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Wise Certification Test with complete solutions
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Wise Certification Test with complete solutions
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Wise Certification TestIf a person makes a deposit of $10,000 or more into a bank account, the bank must notify the - correct
answer ✔✔US Treasury Department
Margaret wants to store a valuable coin collection & important paper. Generally, consumers should: -
correct answer ✔✔Rent a safe deposit box for their valuables
Troy has $50 a month transferred electronically from his checking account to his savings account. This is
an example of: - correct answer ✔✔A savings plan
Employees prefer direct deposits because: - correct answer ✔✔The money is generally deposited in
their checking account sooner than it would be if they had to deposit it in person
A person is depositing $20 in cash and a check for $50. On the checking account deposit slip, the person
should - correct answer ✔✔List the cash deposit it separately from the check as well as the total of the
deposit
A person has three credit cards with very large outstanding balances and is unable to make payments on
any of them. Which action should the person take? - correct answer ✔✔Notify the credit card
companies in order to negotiate a new payment plan
To qualify for a Federal Housing Administration (FHA) loan, a person must generally - correct answer
✔✔Fulfill income guidelines
When a person declares bankruptcy that fact will appear on the person's credit report - correct answer
✔✔For a 10 year period
Which of the following is considered to be open-end credit? - correct answer ✔✔Department store
charge cards
, What is meant by an uncollateralized loan? - correct answer ✔✔A person loan without assets to cover
the loan amount
Which of the following does the Federal Reserve use to regulate the nation's money supply? - correct
answer ✔✔Monetary policy
Money for saving, investing, of spending cannot be from: - correct answer ✔✔Capital losses from the
sale of stock
Susan gives Marie her ABC Credit Union debit card & personal identification number (PIN) so Marie
could get $25 from Susan's bank account. Marie withdrew $100 instead of the agreed $25. How can
Sudan get the $75 back? - correct answer ✔✔No bank or government agency is obligated to reimburse
Susan because she authorized Marie to use her ATM card & PIN
Which of the following is a disadvantage of using phone cards, debit cards, electronic transfers, and ATM
cards? - correct answer ✔✔They expose consumers to greater likelihood of identify theft
A person complains about how expensive it is to be a cigarette smoker. Once of the reasons cigarettes
are so expensive is that - correct answer ✔✔The government imposes an excise tax on them
One of the benefits of holding an investment for over a year rather than selling it in less than a year is
that the - correct answer ✔✔Capital gains on the investment will be taxed at a lower rate
A man budgeted $200 a month for clothing. This month the man spent $150 on clothing therefore that
budgeted item is considered to have - correct answer ✔✔A budget variance
A persons debt ration shows the relationship between debt and net worth. The lower the ratio the -
correct answer ✔✔Better off financially the person is
After five years of owning a Roth Individual Retirement Account (IRA) a person wants to buy his first
home, the person can withdraw money from the Roth IRA - correct answer ✔✔Tax & penalty fee
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