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Wise Practice Test 1 50 Questions and Answers 100% Pass
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Wise Practice Test 1 50 Questions and Answers 100% Pass When someone deposits at least $10,000 into their bank account, which government agency must be informed? US Treasury Department Which organization guarantees up to $100,000 per depositor in a single credit union? National Credit...

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  • August 1, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wise practice test 1 50 questions and answers 100

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1 Wise Practice T est 1 50 Questions and Answers 100 % Pass When someone deposits at least $10,000 into their bank account, which government agency must be informed? ✔✔US Treasury Department Which organization guarantees up to $100,000 per depositor in a single credit union? ✔✔National Credit Union Ass ociation (NCUA) Which type of financial institution benefits from the insurance provided by the National Credit Union Association (NCUA)? ✔✔Credit union How do travelers checks operate, and what happens if they are lost? ✔✔They act similarly to cash and can be quickly replaced if lost. What is the abbreviated term for the Federal Reserve System? ✔✔The Fed 2 What are the primary roles of the Federal Reserve? ✔✔It offers banking services to financial institutions, manages the fiscal operations of the U.S. Government, oversees and regulates major banks, and sets monetary policy. Which types of checking accounts provide interest payments? ✔✔Interest Bearing What are checking accounts that do not offer interest called? ✔✔Regular What term describes the type of loan where an item is used as security in a pawnshop transaction? ✔✔Collateralized loan Which of the following is an example of open -end credit? ✔✔Department store charge cards 3 What is an uncollate ralized loan? ✔✔A loan not backed by any asset. To be eligible for an FHA loan, what requirement must typically be met? ✔✔Income guidelines A savings account yields the most benefit when interest is compounded how frequently? ✔✔Daily If your credit report leads to a denial of credit, a job, a license, or an insurance policy, within how many days can you request a free copy of the report? ✔✔60 days Under the Electronic Fund Transfer Act, what is the maximum financial responsibilit y if an ATM or debit card is reported lost within two business days? ✔✔$50

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