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WISE (Finance Economics) PRACTICE STUDY GUIDE QUESTIONS AND ANSWERS FREQUENTLY TESTED.
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WISE (Finance Economics) PRACTICE STUDY GUIDE QUESTIONS AND ANSWERS FREQUENTLY TESTED.
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WISE (Finance Economics) PRACTICE STUDYGUIDE QUESTIONS AND ANSWERS
FREQUENTLY TESTED.
Inflation can cause difficulty in many ways. Which group would have the
greatest problem during periods of high inflation that last several years?
Correct Answer -Older people living on fixed retirement income.
Which of the following is true about sales taxes?
Correct Answer -It makes things more expensive for you to buy.
Lindsay has save $12,000 for her college expenses by working part-time.
Her plan is to start college next year and she needs all of the money she
saved. Which of the following is the safest place for her college money?
Correct Answer -A bank savings account
Which of the following types of investment would best protect the
purchasing power of a family's savings in the event of a sudden increase
in inflation?
Correct Answer -A house financed with a fixed-rate mortgage
Under which of the following circumstances would it be financially
beneficial to you to borrow money to buy something now and repay it
with future income?
Correct Answer -When you need to buy a car to get a much better paying
job.
, Which of the following statements best describes your right to check your
credit history for accuracy?
Correct Answer -Your credit record can be checked once a year for free.
Your take home pay from your job is less than the total amount you earn.
Which of the following best describes what is taken out of your total pay?
Correct Answer -Federal income tax, social security, and Medicare
contributions
Retirement income paid by a company is called:
Correct Answer -Pension
Many people put aside money to take care of unexpected expenses. If
John and Jenny have money put aside for emergencies, in which of the
following forms would it be of LEAST benefit to them if they needed it
right away?
Correct Answer -Invested in a down payment on the house
Justin just found a job with a take-home pay of $2,000 per month. He
must pay $800 for rent and $200 for groceries each month. He also spends
$200 per month on transportation. If he budgets $100 each month for
clothing, $150 for restaurants and $250 for everything else, how long will it
take him to accumulate savings of $900.
Correct Answer -3 months
Many young people receive health insurance benefits through their
parents. Which of the following statements is true about health insurance
coverage?
Correct Answer -If your parents become unemployed, your insurance
coverage may stop, regardless of your age.
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