WISE TEST REVIEW ALL TOPICS EXAM QUESTIONS
CORRECT ANSWERS _2025 WELL UPDATED
50 dollars - CORRECT ANSWERS-In the event that your credit card is stolen in the United
States, federal law limits the liability of card holders to ____ regardless of the amount charged
on the card by the unauthorized user.
zero liability "Owes nothing" - CORRECT ANSWERS-if just the credit card account number
itself is stolen, federal law guarantees that the card holder has a___________to the issuer.
EFT - CORRECT ANSWERS-electronic funds transfer; exchange of money by sending
bank records via a computer network
FDIC - CORRECT ANSWERS-the federal government protects your money up to
$250,000 in a single account
Department store charge cards. - CORRECT ANSWERS-Which of the following is
considered to be open-end credit?
Notify the credit card companies - CORRECT ANSWERS-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
10 years - CORRECT ANSWERS-When a person declares bankruptcy that fact will appear
on the person?s credit report
A personal loan without assets to cover the loan amount - CORRECT ANSWERS-What is
meant by an uncollateralized loan?
a collateralized loan - CORRECT ANSWERS-When a person brings an item to a
pawnshop to obtain cash, the transaction is considered
Monetary policy - CORRECT ANSWERS-Which of the following does the Federal Reserve
use to regulate the nation's money supply?
, Salaries, wages, and tips - CORRECT ANSWERS-The primary sources of income for most
people between the ages of 20 and 35 who are not living on a pension or social security are:
better off financially the person is. - CORRECT ANSWERS-A person's debt ratio shows the
relationship between debt and net worth. The lower the ratio the
Exercise Tax - CORRECT ANSWERS-A person complains about how expensive it is to be
a cigarette smoker. One of the reasons cigarettes are so expensive is that
budget variance - CORRECT ANSWERS-the difference between the budgeted amount
and the actual amount that you spend
budget variance - CORRECT ANSWERS-A man budgeted $200 a month for clothing. This
month the man spent $150 on clothing therefore that budget item is considered to have
capital gains on the investment will be taxed at a lower rate. - CORRECT ANSWERS-One
of the benefits of holding an investment for over a year rather than selling it in less than a year is
that the
Federal Reserve System - CORRECT ANSWERS-New coins and currency make their way
into the general economy, consumers and businesses, through the distribution system of the:
A: tax and penalty free. - CORRECT ANSWERS-After five years of owning a Roth
Individual Retirement Account (IRA), a person wants to buy his first home, the person can
withdraw money from the Roth IRA
80 shares of the stock and the price of each share is $40. - CORRECT ANSWERS-An
investor bought 40 shares of ABC corporation's stock at $80 a share. Two weeks later, the
investor receives notice that the corporation has approved a 2-for-1 stock split. Based on this
information, the investor would own at the moment of the split
exempt from state and local taxes. - CORRECT ANSWERS-The interest earned on United
States Series EE Savings Bonds is
CORRECT ANSWERS _2025 WELL UPDATED
50 dollars - CORRECT ANSWERS-In the event that your credit card is stolen in the United
States, federal law limits the liability of card holders to ____ regardless of the amount charged
on the card by the unauthorized user.
zero liability "Owes nothing" - CORRECT ANSWERS-if just the credit card account number
itself is stolen, federal law guarantees that the card holder has a___________to the issuer.
EFT - CORRECT ANSWERS-electronic funds transfer; exchange of money by sending
bank records via a computer network
FDIC - CORRECT ANSWERS-the federal government protects your money up to
$250,000 in a single account
Department store charge cards. - CORRECT ANSWERS-Which of the following is
considered to be open-end credit?
Notify the credit card companies - CORRECT ANSWERS-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
10 years - CORRECT ANSWERS-When a person declares bankruptcy that fact will appear
on the person?s credit report
A personal loan without assets to cover the loan amount - CORRECT ANSWERS-What is
meant by an uncollateralized loan?
a collateralized loan - CORRECT ANSWERS-When a person brings an item to a
pawnshop to obtain cash, the transaction is considered
Monetary policy - CORRECT ANSWERS-Which of the following does the Federal Reserve
use to regulate the nation's money supply?
, Salaries, wages, and tips - CORRECT ANSWERS-The primary sources of income for most
people between the ages of 20 and 35 who are not living on a pension or social security are:
better off financially the person is. - CORRECT ANSWERS-A person's debt ratio shows the
relationship between debt and net worth. The lower the ratio the
Exercise Tax - CORRECT ANSWERS-A person complains about how expensive it is to be
a cigarette smoker. One of the reasons cigarettes are so expensive is that
budget variance - CORRECT ANSWERS-the difference between the budgeted amount
and the actual amount that you spend
budget variance - CORRECT ANSWERS-A man budgeted $200 a month for clothing. This
month the man spent $150 on clothing therefore that budget item is considered to have
capital gains on the investment will be taxed at a lower rate. - CORRECT ANSWERS-One
of the benefits of holding an investment for over a year rather than selling it in less than a year is
that the
Federal Reserve System - CORRECT ANSWERS-New coins and currency make their way
into the general economy, consumers and businesses, through the distribution system of the:
A: tax and penalty free. - CORRECT ANSWERS-After five years of owning a Roth
Individual Retirement Account (IRA), a person wants to buy his first home, the person can
withdraw money from the Roth IRA
80 shares of the stock and the price of each share is $40. - CORRECT ANSWERS-An
investor bought 40 shares of ABC corporation's stock at $80 a share. Two weeks later, the
investor receives notice that the corporation has approved a 2-for-1 stock split. Based on this
information, the investor would own at the moment of the split
exempt from state and local taxes. - CORRECT ANSWERS-The interest earned on United
States Series EE Savings Bonds is
