Exam (elaborations)
Wise Financial Literacy Test (1).
- Module
- Pathophysiology EXAM 4 UTA
- Institution
- Pathophysiology EXAM 4 UTA
Wise Financial Literacy Test (1).
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Wise Financial Literacy TestIf a person makes a deposit of $10,000 or more into a bank account, the bank must
notify the: - ANS-US Treasury Department
The most liquid type of investment is: - ANS-A money market account.
He financial institution where Ms. Sanchez has her checking account will continue to
pay out money for the checks she writes as long as: - ANS-There is enough money in
Ms. Sanchez's account to cover the amount if the checks
Money orders are: - ANS-A purchased certificate to pay a specified amount to a specific
payee
The best suggestion you gave a friend who is writing a check for the first time is: -
ANS-Date the check because it is usually proof of payment
To qualify for a Federal Housing administration (FHA) loan, a person must generally: -
ANS-fulfill income guidelines
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? - ANS-Notify the
credit card companies in order to negotiate a new payment plan
What is meant by an uncollateralized loan? - ANS-A personal loan without assets to
cover the loan amount
When a person declares bankruptcy that fact will appear on the person's credit report: -
ANS-For a 10 year period
Which of following is considered to be opened credit? - ANS-Department store charge
cards
When a person brings an item to a pawnshop to obtain cash, the transaction is
considered: - ANS-a collateralized loan
Predatory lending practices generally include: - ANS-Very high interest rates and fees
, You can continue to change purchases on your credit card when: - ANS-The amount
you owe on the card is below your credit limit
Which of the following does the federal Reserve use to regulate the nation's money
supply? - ANS-Monetary policy
Money of saving, investing, or spending cannot be from: - ANS-Capital losses from the
sale of stock
Nora needed to make a long-distance call from a pay phone and did not have the cash.
She was able to make the call by using her: - ANS-cash card
A cash card generally: - ANS-Is purchased with a specific amount of money that can be
used to pay for goods or services
Which of the following statements is usually tru about individuals who are financially
literate? - ANS-The understand the basics of personal finance and money management
A person's debt ratio shows the relationship between debt and net worth. The lower the
ratio the: - ANS-Better off financially the person is
A man budgeted $200 a month for clothing. This month the man spent $150 on clothing
therefore that budget item is considered to have: - ANS-a budget variance
One of the benefits of holding an investment for over a year rather than selling it in less
than a year is that the: - ANS-capital gains on the investment will be taxed at a lower
rate
A person complains about how expensive it is to be a cigarette smoker. One of the
reasons cigarettes are so expensive is that: - ANS-the government imposes an excise
tax on them
A good example of a well-stated financial goal is: - ANS-Pay off $5,000 in credit card
debt in two years
Money set aside to grow is typically called: - ANS-savings or investments
Expenditures that remain constant from one time period to another are: - ANS-fixed
expenses
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