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Wise Test Study Guide WITH COMPLETEB SOLUTIONS
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Wise Test Study Guide WITH COMPLETEB SOLUTIONS
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EUNICEWise Test Study Guide WITH 100% SURE ANSWERS
What are the sources of income? wages, rentals, interest, capital, profits, investments, entrepreneurship
What is exemption (allowance) and how allowance is used to reduce amount of taxed income
does it work?
What are Gift Cards and how do they they are a closed loop system and open loop system
work?
it is a payment order for a pre-specified amount of money and is purchased at
What is a money order?
different types of stores -- it is used as a check.
Why does the U.S. currency have value there is a belief that money has value and therefore is accepted.
even though it is not tied to a commodity?
what is opportunity cost? the next best alternative -- it is what is given up when a choice is made.
who is hurt the most and the least with most hurt are lenders (banks) and people living on a fixed income. Least hurt are
inflation? those who owe large amounts of money.
What is the role of the Treasury collects taxes, prints money, issues treasury bonds
Department?
What does it mean when you Pay-Yourself- automatically route money from paycheck to savings (before paying bills)
First?
What is a CD and what happens if you cash it is a time deposit offered at financial institutions -- penalty if cashed before
it before maturity? maturity.
Which institutions give loans? banks, credit unions, pawnshops, finance companies, payday lenders, tax preparers
which institution(s) charge the highest pawnshops, payday lenders, tax refund lenders, finance companies
interest rates on loans?
what is a credit union and the advantage of member owned co-operative financial institution -- advantage is lower interest rates
using a credit union? on loans
overdraft protection is a feature offered by banks to keep your checking account
what is overdraft protection and how does
from over-drafting when you write a check or swipe your debit card but don't have
it work?
enough money in your account. It is a loan that is paid back.
what is compound interest? interest added to principal -- interest earned on interest
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