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WISE TEST QUESTIONS AND ANSWERS GRADED A+
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WISE TEST QUESTIONS AND ANSWERS GRADED A+ To manage spending effectively, what is the initial step you should take? - Seek advice from a financial advisor. - Consult a credit counseling service for guidance. - Develop a budget that outlines your current income and expenses. - Sign up f...

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  • August 1, 2024
  • 36
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wise test questions and answers graded a

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  • WISE TST
  • WISE TST

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1 WISE TEST QUESTIONS AND ANSWERS GRADED A + To manage spending effectively, what is the initial step you should take? - Seek advice from a financial advisor. - Consult a credit counseling servic e for guidance. - Develop a budget that outlines your current income and expenses. ✔✔ - Sign up for financial newsletters and magazines. Why is it important to compare prices when buying a car? - Each dealership offers different color options fo r cars. - Lenders want to confirm you get the best deal. - Car prices can vary greatly. ✔✔ - It is a requirement for car insurance eligibility. What is a key reason financial advisors recommend starting to save and invest early? - You can stop saving once you reach age 40. - Early saving benefits from the power of compounding and growth. ✔✔ 2 - Younger individuals typically have fewer financial obligations. - Insurance needs will be eliminated. What is a crucial characteristic of an effe ctive financial goal? - It should have a defined timeframe. ✔✔ - It should be suitable for the individual's age. - It should last throughout one's lifetime. - It should require at least ten years to achieve. What economic factor leads to decreased purchasing power and higher costs for products? - A market downturn. - Inflation. ✔✔ - A decrease in prices. - A market upturn. Which strategy is likely to help in achieving the goal of purchasing a ho me? - Using credit cards for everyday expenses. - Paying for significant items with cash. 3 - Sticking to a budget that includes savings. ✔✔ - Getting more credit cards to improve your credit score. Before buying the latest cell phone, what shou ld a college student first consider? - Is the new phone cheaper than the current one? - Is the new phone offered at a discount? - Is the new phone a necessity or a luxury? ✔✔ - Will the new phone be liked by friends? Which of the following off ers solid financial advice? - "He who hesitates is lost." - "A penny saved is a penny earned." ✔✔ - "Don’t delay today’s tasks for tomorrow." - "Opportunity may only present itself once." Which expense category is considered fixed? - Food - Vacation 4 - Entertainment - Rent ✔✔ Mandatory deductions from a person's paycheck include A. federal withholding tax and FICA. B. school taxes and contributions to a retirement account. C. regressive taxes and employee automatic savings. D. property taxes and employee benefits. ✔✔A When should a person begin contributing to a retirement plan? A. Before deciding to start a family. B. As young as possible. C. At age 50. D. Upon collecting Social Security. ✔✔B Which of the following is the source of income for m ost people aged 20 -35? A. Dividends. B. Wages/salary.

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