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Wise Certification Test Questions With Actual Responses
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Wise Certification Test Questions With Actual Responses
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Wise Certification Test Questions WithActual Responses
If a person makes a deposit of $10,000 or more into a bank account, the bank must
notify the CORRECT ANSWERS US Treasury Department
Margaret wants to store a valuable coin collection & important papers. Generally,
consumers should: CORRECT ANSWERS Rent a safe deposit box for their valuables
Troy has $50 a month transferred electronically from his checking account to his
savings account. This is an example of: CORRECT ANSWERS A savings plan
Employees prefer direct deposits because: CORRECT ANSWERS The money is
generally deposited in their checking account sooner than it would be if they had to
deposit it in person
A person is depositing $20 in cash and a check for $50. On the checking account
deposit slip, the person should CORRECT ANSWERS List the cash deposit it
separately from the check as well as the total of the deposit
A person has three credit cards with very large outstanding balances and is unable to
make payments on any of them. Which action should the person take? CORRECT
ANSWERS Notify the credit card companies in order to negotiate a new payment plan
To qualify for a Federal Housing Administration (FHA) loan, a person must generally
CORRECT ANSWERS Fulfill income guidelines
When a person declares bankruptcy that fact will appear on the person's credit report
CORRECT ANSWERS For a 10 year period
Which of the following is considered to be open-end credit? CORRECT ANSWERS
Department store charge cards
What is meant by an uncollateralized loan? CORRECT ANSWERS A person loan
without assets to cover the loan amount
Which of the following does the Federal Reserve use to regulate the nation's money
supply? CORRECT ANSWERS Monetary policy
Money for saving, investing, of spending cannot be from: CORRECT ANSWERS
Capital losses from the sale of stock
Susan gives Marie her ABC Credit Union debit card & personal identification number
(PIN) so Marie could get $25 from Susan's bank account. Marie withdrew $100 instead
, of the agreed $25. How can Sudan get the $75 back? CORRECT ANSWERS No bank
or government agency is obligated to reimburse Susan because she authorized Marie
to use her ATM card & PIN
Which of the following is a disadvantage of using phone cards, debit cards, electronic
transfers, and ATM cards? CORRECT ANSWERS They expose consumers to greater
likelihood of identify theft
A person complains about how expensive it is to be a cigarette smoker. Once of the
reasons cigarettes are so expensive is that CORRECT ANSWERS The government
imposes an excise tax on them
One of the benefits of holding an investment for over a year rather than selling it in less
than a year is that the CORRECT ANSWERS Capital gains on the investment will be
taxed at a lower rate
A man budgeted $200 a month for clothing. This month the man spent $150 on clothing
therefore that budgeted item is considered to have CORRECT ANSWERS A budget
variance
A persons debt ration shows the relationship between debt and net worth. The lower the
ratio the CORRECT ANSWERS Better off financially the person is
After five years of owning a Roth Individual Retirement Account (IRA) a person wants to
buy his first home, the person can withdraw money from the Roth IRA CORRECT
ANSWERS Tax & penalty fee
A company offers a defined-contribution pension plan which means that upon retirement
the employee will receive CORRECT ANSWERS The total amount of money
contributed plus investment earnings
As an investment, a person decides to buy a small house that has three rental
apartments. The profits from this investment may be lower then expected if the
CORRECT ANSWERS One of the apartments is not rented
Buying s treasury bill (T-bill) is best for investors who are looking for CORRECT
ANSWERS A secure, low risk investment
A pharmacy is to drugs as the American Stock Exchange is to: CORRECT ANSWERS
Securities
Before the Kiss Corporation can issue stocks or bonds, it must register the issue with:
CORRECT ANSWERS The Securities and Exchange Commission (SEC)
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