Wise Test Review Questions and Answers 100% Accurate
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Course
Wise Financial Literacy
Institution
Wise Financial Literacy
Wise Test Review Questions and Answers 100% AccurateWise Test Review Questions and Answers 100% AccurateWise Test Review Questions and Answers 100% AccurateWise Test Review Questions and Answers 100% Accurate
1. When using a debit card what should you immediately do upon use? - ANSWER-Record it in...
Wise Test Review Questions and Answers 100% Accurate Wise Test Review Questions and Answers 100% Accurate
1. When using a debit card what should you immediately do upon use? - ANSWER-
Record it in your checkbook register
2. Why buy renter's insurance? - ANSWER-To protect your belongings in case of fire or theft
3. Why do you pay a lower rate on a car loan verses a personal loan? - ANSWER-The car is collateral for the loan
4. Why do corporations issue bonds? - ANSWER-To borrow money from investors
5. Why are payday loans the worst choice? - ANSWER-These loans often result in a pattern of needing to continue borrowing and usually come with the highest interest rate
6. How does the Federal Reserve System (FED) protect depositors & banks? - ANSWER-Regulates the number of branches a member bank can have
7. What would typically happen to a publicly traded company's stock if they lost a major lawsuit? - ANSWER-Stock prices would decrease
8. If you have multiple credit cards, how much shows on your credit report that you owe? - ANSWER-The total amount owed on all credit cards at the time that the report is
run
9. If your credit card bill was more than you budgeted, as a financially literate person, what should you pay? - ANSWER-Pay the bill and full if possible and reduce the budget somewhere else
10. Why would the purchasing power of money decrease? - ANSWER-inflation
30. What is a benefit of using a debit card? - ANSWER-Reduces the amount of cash carried
31. If you go to the doctor and you have a $25 co-pay, what does that mean? - ANSWER-You will be responsible for $25 regardless of the cost of the visit
11. You generally pay $150 a month on groceries. This year the inflation rate is 10%. What will happen to the amount of groceries and the price you pay for groceries? - ANSWER-Groceries stay the same but the price goes up
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