WISECERTIFICATIONTESTWITHC
OMPLETESOLUTIONS
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify t
m m m m m m m m m m m m m m m m m m
he - correct answer-US Treasury Department
m mm m m m
Margaret wants to store a valuable coin collection & important papers. Generally, consu
m m m m m m m m m m m m
mers should: - correct answer-Rent a safe deposit box for their valuables
m m mm m m m m m m m m
Troy has $50 a month transferred electronically from his checking account to his savings
m m m m m m m m m m m m m m
account. This is an example of: - correct answer-A savings plan
m m m m m m mm m m m
Employees prefer direct deposits because: - correct answer- m m m m m mm m
The money is generally deposited in their checking account sooner than it would be if the
m m m m m m m m m m m m m m m
y had to deposit it in person
m m m m m m
A person is depositing $20 in cash and a check for $50. On the checking account deposit
m m m m m m m m m m m m m m m m m
slip, the person should - correct answer-
m m m m mm m
List the cash deposit it separately from the check as well as the total of the deposit
m m m m m m m m m m m m m m m m
A person has three credit cards with very large outstanding balances and is unable to ma
m m m m m m m m m m m m m m m
ke payments on any of them. Which action should the person take? - correct answer-
m m m m m m m m m m m m mm m
Notify the credit card companies in order to negotiate a new payment plan
m m m m m m m m m m m m
To qualify for a Federal Housing Administration (FHA) loan, a person must generally -
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correct answer-Fulfill income guidelines
mm m m m
When a person declares bankruptcy that fact will appear on the person's credit report -
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correct answer-For a 10 year period
mm m m m m m
Which of the following is considered to be open-end credit? - correct answer-
m m m m m m m m m m mm m
Department store charge cards m m m
What is meant by an uncollateralized loan? - correct answer-
m m m m m m m mm m
A person loan without assets to cover the loan amount
m m m m m m m m m
Which of the following does the Federal Reserve use to regulate the nation's money supp
m m m m m m m m m m m m m m
ly? - correct answer-Monetary policy
m mm m m
Money for saving, investing, of spending cannot be from: - correct answer-
m m m m m m m m m mm m
Capital losses from the sale of stock m m m m m m
Susan gives Marie her ABC Credit Union debit card & personal identification number (PI
m m m m m m m m m m m m m
N) so Marie could get $25 from Susan's bank account. Marie withdrew $100 instead of th
m m m m m m m m m m m m m m m
, e agreed $25. How can Sudan get the $75 back? - correct answer-
m m m m m m m m m m mm m
No bank or government agency is obligated to reimburse Susan because she authorized
m m m m m m m m m m m m m
Marie to use her ATM card & PIN m m m m m m m
Which of the following is a disadvantage of using phone cards, debit cards, electronic tra
m m m m m m m m m m m m m m
nsfers, and ATM cards? - correct answer- m m m m mm m
They expose consumers to greater likelihood of identify theft
m m m m m m m m
A person complains about how expensive it is to be a cigarette smoker. Once of the reaso
m m m m m m m m m m m m m m m m
ns cigarettes are so expensive is that - correct answer-
m m m m m m m mm m
The government imposes an excise tax on them
m m m m m m m
One of the benefits of holding an investment for over a year rather than selling it in less tha
m m m m m m m m m m m m m m m m m m
n a year is that the - correct answer-
m m m m m m mm m
Capital gains on the investment will be taxed at a lower rate
m m m m m m m m m m m
A man budgeted $200 a month for clothing. This month the man spent $150 on clothing th
m m m m m m m m m m m m m m m m
erefore that budgeted item is considered to have - correct answer-A budget variance
m m m m m m m m mm m m m
A persons debt ration shows the relationship between debt and net worth. The lower the r
m m m m m m m m m m m m m m m
atio the - correct answer-Better off financially the person is
m m mm m m m m m m
After five years of owning a Roth Individual Retirement Account (IRA) a person wants to b
m m m m m m m m m m m m m m m
uy his first home, the person can withdraw money from the Roth IRA - correct answer-
m m m m m m m m m m m m m mm m
Tax & penalty fee m m m
A company offers a defined-
m m m m
contribution pension plan which means that upon retirement the employee will receive - m m m m m m m m m m m m
correct answer-The total amount of money contributed plus investment earnings
mm m m m m m m m m m
As an investment, a person decides to buy a small house that has three rental apartment
m m m m m m m m m m m m m m m
s. The profits from this investment may be lower then expected if the - correct answer-
m m m m m m m m m m m m m mm m
One of the apartments is not rented
m m m m m m
Buying s treasury bill (T-bill) is best for investors who are looking for - correct answer-
m m m m m m m m m m m m m mm m
A secure, low risk investment
m m m m
A pharmacy is to drugs as the American Stock Exchange is to: - correct answer-
m m m m m m m m m m m m mm m
Securities
Before the Kiss Corporation can issue stocks or bonds, it must register the issue with: -
m m m m m m m m m m m m m m m
correct answer-The Securities and Exchange Commission (SEC)
mm m m m m m m
A person owns a stock that pays a $2.00 a share dividend. If the person chooses to reinve
m m m m m m m m m m m m m m m m m
st that dividend, this means that the $2.00 will go toward buying - correct answer-
m m m m m m m m m m m m mm m
More of the same stock m m m m
To determine the time value of depositing $100 in a savings account, a person needs to k
m m m m m m m m m m m m m m m m
now the interest rate and - correct answer-The rate of inflation
