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Wise Questions and Answers Latest Update Graded A+
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Wise Test Review All Topics Questions And Answers Rated A+ What term describes assets used to secure a loan? Collateral Which factor assesses your ability to repay a loan based on your available funds? Capacity What term refers to the overall value of money and property owned by a...

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  • August 1, 2024
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wise questions and answers latest update graded a

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1 Wise Test Review All Topics Questions And Answers Rated A+ What term describes assets used to secure a loan? ✔✔ Collatera l Which factor assesses your ability to repay a loan based on your available funds? ✔✔ Capacity What term refers to the overall value of money and property owned by an individual? ✔✔ Capital What characteristic signifies a person’s integrity and rel iability? ✔✔ Character How is a person's history of borrowing and repaying described? ✔✔ Credit history 2 In the U.S., what is the maximum amount you could be liable for if your credit card is stolen and used without authorization? ✔✔ 50 dollars If only the credit card number is stolen, what does federal law guarantee regarding liability? ✔✔ Zero liability ("Owes nothing") What does the abbreviation EFT stand for in financial transactions? ✔✔ Electronic Funds Transfer Which organization insures up to $250,000 of your money in a single account? ✔✔ FDIC Which type of credit involves a revolving line of credit and is offered by stores? ✔✔ Department store charge cards If someone has large credit card debts and is una ble to make payments, what should they do? ✔✔ Contact the credit card companies 3 How long will a bankruptcy declaration remain on a person's credit report? ✔✔ 10 years What defines an unsecured loan? ✔✔ A personal loan that is not backed by any asse ts What type of transaction occurs when an item is brought to a pawnshop for cash? ✔✔ A collateralized loan Which tool does the Federal Reserve use to control the nation's money supply? ✔✔ Monetary policy What are the main sources of income for most people aged 20 to 35 who are not receiving pension or social security? ✔✔ Salaries, wages, and tips How does a person's debt ratio reflect their financial situation?

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