Wise Review Question and answers rated A+ 2024/2025
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Course
WISE
Institution
WISE
Wise Review Question and answers rated A+ 2024/2025 Wise Review
Which of the following is NOT taxable and does NOT need to be reported to the IRS. - correct answer Money received from a life insurance policy
The Truth-In-Lending Act required that borrowers be given- - correct answer info...
Wise Review
Which of the following is NOT taxable and does NOT need to be reported to
the IRS. - correct answer ✔Money received from a life insurance policy
The Truth-In-Lending Act required that borrowers be given- - correct answer
✔information on the cost of the loan
The role of a mortgage broker is to- - correct answer ✔find a lender for a
person needing to borrow
A person sold her house and deposited the money from the sale into her
savings account. In doing so, she has - - correct answer ✔liquidity
A person can deposit an $80 check into her checking account in all of the
following ways EXCEPT- - correct answer ✔a check-cash store
A person has a checking account with overdraft protection. If this person
writes a check for more than the balance in her checking account, what is
likely to happen? - correct answer ✔She will be charged a fee in addition to
paying interest on the amount of money the back has loaned her to cover the
check
A relative sends a check for $250 as a graduation gift in the mail. A week later
it has still not arrived. What should the relative do? - correct answer ✔Stop
payment on the check
A savings account earns the greatest amount of money when the interest on
the account is compounded, - correct answer ✔daily
, Which person has the greatest net worth? - correct answer ✔Person 2,
because the difference between this person's assets and liabilities is great
A statement that is always true about credit card fees and interest rates is
that- - correct answer ✔a person with a poor credit history can be charged a
higher interest rate.
A consumer is protected from credit card fraud or abuse through the- - correct
answer ✔Truth in Lending Act
Which of the following statements is true? - correct answer ✔The more a
person owes, the less he is worth
Using someone else's money, promising to repay at a future date, and paying
a fee for use of the money, is the definition of - - correct answer ✔credit
A true statement about interest rates and fees under the Credit CARD Act of
2009 is that - - correct answer ✔Interest rates on credit cards are not limited
The federal agency that has the power to give a fine to a bank that uses unfair
practices in collecting credit credit debt is the- - correct answer ✔U.S.
Department of the Treasury
A lender recommends that George buy credit life insurance on his car loan.
Which statement is true about credit life insurance? - correct answer ✔If
George dies while he is paying the car loan, the insurance company will pay
off the loan.
Why is it important to take a driver's education course? - correct answer ✔It
helps to lower the cost of car insurance
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