Wise 50 Questions and Answers Practice test 1 latest 2023
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Wise 50 Questions and Answers Practice test 1 latest 2023 Complete
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 unio...
wise 50 questions and answers practice test 1 latest 2023 complete 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
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Wise 50 Questions and Answers Practice test 1 latest 2023
Complete
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)
Travelers checks
Function as cash and are easily replaced if lost
The Fed
is short for The Federal Reserve System
The Federal Reserve
provides banking services to depository institutions, serves as the U.S. Government's
fiscal agent, supervises and regulates most large banks, and formulates and
implements monetary policy.
Interest Bearing
Types of checking accounts pay interest
Regular
checking accounts that do not earn interest
collateralized loan
When a person brings an item to a pawnshop to obtain cash, the transaction is
considered
Department store charge cards
Which of the following is considered to be open-end credit
uncollateralized loan
A loan that does not have an asset to support the loan.
fulfill income guidelines.
To qualify for a Federal Housing Administration (FHA) loan, a person must generally
daily
A savings account earns the greatest amount of money when the interest on the
account is compounded
60 days
If you have been denied credit, a job, a license, an insurance policy, or a loan based on
your credit report. You are entitled to receive a free copy of that credit report within how
many days of denial?
Electronic Fund Transfer Act
consumer reports the theft or loss of an ATM or debit card within two business days,
he/she is liable for not more than $50 of unauthorized purchases. If reported within 60
days, the consumer is liable for up to $500 of unauthorized purchases.
Electronic Fund Transfer Act
, Says If reported Lost after 60 days or not reported, the consumer may be liable for the
entire amount of unauthorized purchases.
Barter
To exchange goods or services without the use of money
Goals
Need to be realistic, have a target date, and, if possible, an associated cost
bank
Where You can set up an Individual Retirement Account at
Roth IRA
withdrawals from a_____ before retirement age are subject to both taxes and a penalty
Securities and Exchange Commission SEC
Before the Kiss Corporation can issue stocks or bonds, it must register the issue with
Diversification
The phrase "don't put all your eggs in one basket" describes the following investment
strategy?
Rule of 72
formula to approximate the time it will take for a given amount of money to double at a
given compound interest rate
Rule of 72
The formula is 72 divided by the interest rate earned. In a little over seven years, $100
will double at a compound annual rate of 10 percent (72/10 = 7.2 years).
Compounded interest
Interest earned on interest is known as
homeowners insurance
Protects against most types of property losses and liabilities related to home ownership
Death benefit or face value
Sally took out a $50,000 life insurance policy. The $50,000 amount of coverage is called
the:
Annual deductible
an amount required t be paid by a subscriber before a health plan benefits will begin to
reimburse for services
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 net worth
excise tax
government imposes a tax on specific goods and services such as alcohol, cigarettes,
gasoline, and airline
capital gains
are profits made from the sale of capital assets such as stocks and bonds
Capital gains
have taxes deferred until the asset is sold,
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