate a new payment plan
To qualify for a Federal Housing Administration (FHA) loan, a person must generally - correct answer
✔✔Fulfill income guidelines
When a person declares bankruptcy that fact will appear on the person's credit report - correct answer
✔✔For a 10 year period
Which of the following is considered to be open-end credit? - correct answer ✔✔Department store
charge cards
, What is meant by an uncollateralized loan? - correct answer ✔✔A person loan without assets to cover
the loan amount
Which of the following does the Federal Reserve use to regulate the nation's money supply? - correct
answer ✔✔Monetary policy
Money for saving, investing, of spending cannot be from: - correct answer ✔✔Capital losses from the
sale of stock
Susan gives Marie her ABC Credit Union debit card & personal identification number (PIN) so Marie
could get $25 from Susan's bank account. Marie withdrew $100 instead of the agreed $25. How can
Sudan get the $75 back? - correct answer ✔✔No bank or government agency is obligated to reimburse
Susan because she authorized Marie to use her ATM card & PIN
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 identify theft
A person complains about how expensive it is to be a cigarette smoker. Once of the reasons cigarettes
are so expensive is that - correct answer ✔✔The government imposes an excise tax on them
One of the benefits of holding an investment for over a year rather than selling it in less than a year is
that the - correct answer ✔✔Capital gains on the investment will be taxed at a lower rate
A man budgeted $200 a month for clothing. This month the man spent $150 on clothing therefore that
budgeted item is considered to have - correct answer ✔✔A budget variance
A persons debt ration shows the relationship between debt and net worth. The lower the ratio the -
correct answer ✔✔Better off financially the person is
After five years of owning a Roth Individual Retirement Account (IRA) a person wants to buy his first
home, the person can withdraw money from the Roth IRA - correct answer ✔✔Tax & penalty fee
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78140 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now