wise test question flash cards Question and answers correctly solved 2024/2025
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Course
WISE
Institution
WISE
wise test question flash cards Question and answers correctly solved 2024/2025 wise test question flash cards
an example of a short-term financial goal for high school sophomores would be? - correct answer short term one year or less to achieve such as going to a concert or getting a paid inte...
wise test question flash cards
an example of a short-term financial goal for high school sophomores would
be? - correct answer ✔short term one year or less to achieve such as going
to a concert or getting a paid internship
an example of an electronic funds transfer (lEFT) is a ? - correct answer
✔electronic funds (EFT) are requested through an electronic terminal.
telephone or computer and authorize a person's financial institution to transfer
from or to the account. direct deposit of a paycheck is an example of an eft
whereby a paycheck is automatically deposited into a person's bank account.
EFTS can also be used to pay the electricity bill and make installment loan
payments or transfer money between accounts.
the dollar amount of a debit card purchase is usually? - correct answer
✔debit card purchases are immediately deducted from a person checking
account balance. the person must have at least the amount of the purchase in
the account to which the debit card is linked.
a person has several open department store charge cards she has not used in
two years. there are no credit balances on these accounts. these charge
cards may impact the application for a loan because they ? - correct answer
✔the person could use these open accounts. and this will be considered in
any application for credit. if the maximum credit on the unsure accounts
together with the maximum credit on her active accounts add up to more than
she is likely to pay. it could be difficult to get a loan.
which example is a predatory lending situation ? - correct answer ✔predatory
lending uses abusive practices in any type of credit and tends to occur in low-
income neighborhoods, particularly those with a large number of elderly or
minority residents who have a poor credit history, or need cash quickly. these
lenders use deceptive advertising and high-pressure salespeople to give
repayment terms that the borrower can't afford.
, a good practice when using credit cards is to ? - correct answer ✔credit card
companies charge considerable interest for not paying the complete balance
each month. therefore, not paying each month's balance in full is a bad habit
that should be avoided. it shows the person is spending more money than she
can afford, which is a sign of a poor money manager.
an organization that provides students loan for students in need of financial
assistance? - correct answer ✔the federal government is the likely place for
a student loan, for a government loan, a FAFSA ( free application for federal
student aide) has to be completed.
a person has several open department store charge cards she has not used in
two years. there are no credit balances on these accounts. these charge
cards may impact her application for a loan because they ? - correct answer
✔the person could use these open accounts and, this will be considered in
any credit application. if the maximum credit on the unused accounts together
with the maximum credit on her active accounts adds up to more than she is
likely to pay, it could be difficult for her to get a loan.
which of the following statements is true about the interest rate paid on the
money in a bank savings account? - correct answer ✔the banks savings
accounts interest rates change are influenced by the federal reserve system.
a recession is characterized by ? - correct answer ✔during a recession,
there is a decline in employment, total output, income, and trade lasting from
six months to a year. the recession phase is described as a decline in
business activity or a downturn in the economy. if a recession becomes the
server, it is called a depression.
when a person's savings in bank accounts are earning 2% interest and
inflation is 5%. the purchasing power of the person's savings is? - correct
answer ✔if the annual rate of inflation is 5% and the earned money in the
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