WISE test prep 2023 actual questions and answers with complete solution
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WISE test prep 2023 actual questions and answers with complete solution
Instead of keeping money under a mattress, people prefer using a bank or credit union savings account for all of the following reasons EXCEPT
The interest earned is not taxable.
If a person loses a debit or ATM card, and t...
wise test prep 2023 actual questions and answers with complete solution instead of keeping money under a mattress
people prefer using a bank or credit union savings account for all of the following
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WISE test prep 2023 actual questions and answers with
complete solution
Instead of keeping money under a mattress, people prefer using a bank or credit union
savings account for all of the following reasons EXCEPT
The interest earned is not taxable.
If a person loses a debit or ATM card, and the card is used by someone else, the
person who...
finds the card may withdraw money from the account
Why should a person reconcile their baking account?
it helps them to avoid withdrawing more money than is in the account.
A person has a checking account with overdraft protection. If this person writes a check
for more than the balance in their checking account, what is likely to happen?
They will be charged a fee in addition to paying interest on the amount of money the
bank has loaned them to cover the check.
If a person makes a cash deposit of over $10k, the bank must notify the
U.S. Department of Treasury
The routing number on a check is the
"driving directions" for money being transferred.
A stock paying a high quarterly dividend would be most attractive to which of the
following types of investors?
Retirees living on a fixed income.
A person purchased a $50k term life insurance policy. The $50k amount of coverage is
called the
face value
When a person has to file for personal bankruptcy that allows debt to be repaid over
time, they will apply to bankruptcy court for
chapter 13
Investors willing to accept high risk are
risk-tolerant
By law, promotional credit card interest rates
must last for 6 months
Tax refund loans are known for being
extremely expensive
Why is it always recommended that a person gets a loan with a 'no pre-payment
penalty' provision?
If the person can pay the loan in full within a shorter time period, the total cost of the
loan is reduced.
Which is a true statement about credit?
The real cost of an item bought with a credit card could be higher than the price paid.
A credit card finance charge is the
dollar amount for borrowing
Which was the name of the original company that started the FICO credit scoring
system?
Fair Isaac Corporation
, This year, a person earned $50 in interest from their savings account. This interest
income must be reported to the
Internal Revenue Service (IRS)
One of the benefits of having a personal bank account is that
paychecks can be electronically deposited into that account.
A person has a health insurance plan with a $50 co-pay. This $50 payment is the
amount paid to the doctor at each visit.
A credit score may be lowered as a result of having
three additional cards each year
Why might someone decide to invest in a company's stock?
The person knows the amount of money that will be earned each year as interest on
that bond.
To receive the benefits of overdraft protection, a person must
apply for the service from their bank.
The qualifications for becoming a certified financial planner (CFP) include
passing a 10-hour test and passing required courses.
The Truth-in-Lending Act requires that borrowers be given
information on the cost of the loan.
What is true about loans?
The larger the down payment, the lower the amount of the loan.
A person who wants money to be FDIC insured will probably deposit money in a
certificate of deposit(CD) at a bank.
If a person has a choice of getting a loan from a bank or a consumer finance company,
the person should generally choose the
bank, because it charges lower interest rates on loans than consumer finance
companies.
Sharon and Tim have the same exact car and bought the same insurance policy from
an insurance broker. Sharon pays a lower premium than Tim. An explanation for this is
that the insurance company
is taking less risk with sharon.
What is one thing that is considered by an insurance company when determining the
cost of an auto insurance policy?
credit score
Today, it is important for people to have health insurance because
medical care is extremely expensive.
A person's seldom-used credit card has been stolen without his knowledge. When he
gets his monthly statement, he realizes that someone else has been using the card and
he then reports it stolen. The maximum amount of the unauthorized purchases he is
liable for is
$50
Which of the following is a true statement about rules related to credit cards?
Credit cards cannot be given to anyone under the age of 21 without a cosigner or
sufficient income.
Which of the following is the safest investment?
U.S. Treasury Bills (T-Bills)
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