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W!SE Financial Literacy Practice Exam With Correct Answers
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W!SE Financial Literacy Practice ExamWith Correct Answers
Which of the following does the Federal Reserve use to regulate the nation's money supply? - Correct
Answer - Monetary policy
Identify the background color of a U.S. $5.00 bill. - Correct Answer - Green
A type of electronic funds transfer (EFT) is: - Correct Answer - An ATM transaction
Scott just got an ATM card to use and must choose a PIN (Personal Identification Number). How should
he select a PIN that will give him maximum protection against anyone else being able to find out what
the PIN is? - Correct Answer - Use a random selection of letters and numbers
Which statement is FALSE about most ATM (Automated Teller Machine) cards? - Correct Answer - You
can always get cash anywhere in the world with no fee.
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? - Correct Answer - Will I find a balance
between financial rewards and personal satisfaction from work?
Money for saving, investing, or spending cannot be from: - Correct Answer - Capital losses from the sale
of stock
Which statement best describes the relationship between a person's educational level and that person's
potential earning power? - Correct Answer - A person with a professional degree is likely to earn at least
four times as much per year as a person who did not complete high school
, Purchases made with your debit card are usually: - Correct Answer - Deducted immediately from your
checking account
Jami lost her debit card. She did not report it missing for 3 months. If an unauthorized person used her
debit card, her maximum liability is: - Correct Answer - Unlimited liability
The interest earned on United States Series EE Savings Bonds is - Correct Answer - exempt from state
and local taxes.
Buying a treasury bill (T-bill) is best for investors who are looking for - Correct Answer - a secure, low
risk investment.
A pharmacy is to drugs as the American Stock Exchange is to: - Correct Answer - Securities
As an investment, a person decides to buy a small house that has three rental apartments. The profits
from this investment may be lower then expected if the - Correct Answer - one of the apartments is not
rented.
What is the largest equities market in the world? - Correct Answer - New York Stock Exchange (NYSE)
A person owns a stock that pays a $2.00 a share dividend. If the person chooses to reinvest that
dividend, this means that the $2.00 will go toward buying - Correct Answer - more of the same stock.
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 - Correct Answer - brokerage firm is lending the investor 50% of the money.
An investor bought 40 shares of ABC corporation's stock at $80 a share. Two weeks later, the investor
receives notice that the corporation has approved a 2-for-1 stock split. Based on this information, the
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