Wise Financial Literacy Practice Test.pdf file:///C:/Users/HP/Desktop/New%20folder%20(4)/Wise%20Financ
Wise Financial Literacy Practice Test
Questions & Answers
1. If a person makes a deposit of $10,000 or more into a bank account, the bank
must notify the
Answer A; US Treasury Department. In order to track large deposits, the federal
government requires that deposits of $10,000 or more be reported to the Treasury
Department.
2. Banks use savings account deposits to
Answer C; Give loans to consumers and businesses.The basic functions of banks and
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,Wise Financial Literacy Practice Test.pdf file:///C:/Users/HP/Desktop/New%20folder%20(4)/Wise%20Financ
credit unions are to be an intermediary between savers and borrowers.
3. Which financial product may pay a dividend?
Answer D ;Common stock. All of these types of accounts and financial products
except for common stock earn interest.
4. Margaret wants to store a valuable coin collection and important papers.
Generally, consumers should
Answer B;Rent a safe deposit box for their valuables.Bank customers can rent safe
deposit boxes from the bank.
5. What action should a person take who must make a tuition payment at the
end of August each year?
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