Wise Test Review Question and answers 2024/2025 Wise Test Review
When making a list of your liabilities a person should include: - correct answer mortgage loan
Money in the form of cash or currency acts as a: - correct answer medium of exchange
If a person has a $1,000 line of credit...
Wise Test Review
When making a list of your liabilities a person should include: - correct
answer ✔mortgage loan
Money in the form of cash or currency acts as a: - correct answer ✔medium
of exchange
If a person has a $1,000 line of credit, the person can charge: - correct
answer ✔up to $1,000 on the credit card
A benefit of buying term life insurance as opposed to whole life insurance is
that term insurance usually: - correct answer ✔offers a greater amount of
insurance coverage for a specific period of time at a lower cost
Which of the following statements is true about a person who owns real
estate, bonds and stocks and has a savings account? - correct answer ✔he
has a diversified financial portfolio
In order to live on a monthly budget, a person should - correct answer ✔Be
responsible and use restraint
The $25,000 that a person won on a TV game show is considered - correct
answer ✔windfall income
If you have a $500 deductible on your car insurance and you have a wreck
that causes $4,000 in damage to your car, how much will the insurance
company pay? - correct answer ✔$3,500
,Why does a corporation issue bonds to the public? - correct answer ✔it
wants to borrow money and is willing to pay interest on the loan
Discretionary income is: - correct answer ✔money left after paying the
essential bills
Banks play an important role in the United States economy by: - correct
answer ✔making loans to businesses
If you and your spouse have another baby, how can you increase your net
pay? - correct answer ✔increase the exemptions on your W-4
You've written a check for your power bill and realize you've lost it before even
getting it in the mail; if you place a stop payment on the check, you can expect
your bank to: - correct answer ✔charge a minimum fee for the stop payment
One responsibility of the Federal Reserve System (FED) is to: - correct
answer ✔directly influence interest rates charged by banks
John puts $10,000 down payment on a $100,000 home. Jane puts $20,000
down payment on a $100,000 home. They both have 20-year mortgages at
the same fixed-interest rate. Which is a true statement about their mortgages?
- correct answer ✔Jane's payment will be lower than John's
If a person decides to lend money to a friend, it is strongly advised that the
person lending the money - correct answer ✔Ask the borrower to sign an
agreement explaining the terms of the loan
CD's (certificates of deposit) do not require a minimum deposit - correct
answer ✔false
, In a managed health care insurance plan, such as health maintenance
organization (HMO), the individual member receives: - correct answer
✔medical treatment of a specified co-payment
To AVOID being charged a late fee on a credit card bill, a person must pay
the payment: - correct answer ✔so that the payment is received by the credit
card company on or before the due date
The federal government created the FDIC to protect: - correct answer ✔their
bank deposits up to $250,000
When a college requires that students pay their application fees with money
orders, it also benefits students because: - correct answer ✔cash can get
lost or stolen in the mail
Why should you never sign a blank check? - correct answer ✔anyone can fill
out the check for any payee and for any amount
The New York Stock Exchange (NYSE) is a: - correct answer ✔marketplace
where stocks are bought and sold
When you receive an inheritance or money from a life insurance policy you
are the: - correct answer ✔beneficiary
A college student is planning to take a student loan from the government;
payments on most of these loans are: - correct answer ✔not due until after
the student leaves school or graduates
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