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Wise Financial Literacy Test with complete solutions
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Wise Financial Literacy Test with complete solutions
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Wise Financial Literacy TestIf you have a whole life insurance policy with a cash surrender value, and you surrender the policy, what
will you receive? - correct answer ✔✔a calculated amount of money which includes part of the
premiums paid as well as the interest on that money (because they're not going to give you the whole
amount back)
What is capital gain? - correct answer ✔✔Income on stocks
What is a bull/bear market? - correct answer ✔✔A bull market is a promising market (bull attacks up)
A bear market is a market that isn't doing well (bear attacks down)
What is an exemption? - correct answer ✔✔the amounts of money you get taken away from taxes for
having dependents
Annual deductible - correct answer ✔✔What you have to pay in the beginning of the year before
insurance kicks in
Managed Health Care Plan - correct answer ✔✔-you have to go to your primary care physician who
determines whether you should see a specialist
-co-pays at the primary care physician
What is the only type of life insurance without a cash value? - correct answer ✔✔Term
When you reinvest dividends, what does that go towards buying? - correct answer ✔✔More of the same
stock
What is the largest equities market in the world? - correct answer ✔✔New York Stock Exchange (NYSE)
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