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Study Guide for the Wise Test Questions & answers
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Study Guide for the Wise Test Questions & answers
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Study Guide for the Wise TestIf a person makes a deposit of $10,000 or more into a bank account, the bank must
notify the - ANS-A: US Treasury Department
The best reason for depositing money in a bank or credit union savings account instead
of keeping your money "under the mattress" is that: - ANS-A: Money deposited in
savings accounts are F.D.I.C. insured
Travelers checks, often used for vacations: - ANS-C: Function as cash and are easily
replaced if lost
A bank Certificate of Deposit is a: - ANS-B: Savings instrument that requires a deposit
for a period of time during which there is a penalty for withdrawals
Safe-deposit boxes are: - ANS-B: Safe and can be accessed only by the owner of the
box
What is meant by an uncollateralized loan? - ANS-B: A personal loan without assets to
cover the loan amount.
Which of the following is considered to be open-end credit? - ANS-C: Department store
charge cards.
When a person declares bankruptcy that fact will appear on the person?s credit report -
ANS-B: for a 10 year period.
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? - ANS-C: Notify
the credit card companies in order to negotiate a new payment plan.
When a person brings an item to a pawnshop to obtain cash, the transaction is
considered - ANS-A: a collateralized loan.
To qualify for a Federal Housing Administration (FHA) loan, a person must generally -
ANS-C: fulfill income guidelines.
, Predatory lending practices do not include which of the following: - ANS-D: A loan that
you can afford with an interest rate that is the same as the interest rate being charged
by at least three other financial institutions
A company offers direct deposit of employees' earnings. The company will still provide
each employee with a statement that lists the employee?s - ANS-D: gross pay, the
amount and type of deductions and net pay.
Which of the following does the Federal Reserve use to regulate the nation's money
supply? - ANS-C: Monetary policy
The common name for U.S. currency is: - ANS-C: Green backs
A type of electronic funds transfer (EFT) is: - ANS-D: An ATM transaction
Which statement best describes the relationship between a person's educational level
and that person's potential earning power? - ANS-B: A person with a professional
degree is likely to earn at least four times as much per year as a person who did not
complete high school
Which of the following provides an increase in assets or wealth? - ANS-C: Having
capital gains
A man budgeted $200 a month for clothing. This month the man spent $150 on clothing
therefore that budget item is considered to have - ANS-C: a budget variance.
One of the benefits of holding an investment for over a year rather than selling it in less
than a year is that the - ANS-A: capital gains on the investment will be taxed at a lower
rate.
A person's debt ratio shows the relationship between debt and net worth. The lower the
ratio the - ANS-A: better off financially the person is.
A person complains about how expensive it is to be a cigarette smoker. One of the
reasons cigarettes are so expensive is that - ANS-D: the government imposes an excise
tax on them.
A good example of a well-stated financial goal is: - ANS-B: Pay off $5,000 in credit card
debt in two years
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