m m m m m mm m m m m
OMPLETESOLUTIONS
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify t
m m m m m m m m m m m m m m m m m m
he - correct answer-US Treasury Department
m mm m m m
Margaret wants to store a valuable coin collection & important papers. Generally, consu
m m m m m m m m m m m m
mers should: - correct answer-Rent a safe deposit box for their valuables
m m mm m m m m m m m m
Troy has $50 a month transferred electronically from his checking account to his savings
m m m m m m m m m m m m m m
account. This is an example of: - correct answer-A savings plan
m m m m m m mm m m m
Employees prefer direct deposits because: - correct answer- m m m m m mm m
The money is generally deposited in their checking account sooner than it would be if the
m m m m m m m m m m m m m m m
y had to deposit it in person
m m m m m m
A person is depositing $20 in cash and a check for $50. On the checking account deposit
m m m m m m m m m m m m m m m m m
slip, the person should - correct answer-
m m m m mm m
List the cash deposit it separately from the check as well as the total of the deposit
m m m m m m m m m m m m m m m m
A person has three credit cards with very large outstanding balances and is unable to ma
m m m m m m m m m m m m m m m
ke payments on any of them. Which action should the person take? - correct answer-
m m m m m m m m m m m m mm m
Notify the credit card companies in order to negotiate a new payment plan
m m m m m m m m m m m m
To qualify for a Federal Housing Administration (FHA) loan, a person must generally -
m m m m m m m m m m m m m
correct answer-Fulfill income guidelines
mm m m m
When a person declares bankruptcy that fact will appear on the person's credit report -
m m m m m m m m m m m m m m
correct answer-For a 10 year period
mm m m m m m
Which of the following is considered to be open-end credit? - correct answer-
m m m m m m m m m m mm m
Department store charge cards m m m
What is meant by an uncollateralized loan? - correct answer-
m m m m m m m mm m
A person loan without assets to cover the loan amount
m m m m m m m m m
Which of the following does the Federal Reserve use to regulate the nation's money supp
m m m m m m m m m m m m m m
ly? - correct answer-Monetary policy
m mm m m
Money for saving, investing, of spending cannot be from: - correct answer-
m m m m m m m m m mm m
Capital losses from the sale of stock m m m m m m
Susan gives Marie her ABC Credit Union debit card & personal identification number (PI
m m m m m m m m m m m m m
N) so Marie could get $25 from Susan's bank account. Marie withdrew $100 instead of th
m m m m m m m m m m m m m m m
, e agreed $25. How can Sudan get the $75 back? - correct answer-
m m m m m m m m m m mm m
No bank or government agency is obligated to reimburse Susan because she authorized
m m m m m m m m m m m m m
Marie to use her ATM card & PIN m m m m m m m
Which of the following is a disadvantage of using phone cards, debit cards, electronic tra
m m m m m m m m m m m m m m
nsfers, and ATM cards? - correct answer- m m m m mm m
They expose consumers to greater likelihood of identify theft
m m m m m m m m
A person complains about how expensive it is to be a cigarette smoker. Once of the reaso
m m m m m m m m m m m m m m m m
ns cigarettes are so expensive is that - correct answer-
m m m m m m m mm m
The government imposes an excise tax on them
m m m m m m m
One of the benefits of holding an investment for over a year rather than selling it in less tha
m m m m m m m m m m m m m m m m m m
n a year is that the - correct answer-
m m m m m m mm m
Capital gains on the investment will be taxed at a lower rate
m m m m m m m m m m m
A man budgeted $200 a month for clothing. This month the man spent $150 on clothing th
m m m m m m m m m m m m m m m m
erefore that budgeted item is considered to have - correct answer-A budget variance
m m m m m m m m mm m m m
A persons debt ration shows the relationship between debt and net worth. The lower the r
m m m m m m m m m m m m m m m
atio the - correct answer-Better off financially the person is
m m mm m m m m m m
After five years of owning a Roth Individual Retirement Account (IRA) a person wants to b
m m m m m m m m m m m m m m m
uy his first home, the person can withdraw money from the Roth IRA - correct answer-
m m m m m m m m m m m m m mm m
Tax & penalty fee m m m
A company offers a defined-
m m m m
contribution pension plan which means that upon retirement the employee will receive - m m m m m m m m m m m m
correct answer-The total amount of money contributed plus investment earnings
mm m m m m m m m m m
As an investment, a person decides to buy a small house that has three rental apartment
m m m m m m m m m m m m m m m
s. The profits from this investment may be lower then expected if the - correct answer-
m m m m m m m m m m m m m mm m
One of the apartments is not rented
m m m m m m
Buying s treasury bill (T-bill) is best for investors who are looking for - correct answer-
m m m m m m m m m m m m m mm m
A secure, low risk investment
m m m m
A pharmacy is to drugs as the American Stock Exchange is to: - correct answer-
m m m m m m m m m m m m mm m
Securities
Before the Kiss Corporation can issue stocks or bonds, it must register the issue with: -
m m m m m m m m m m m m m m m
correct answer-The Securities and Exchange Commission (SEC)
mm m m m m m m
A person owns a stock that pays a $2.00 a share dividend. If the person chooses to reinve
m m m m m m m m m m m m m m m m m
st that dividend, this means that the $2.00 will go toward buying - correct answer-
m m m m m m m m m m m m mm m
More of the same stock m m m m
To determine the time value of depositing $100 in a savings account, a person needs to k
m m m m m m m m m m m m m m m m
now the interest rate and - correct answer-The rate of inflation
m m m m m mm m m m m
