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Wise testAn individual, who earns $36,000 a year, has total assets of $156,000 and liabilities of $85,000. The net
worth of this individual is - correct answer ✔✔$71,000
Net Worth = Assets - Liabilities
When considering purchasing renters insurance. a person should know that the - correct answer
✔✔purpose is to cover monetary losses related to fire, theft, and personal injury
(The purpose of all insurance is to cover monetary losses. Renters insurance protects against all things
that can happen to your rented property.
Premiums of all insurance is based off of how risky you are as a customer. The more claims you make,
the riskier you are. Income has nothing to do with it.
Landlord insurance will protect them from loss, it will do nothing for their renters. Also, landlords can
demand that you have insurance but they do not get a say in anything else about it. They do not get to
approve the policy, insurance company or coverage.)
The LOWEST interest rate loans generally: - correct answer ✔✔are given to people who have high credit
scores
Insurance is frequently described as a method of "sharing the risk"because the insured person shares
the risk with the - correct answer ✔✔Other policy holders
When you get insurance you are sharing the possibility/risk with everyone else in your group. We all pay
for insurance though we don't all use it all the time. When we don't use it our money is put towards
those who need it.
By raising the deductible on car insurance coverage for collision from $200 to $400, the premium will be
- correct answer ✔✔A lower amount
(deductible (the amount you have to pay before the insurance company will help you) and the premium
(the amount you pay each month to have insurance) have an INVERSE relationship. If one is high the
other is low. So raising my deductible will lower my premiums.)
, A credit union is a... - correct answer ✔✔a non-profit business that operates as a bank and is owned by
its members.
All effective financial goals should... - correct answer ✔✔Have a target date for achievement
Why are mutual funds considered a wise investment? - correct answer ✔✔They diversify a person's
portfolio among a number of stocks and bonds
(A mutual fund is a professionally managed investment that is made up of a pool of funds collected from
many investors and invested in stocks, bonds, money markets, and securities. Because mutual funds are
are diversified and professionally managed they are considered a wise or lower risk investment.)
Which of the following choices lists assets from MOST liquid to least liquid? - correct answer ✔✔Savings
account, certificate of deposit (CD), real estate
A benefit of using a debit card linked to a checking account without overdraft protection is that a person
can - correct answer ✔✔Make purchases without going into debt
What happens to the interest rate during the life of a ten year bond that a person purchased paying six
percent interest? - correct answer ✔✔The interest rate remains the same for the life of the bond
(Bonds are a FIXED RATE investments. Fixed, means it will stay the same.)
When a person increases his number of payroll exemptions, he will have - correct answer ✔✔An
increase in his net worth
(The higher your withholding number is, the less the government will take. )
A person, without checking account overdraft protection, writes a check for $152 when the checking
account balance is $125. The bank will generally take which of these actions. - correct answer ✔✔Return
the check because of insufficient funds and charge a fee.
(Without overdraft protection (allows you to take out more than is in your account) the bank will not
cash a check, allow the debit or atm transaction unless there is enough money to cover it. If you have
protection, then you may cash a check or make a debit or atm transaction and you will just pay a penalty
but you will be allowed.)
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