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Wise Certification Test questions with correct answer1
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Wise Certification Test questions with correct answersIf a person makes a deposit of $10,000 or more into a bank account, the bank must
notify the - ANSWER US Treasury Department
Margaret wants to store a valuable coin collection & important papers. Generally,
consumers should: - 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: - ANSWER A savings plan
Employees prefer direct deposits because: - 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 - 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? - 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
- ANSWER Fulfill income guidelines
When a person declares bankruptcy that fact will appear on the person's credit report
- ANSWER For a 10 year period
Which of the following is considered to be open-end credit? - ANSWER Department
store charge cards
What is meant by an uncollateralized loan? - 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? - ANSWER Monetary policy
Money for saving, investing, of spending cannot be from: - 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? - 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? - 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 - 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 - 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 - ANSWER A budget
variance
A persons debt ration shows the relationship between debt and net worth. The lower
the ratio the - 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 -
ANSWER Tax & penalty fee
A company offers a defined-contribution pension plan which means that upon
retirement the employee will receive - ANSWER The total amount of money
contributed plus investment earnings
As an investment, a person decides to buy a small house that has three rental
apartments. The profits from this investment may be lower then expected if the -
ANSWER One of the apartments is not rented
Buying s treasury bill (T-bill) is best for investors who are looking for - ANSWER A
secure, low risk investment
A pharmacy is to drugs as the American Stock Exchange is to: - ANSWER
Securities
Before the Kiss Corporation can issue stocks or bonds, it must register the issue
with: - ANSWER The Securities and Exchange Commission (SEC)
A person owns a stock that pays a $2.00 a share dividend. If the person chooses to
reinvest that dividend, this means that the $2.00 will go toward buying - ANSWER
More of the same stock
To determine the time value of depositing $100 in a savings account, a person
needs to know the interest rate and - ANSWER The rate of inflation
Lamar believes that interest rates are going to fall in the near future and remain low
for a considerable period of time. She should invest in: - ANSWER A long-term,
fixed rate certificate deposit
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