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Wise Test Questions and Answers Already Passed What type of transaction occurs when someone uses a pawnshop to get immediate cash for an item? This is known as a secured loan where the item serves as collateral. For someone to qualify for an FHA mortgage, what is usually required? T...

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  • August 1, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
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1 Wise Test Questions and Answer s Already Passed What type of transaction occurs when someone uses a pawnshop to get immediate cash for an item? ✔✔ This is known as a secured loan where the item serves as collateral. For someone to qualify for an FHA mortgage, what is usually required? ✔✔ They must generally meet specified income criteria. If an individual has substantial unpaid credit card debt and cannot make payments, what is the recommended course of action? ✔✔ They should inform their credit card issuers to negotiate a revised payment arrange ment. Which type of credit is characterized by the ability to draw funds up to a certain limit and make repeated withdrawals? ✔✔ Store charge cards are an example of this kind of open -end credit. What is an unsecured loan? 2 ✔✔ It is a loan that does n ot require any collateral or assets to guarantee repayment. How does the Federal Reserve control the amount of money circulating in the economy? ✔✔ Through the implementation of monetary policy. What type of funds are unsuitable for saving or investmen t purposes? ✔✔ Losses from the sale of stocks should not be used for these purposes. If Jami's debit card was lost and not reported for three months, what is her maximum liability if unauthorized transactions occur? ✔✔ She faces unlimited liability. Susan allowed Marie to use her debit card and PIN to withdraw $25, but Marie took $100. What happens in this case? ✔✔ Susan cannot recover the extra $75 because she authorized Marie's use of the card and PIN. If a man budgeted $200 for clothing but spen t only $150, what does this indicate? ✔✔ This shows a variance from the budgeted amount.

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