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WISE FINANCIAL LITERACY CERTIFICATION
PRACTICE QUESTIONS & VERIFIED ANSWERS |
ALREADY GRADED A+
Question : To qualify for a Federal Housing Administration (FHA) loan, a person
must generally
A: have at least a high school diploma.
B: have one-quarter of the cost of the home
for a down-payment.
C: fulfill income guidelines.
D: provide two individuals to co-sign the loan. - correct-answer-C: fulfill income
guidelines.
Question : A person is depositing $20 in cash and a check for $50. On the checking
account deposit slip, the person should
A: include the reason that both cash and a check are being deposited.
B: indicate what bank issued the check that is being deposited.
C: indicate the amount of money that is currently in the checking account as well
as in a savings account to cover the check.
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D: list the cash deposit separately from the check as well as the total of the
deposit. - correct-answer-D. list the cash deposit separately from the check as well
as the total of the deposit.
Question :Pat has a savings account and a car loan from a not-for-profit financial
institution owned by its members. She is probably a member of what type of
financial institution?
A: Credit union
B: Commercial bank
C: Savings and loan association
D: Investment club - correct-answer-A. Credit Union
Question :When money is not used and goods and services are exchanged for
other goods and services, this system is called:
A: Credit
B: Money
C: Barter
D: Checks - correct-answer-C: Barter
Question : Who benefits the most from inflation?
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A: Long-term fixed rate borrowers
B: Lenders
C: Persons on fixed incomes
D: The government - correct-answer-Answer A: Long-term fixed rate
Question : Which of the following is the federal law that requires the cost of credit
be disclosed to consumers in bold print on loan agreement?
A: Fair Credit Reporting Act
B: Equal Credit Opportunity Act
C: Truth in Lending Act
D: Fair Debt Collection Practices Act - correct-answer-Correct Answer C: Truth in
Lending Act
Question :Troy has $50 a month transferred electronically from his checking
account to his savings account. This is an example of:
A: An installment payment
B: A savings plan
C: An ATM transaction
D: A debit card transaction - correct-answer-B: A savings plan
WISE FINANCIAL LITERACY CERTIFICATION
PRACTICE QUESTIONS & VERIFIED ANSWERS |
ALREADY GRADED A+
Question : To qualify for a Federal Housing Administration (FHA) loan, a person
must generally
A: have at least a high school diploma.
B: have one-quarter of the cost of the home
for a down-payment.
C: fulfill income guidelines.
D: provide two individuals to co-sign the loan. - correct-answer-C: fulfill income
guidelines.
Question : A person is depositing $20 in cash and a check for $50. On the checking
account deposit slip, the person should
A: include the reason that both cash and a check are being deposited.
B: indicate what bank issued the check that is being deposited.
C: indicate the amount of money that is currently in the checking account as well
as in a savings account to cover the check.
, 2
D: list the cash deposit separately from the check as well as the total of the
deposit. - correct-answer-D. list the cash deposit separately from the check as well
as the total of the deposit.
Question :Pat has a savings account and a car loan from a not-for-profit financial
institution owned by its members. She is probably a member of what type of
financial institution?
A: Credit union
B: Commercial bank
C: Savings and loan association
D: Investment club - correct-answer-A. Credit Union
Question :When money is not used and goods and services are exchanged for
other goods and services, this system is called:
A: Credit
B: Money
C: Barter
D: Checks - correct-answer-C: Barter
Question : Who benefits the most from inflation?
, 3
A: Long-term fixed rate borrowers
B: Lenders
C: Persons on fixed incomes
D: The government - correct-answer-Answer A: Long-term fixed rate
Question : Which of the following is the federal law that requires the cost of credit
be disclosed to consumers in bold print on loan agreement?
A: Fair Credit Reporting Act
B: Equal Credit Opportunity Act
C: Truth in Lending Act
D: Fair Debt Collection Practices Act - correct-answer-Correct Answer C: Truth in
Lending Act
Question :Troy has $50 a month transferred electronically from his checking
account to his savings account. This is an example of:
A: An installment payment
B: A savings plan
C: An ATM transaction
D: A debit card transaction - correct-answer-B: A savings plan
