Wise Test question with answers
When a person brings an item to a pawnshop to obtain cash, the transaction is
considered - - a collateralized loan.
-To qualify for a Federal Housing Administration (FHA) loan, a person must
generally - - fulfill income guidelines.
-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? - - Notify
the credit card companies in order to negotiate a new payment plan.
-Which of the following is considered to be open-end credit? - - Department store
charge cards.
-What is meant by an uncollateralized loan? - - A personal loan without assets to
cover the loan amount.
-Which of the following does the Federal Reserve use to regulate the nation's
money supply? - - Monetary policy
-Money for saving, investing, or spending cannot be from: - - Capital losses from
the sale of stock
-Jami lost her debit card. She did not report it missing for 3 months. If an
unauthorized person used her debit card, her maximum liability is: - - Unlimited
liability
-Susan gives Marie her ABC Credit Union debit card and personal identification
number (PIN) so Marie could get $25 from Susan's bank account. Marie withdrew
$100 instead of the agreed to $25. How can Susan get the $75 back? - - No bank
or government agency is obligated to reimburse Susan because she authorized
Marie to use her ATM card and PIN
-A man budgeted $200 a month for clothing. This month the man spent $150 on
clothing therefore that budget item is considered to have - - a budget variance.
-A person complains about how expensive it is to be a cigarette smoker. One of the
reasons cigarettes are so expensive is that - - he government imposes an excise
tax on them.
-A person's debt ratio shows the relationship between debt and net worth. The
lower the ratio the - - better off financially the person is.
-One of the benefits of holding an investment for over a year rather than selling it
in less than a year is that the - - capital gains on the investment will be taxed at a
lower rate.
When a person brings an item to a pawnshop to obtain cash, the transaction is
considered - - a collateralized loan.
-To qualify for a Federal Housing Administration (FHA) loan, a person must
generally - - fulfill income guidelines.
-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? - - Notify
the credit card companies in order to negotiate a new payment plan.
-Which of the following is considered to be open-end credit? - - Department store
charge cards.
-What is meant by an uncollateralized loan? - - A personal loan without assets to
cover the loan amount.
-Which of the following does the Federal Reserve use to regulate the nation's
money supply? - - Monetary policy
-Money for saving, investing, or spending cannot be from: - - Capital losses from
the sale of stock
-Jami lost her debit card. She did not report it missing for 3 months. If an
unauthorized person used her debit card, her maximum liability is: - - Unlimited
liability
-Susan gives Marie her ABC Credit Union debit card and personal identification
number (PIN) so Marie could get $25 from Susan's bank account. Marie withdrew
$100 instead of the agreed to $25. How can Susan get the $75 back? - - No bank
or government agency is obligated to reimburse Susan because she authorized
Marie to use her ATM card and PIN
-A man budgeted $200 a month for clothing. This month the man spent $150 on
clothing therefore that budget item is considered to have - - a budget variance.
-A person complains about how expensive it is to be a cigarette smoker. One of the
reasons cigarettes are so expensive is that - - he government imposes an excise
tax on them.
-A person's debt ratio shows the relationship between debt and net worth. The
lower the ratio the - - better off financially the person is.
-One of the benefits of holding an investment for over a year rather than selling it
in less than a year is that the - - capital gains on the investment will be taxed at a
lower rate.
