Wise Test Questions with complete solution 2024/2025
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Module
WISE
Institution
WISE
Wise Test Questions with complete solution 2024/2025 WISE Test
One of Andre's seldom-used credit cards has been stolen without his knowledge. When he gets his monthly statement, he realizes that someone else has been using the card and reports it stolen. The maximum amount of unauthorized purch...
Wise Test
When a person brings an item to a pawnshop to obtain cash, the transaction
is considered - correct answer ✔a collateralized loan.
To qualify for a Federal Housing Administration (FHA) loan, a person must
generally - correct answer ✔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? - correct answer ✔Notify the credit card companies in order to
negotiate a new payment plan.
Which of the following is considered to be open-end credit? - correct answer
✔Department store charge cards.
What is meant by an uncollateralized loan? - correct answer ✔A personal
loan without assets to cover the loan amount.
Which of the following does the Federal Reserve use to regulate the nation's
money supply? - correct answer ✔Monetary policy
Money for saving, investing, or spending cannot be from: - correct answer
✔Capital losses from the sale of stock
Jami lost her debit card. She did not report it missing for 3 months. If an
unauthorized person used her debit card, her maximum liability is: - correct
answer ✔Unlimited liability
, Susan gives Marie her ABC Credit Union debit card and personal
identification number (PIN) so Marie could get $25 from Susan's bank
account. Marie withdrew $100 instead of the agreed to $25. How can Susan
get the $75 back? - correct answer ✔No bank or government agency is
obligated to reimburse Susan because she authorized Marie to use her ATM
card and PIN
A man budgeted $200 a month for clothing. This month the man spent $150
on clothing therefore that budget item is considered to have - correct answer
✔a budget variance.
A person complains about how expensive it is to be a cigarette smoker. One
of the reasons cigarettes are so expensive is that - correct answer ✔he
government imposes an excise tax on them.
A person's debt ratio shows the relationship between debt and net worth. The
lower the ratio the - correct answer ✔better off financially the person is.
One of the benefits of holding an investment for over a year rather than selling
it in less than a year is that the - correct answer ✔capital gains on the
investment will be taxed at a lower rate.
A company offers a defined-contribution pension plan which means that upon
retirement the employee will receive - correct answer ✔the total amount of
money contributed plus investment earnings.
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 - correct answer ✔tax and penalty free.
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