Wise Practice Exam Answers Question and answers verified to pass 2024/2025
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Course
WISE
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WISE
Wise Practice Exam Answers Question and answers verified to pass 2024/2025 Wise Practice Exam Answers
If you have caused an accident, which type of automobile insurance would cover damage to your own car? - correct answer Collision
Matt and Eric are young men. Each has a good credit histo...
Wise Practice Exam Answers
If you have caused an accident, which type of automobile insurance would
cover damage to your own car? - correct answer ✔Collision
Matt and Eric are young men. Each has a good credit history. They work at
the same company and make approximately the same salary. Matt has
borrowed $6,000 to take a foreign vacation. Eric has borrowed $6,000 to buy
a car. Who is likely to pay the lowest finance charge? - correct answer ✔Eric
will pay less because the car is collateral for the loan.
If you went to college and earned a 4-year degree, how much money could
you expect to earn than if you only had a high school diploma? - correct
answer ✔a lot more; about 70% more.
Many savings programs are protected by the Federal government against
loss. Which of the following is not? - correct answer ✔A bond issue by one of
the 50 states
If each of the following persons had the same amount of take home pay, who
would need the greatest amount of life insurance? - correct answer ✔A
young single woman with two young children.
Which of the following instruments in NOT typically associated with spending?
- correct answer ✔Certificate of deposit
Which of the following credit card users is likely to pay the GREATEST dollar
amount in finance charges per year, if they all charge the same amount per
year on their cards? - correct answer ✔Jessica, who only pays the minimum
amount each month.
, Which of the following statements is true? - correct answer ✔Banks and
other lenders share the credit history of their borrowers with each other and
are likely to know of any loan payments that you have missed.
Doug must borrow $12,000 to complete his college education. Which of the
following would NOT be likely to reduce the finance charge rate? - correct
answer ✔If he went to a state college rather than a private college.
If you had a savings account at a bank, which of the following would be
correct concerning the interest that you would earn on this account? - correct
answer ✔Income tax may be charged on the interest if your income is high
enough
Inflation can cause difficulty in many ways. Which group would have the
greatest problem during periods of high inflation that last several years? -
correct answer ✔Older people living on fixed retirement income.
Which of the following is true about sales taxes? - correct answer ✔It makes
things more expensive for you to buy.
Lindsay has save $12,000 for her college expenses by working part-time. Her
plan is to start college next year and she needs all of the money she saved.
Which of the following is the safest place for her college money? - correct
answer ✔A bank savings account
Which of the following types of investment would best protect the purchasing
power of a family's savings in the event of a sudden increase in inflation? -
correct answer ✔A house financed with a fixed-rate mortgage
Under which of the following circumstances would it be financially beneficial to
you to borrow money to buy something now and repay it with future income? -
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