Wise test Question and answers rated A+ 2024/2025 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 ...
Wise test
The credit card that makes the most sense for a person that pays his balance
every month is a credit card with - correct answer ✔1% cash back
generally inflation negativly impacts retirees living on fixed incomes because -
correct answer ✔prices are rising faster then income
Which type of investment is best protected fron increased inflation - correct
answer ✔house with fixed rate motgage
which type of finatial planner is most likely the least biaesd when giving advice
- correct answer ✔fee-only
what is the face falue of a bond - correct answer ✔the amount the
bondholder recives when the bond matures
Taxes on a traditional IRA are paid - correct answer ✔yearly on the amount
withdrawn from the account
a person is planning to go away to college next year the person should open a
personal bank accout since it is - correct answer ✔needed for depositing
grant and loan funds
a person is likley to be held responsible for the fruadulant use of her - correct
answer ✔debit card is not reported as stolen
why should a person reconsile her checking accont - correct answer ✔it
helps her to avoid withdrawing more money then is in the account
, a person's checking account requires a minimum balance of $1000 her
account balance at the end of the month is 600$ the bank will - correct
answer ✔charge a fee
The financial institution where a person has her checking acoount will
continue to pay out money for the checks she writes if - correct answer
✔there is enough money in her account to cover the amount of the checks
one role of the FEDs is - correct answer ✔setting requirements for banking
deposits
How does a person gain the most wealth - correct answer ✔invest AND save
young
The FED will raise interest rates in order to reduce or prevent - correct
answer ✔high inflation
who is most likly to benifit from an ecenomy with an increasing rate of inflation
- correct answer ✔borrowers with fixed rate low interest loans
which person has the greatist net worth - correct answer ✔person 2 because
the difference between this persons assests and liabilitys is greater.
an example of closed end credit is a - correct answer ✔mortgage
how can a person using credit learn about consumer credit rights - correct
answer ✔Read the Truth in Lending act
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