WISE PRACTICE TEST QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+
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Module
WISE
Institution
WISE
Question : To qualify for a Federal Housing Administration (FHA) loan, a
person must generally
A: have at least a high school diploma.
B: have one-quarter of the cost of the home
for a down-payment.
C: fulfill income guidelines.
D: provide two individuals to co-sign the loan.
Ans: C: fu...
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WISE PRACTICE TEST 2025- 2026 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
Question : To qualify for a Federal Housing Administration (FHA) loan, a
person must generally
A: have at least a high school diploma.
B: have one-quarter of the cost of the home
for a down-payment.
C: fulfill income guidelines.
D: provide two individuals to co-sign the loan.
Ans: C: fulfill income guidelines.
Quiz: A high school student has begun to investigate the field of
finance as a career choice. In deciding about the field, the student
should focus on which question first?
A: Will I find a balance between financial rewards and personal
satisfaction from work?
B: How many people do I know who work in this field?
C: Once I train for this area, how long before I will be
,at the top of the field?
D: Are there people in this field who are dissatisfied
with their jobs?
Ans: A: Will I find a balance between financial rewards and personal
satisfaction from work?
Quiz: A: Will I find a balance between financial rewards and personal
satisfaction from work?
Reason : It is important to investigate a career with the idea of not only
getting a sense of earning potential, types of positions available and
the training necessary to acquire these positions but what are the
chances that the individual will enjoy working in this field.
Ans: D: An ATM transaction
Quiz: A company offers a defined-contribution pension plan which
means that upon retirement the employee will receive
A: one-half of the employee's last year's salary.
B: the total amount of money contributed plus investment
earnings.
C: an amount of money based only on the length of time
the employee worked for the company.
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,D: a specified amount of money based totally on the profit
earned by the company while the employee worked
there.
Ans: B: the total amount of money contributed plus investment earnings.
Quiz: The interest earned on United States Series EE Savings Bonds is
A: exempt from state and local taxes.
B: paid in a lump sum at the time the face value on the bond is
reached.
C: equal to the money paid to purchase it.
Ans: A: exempt from state and local taxes.
Reason : The interest rate on US savings bonds is exempt from state and local
taxes.
Quiz: Buying a treasury bill (T-bill) is best for investors who are looking for
A: a place to invest between $100-$500.
B: a secure, low risk investment.
C: a higher yield on their investment than corporate bonds offer.
D: an investment that matures in 10-30 years.
Ans: B: a secure, low, risk investment.
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, Reason : These bills are backed by the full faith and credit of the US
government, therefore considered relatively risk free.
Quiz: Using a brokerage firm, a qualified investor buys 1000 shares of a
common stock at $50 a share on 50% margin. This means that the
A: investor will pay only $5000 for the shares.
B: investor is buying 2000 shares.
C: brokerage firm is lending the investor 50% of the money.
D: brokerage firm will own 50% of the 1000 shares of stock that were
purchased.
Ans: C: brokerage firm is lending the investor 50% of the money.
Reason : Margin is a speculative method whereby an investor borrows up to
50% of the money needed from a brokerage firm in order to buy a
wanted stock and pays a fee for the privilege.
Quiz: To determine the time value of depositing $100 in a savings
account, a person needs to know the interest rate and
A: her total income.
B: the rate of inflation.
C: whether the account is FDIC protected.
D: whether the bank offers overdraft protection.
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