Personal Finance WISE Test Question and answers 100% correct 2024/2025
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Course
WISE
Institution
WISE
Personal Finance WISE Test Question and answers 100% correct 2024/2025 Personal Finance WISE Test
Inflation - correct answer the rise in the level of prices for goods and services
Time Value of Money - correct answer the increase of an amount of money due to earned interest or dividends
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Personal Finance WISE Test
Inflation - correct answer ✔the rise in the level of prices for goods and
services
Time Value of Money - correct answer ✔the increase of an amount of money
due to earned interest or dividends
Balance Sheet - correct answer ✔statement that identifies the items you
own, what you owe, and your net worth
Paying Yourself First - correct answer ✔the concept of setting aside a
portion of your income for savings before spending any of it
Commission - correct answer ✔a fee charged by a brokerage firm or
investment bank to buy or sell securities of an investor
Potential Earning Power - correct answer ✔the amount of money you may
earn over time
Finance Charge - correct answer ✔the total dollar amount of interest you pay
to use credit
Compounding - correct answer ✔the process of earning interest on both the
principal and any prior interest earned in your account
Medicare - correct answer ✔is a government sponsored health care
coverage for the elderly
, Credit Limit - correct answer ✔The maximum dollar amount of money the
creditor will make available to you on your credit card
Medicaid - correct answer ✔is a government sponsored health care plan for
people with low income
Grace Period - correct answer ✔the amount of time a credit card company
provides before you incur finance charges
Liquidity - correct answer ✔the ability to easily convert your financial
resources into cash without loss of value
Annual Percentage Yield - correct answer ✔term for the amount of interest
that a $100 deposit would earn after compounding for one year (as defined by
law)
401(k) - correct answer ✔sets aside a portion of your pay, plus (usually) an
employer match.
Economics - correct answer ✔The study of the decisions that go into making,
distributing and using goods and services.
Dealer Invoice Price - correct answer ✔Price the car dealer paid to purchase
the car from the manufacturer.
Opportunity Cost - correct answer ✔A trade-off or what you are giving up
when you make one choice over another.
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