BUNDLED Wise Practice Exam Answers and Answers Graded A 2024

What is money? - Medium of exchange What are some examples of mediums of exchange? - Money What is the US currency currently backed by? - Full faith and trust in the US government What is the role of the US Department of Treasury? - They print dollar bills and mint coins What are some me...

Us currency - Not backed by gold; has value based on the confidence in and strength of the us government Barter - Exchange with goods and services, not money Role of the us department of treasury - Printing money Factors that influence income - Job opportunities, employment developments, in...

What are the sources of income? - wages, rentals, interest, capital, profits, investments, entrepreneurship What is exemption (allowance) and how does it work? - allowance is used to reduce amount of taxed income What are Gift Cards and how do they work? - they are a closed loop system and ope...

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. - C: f...

US Treasury Department If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the National Credit Union Association (NCUA) insures each depositor's accounts up to $100,000 in one credit union Credit union Are insured by National Credit Union Association (NCUA)...

A person buys a flat screen, plasma, theater-like television. The person has homeowner?s insurance. Why would it be appropriate to add a personal property floater to that insurance? A) To reduce the premium on the homeowner?s insurance. B) To protect the person who owns the television from liabil...

A credit card is issued to John and Maria Davis. This month, John charges $100 and Maria makes no charges. When the bill is received who is legally responsible for paying the $100 - Both John and Maria A factor that can cause the price of a stock to DECREASE is the company - lowering its expectat...

If you have caused an accident, which type of automobile insurance would cover damage to your own car? - Collision Matt and Eric are young men. Each has a good credit history. They work at the same company and make approximately the same salary. Matt has borrowed $6,000 to take a foreign vacation...

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the State Banking Commission. Federal Deposit Insurance Corporation. (FDIC). US Treasury Department. Federal Reserve Board. - US Treasury Department Safe-deposit boxes are: Safe and can be access...

Sources of income: - wages, rentals, interest, capital, profits, investments, entrepreneurship • Exemption (aka an allowance) and how does it work: allowance is used to reduce amount of taxed income Liquidity—what does it mean; what products are liquid - the degree of ease in which assets ...

In order to get spending under control, a person should first - Create a budget of current income and expenses Comparison shopping for a car is necessary because - The price for the car can vary a great deal Financial planners generally stress the importance of starting to save and invest earl...

Collateral - security given for loan, assets to secure the debt Capacity - your ability to repay the debt. Do you have sufficient $money to repay a loan Capital - "net worth". wealth in the form of money or property owned by a person Character - good reputation, Integrity Credit histor...

An individual, who earns $36,000 a year, has total assets of $156,000 and liabilities of $85,000. The net worth of this individual is - $71,000 Net Worth = Assets - Liabilities When considering purchasing renters insurance. a person should know that the - purpose is to cover monetary losses rela...

budget variance. - the difference between the budgeted amount and the actual amount that you spend debt ratio - shows the relationship between debt and net worth. debt ratio - The lower the ratio the better off financially the person is. debt ratio - calculated by dividing liabilities by ne...