WISE TEST QUESTIONS AND REVISED ANSWERS ALL CORRECT
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Course
WISE
Institution
WISE
WISE TEST QUESTIONS AND REVISED ANSWERS ALL CORRECT
When a check is returned due to insufficient funds, the check is said to have
A. been postdated.
B. been voided.
C. bounced.
D. cleared. - Answer- c
A form of payment that is guaranteed to be as good as cash is a
A. personal check.
B....
WISE TEST QUESTIONS
AND REVISED ANSWERS
ALL CORRECT
When a check is returned due to insufficient funds, the check is said to have
A. been postdated.
B. been voided.
C. bounced.
D. cleared. - Answer- c
A form of payment that is guaranteed to be as good as cash is a
A. personal check.
B. bank check.
C. credit card charge.
D. promissory note. - Answer- b
Deposits in bank savings accounts are insured by the Federal Deposit Insurance
Corporation
(FDIC) up to
A. $ 50,000.
B. $100,000.
C. $150,000.
D. $250,000. - Answer- d
Which one of the following statements is the most accurate about the use of ATM
cards?
A. A person can generally get an interest free loan at any bank ATM with no fee.
B. A person can always charge a purchase using an ATM card.
C. A person can get cash anywhere in the world using an ATM with no fee.
D. A person must have a bank account to have an ATM card. - Answer- d
Which of the following financial products is good to have so that a person can cover
cash needs
today?
A. Bonds.
B. Individual Retirement Account (IRA).
C. Life insurance.
,D. Regular checking account. - Answer- d
A person writes a check for more money than he has in his checking account. In order
for the
check to be paid by the bank, he needs to have
A. overdraft protection.
B. credit insurance.
C. a joint account.
D. a credit history. - Answer- a
Many companies offer a service to electronically deposit an employee's net pay into his
designated bank account. This service is known as
A. barter.
B amortization.
C. automatic savings.
D. direct deposit. - Answer- D
When a person cashes a $300 check and only receives $285, she most likely went to
a/an
A. investment bank.
B. check cashing store.
C. savings bank.
D. credit union. - Answer- b
A debit card allows a person to:
A. pay for purchases directly from a checking or savings account.
B. build wealth.
C. borrow money for a short term.
D. spend more money than deposited in a checking or savings account. - Answer- A
The highest interest rate on a loan is charged by a
A. savings bank.
B. credit-card company.
C. pawnshop.
D. investment bank. - Answer- C
Electronic banking allows customers to
A. access accounts only during business hours six days a week.
B. perform transactions with the help of a teller during business hours.
C. stop the need to reconcile checking accounts.
D. perform transactions 24 hours a day. - Answer- D
When a person asks her bank not to honor a specific check, it is called
A. an overdraft.
B. a stop-payment order.
C. a cancellation.
, D. a limit order. - Answer- B
What can a person expect as a customer of a credit union?
A. Higher account fees and lower interest rates on loans than a commercial bank offers.
B. Higher account fees and higher interest rates on loans than a commercial bank
offers.
C. Lower account fees and higher interest rates on loans than a commercial bank
offers.
D. Lower account fees and lower interest rates on loans than a commercial bank offers.
- Answer- D
What type of information is not found on a consumer's credit report?
A. Personal medical information.
B. Criminal records.
C. Employment history.
D. Current and past addresses. - Answer- A
Hillary and Stephanie have both borrowed $15,000 from the same bank to buy the
same model
of a new car. Hillary's credit score is 732 and Stephanie's credit score is 588.
Who is likely to pay
a lower finance charge?
A. They will pay the same because they used the same bank.
B. Hillary.
C. Stephanie.
D. They will pay the same because they bought the same car. - Answer- B
Choose the best suggestion for building and maintaining a good credit score.
A. Have money in savings and protect against identity theft.
B. Keep debt low and pay bills on time.
C. Make safe investments and set clear financial goals.
D. Comparison shop and follow a budget. - Answer- B
In order to get spending under control, a person should first
A. seek help on investing from a financial planner.
B. consult a credit counseling service.
C. create a budget of current income and expenses.
D. subscribe to financial newsletters and magazines. - Answer- C
Comparison shopping for a car is necessary because
A. each dealer sells cars with different colors.
B. lenders want to be sure consumers get the best price.
C. the price for the car can vary a great deal.
D. it is a requirement to qualify for car insurance. - Answer- C
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