WISE Test Question and answers already passed 2024/2025
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Course
WISE
Institution
WISE
WISE Test Question and answers already passed 2024/2025 WISE Test
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the
State Banking Commission.
Federal Deposit Insurance Corporation. (FDIC).
US Treasury Department.
Federal Reserve Board. - corr...
WISE Test
In order to get spending under control, a person should first - correct answer
✔Create a budget of current income and expenses
Comparison shopping for a car is necessary because - correct answer ✔The
price for the car can vary a great deal
Financial planners generally stress the importance of starting to save and
invest early because - correct answer ✔Of the power of compounding and
appreciation
An important feature of a good financial goal is that the goal - correct answer
✔Has a specific time frame
Purchasing power decreases and it costs more money to buy goods when
there is - correct answer ✔Inflation
What strategy can help a person achieve her goal to buy a house? - correct
answer ✔Following a budget that allows for savings
A college student has to live on a tight budget. Before making a decision to
buy the newest cell
phone, which question should he ask himself first? - correct answer ✔Is the
new cell phone a need or want?
Which of the following quotes is sound financial advice? - correct answer
✔"A penny saved is a penny earned."
, Fixed expenses include - correct answer ✔Rent
Mandatory deductions from a person's paycheck include - correct answer
✔Federal withholding tax and FICA
When should a person begin contributing to a retirement plan? - correct
answer ✔As young as possible
Which of the following is the source of income for most people aged 20-35? -
correct answer ✔Wages/salary
The U.S. government agency responsible for the collection and enforcement
of federal taxes is
known as - correct answer ✔U.S. Internal Revenue Service (IRS)
When a person has a balanced budget that includes savings then - correct
answer ✔Total expenses + savings = total income
Why do financial advisors recommend that a person save at least 10% of
each paycheck? - correct answer ✔To build wealth
The "time value of money" means that - correct answer ✔Money received
today is worth more than the same amount of money received in the future
When a person receives a book store gift card, she can use it to - correct
answer ✔Buy a book from that store
A person who dies will have his assets distributed as he wanted as long as he
has - correct answer ✔A will
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