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Wise Practice Test Updated Questions and Answers (2024/2025) (Verified Answers)
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Wise Practice Test Updated Questions and Answers (2024/2025) (Verified Answers)
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WISE Practice Test.pdf file:///C:/Users/HP/Desktop/New%20folder%20(4)/WISE%20PractWise Practice Test Study Questions & Answers
1. budget variance.
Answer the difference between the budgeted amount and the actual amount that
you spend
2. debt ratio
Answer shows the relationship between debt and net worth.
3. debt ratio
Answer The lower the ratio the better off financially the person is.
4. debt ratio
Answer calculated by dividing liabilities by net worth
5. excise tax
Answer government imposes a tax on specific goods and services such as alcohol,
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cigarettes, gasoline, and airline
6. capital gains
Answer are profits made from the sale of capital assets such as stocks and bonds
7. Capital gains
Answer tax deferred until the asset is sold,
8. Capital Gains Tax
Answer If held over one year are considered long-term capital gains and are taxed at
a lower tax rate or in some cases are not taxed at all.
9. variable expenses
Answer change from one period to another,examples Electricity and food
expenditures
10. get advice from your friends
Answer will help you the least in managing your money?
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11. Financial planning
Answer the process of developing and implementing a coordinated series of actions to
achieve financial success.
12. Financial planning
Answer need to be reviewed and adjusted to accommodate chang- ing needs and
goals.
13. emergency fund
Answer Should be an important consideration when saving money
14. liquidity
Answer being in cash or easily convertible to cash, How easily an asset can be
converted into cash
15. Social Security
Answer benefits depends on the person?s earnings over a lifetime of work
16. Department store charge cards.
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