WISE TEST COMPREHENSIVE STUDY GUIDE
2026 FULL QUESTIONS AND SOLUTIONS
GRADED A+
◍ If a person makes a deposit of $10,000 or more into a bank account, the
bank must notify the:.
Answer: US Treasury Department
◍ The term used to describe the ease and speed with which you can convert
savings or an investment to cash is:.
Answer: Liquidity
◍ Which financial product typically pays the highest rate of interest?.
Answer: Certificate of Deposit
◍ What action should a person take who must make a tuition payment at the
end of August each year?.
Answer: Decide how much money will be needed and then place 1/12 of
that amount in a separate account each month
◍ A person is depositing $20 in cash and a check for $50. On the checking
account deposit slip, the person should.
Answer: list the cash deposit separately from the check as well as the total of
the deposit
◍ Which of the following is considered to be open-end credit?.
Answer: Department store charge cards
◍ To qualify for a Federal Housing Administration (FHA) loan, a person must
generally.
Answer: fulfill income guidelines
◍ A person has three credit cards with very large outstanding balances and is
, unable to make payments on any of them. Which action should they take?.
Answer: Notify the credit card companies in order to negotiate a new
payment plan
◍ When a person declares bankruptcy that fact will appear on the person's
credit report.
Answer: for a 10 year period
◍ What is meant by an uncollateralized loan?.
Answer: A personal loan without assets to cover the loan amount
◍ When a person brings an item to a pawnshop to obtain cash, the transaction
is considered.
Answer: a collateralized loan
◍ Claire got a new credit card from American Bank and wants to cancel her
USA credit card. The best method is to dispose of her USA credit card is to:.
Answer: Cut up the card, put parts in different garbage bags, and instruct the
credit card company in writing or by phone to close the account
◍ A credit card finance charge is:.
Answer: The dollar amount it costs to use credit
◍ Which of the following statements is usually true about individuals who are
financially literate?.
Answer: They understand the basics of personal finance and money
management
◍ Which of the following provides an increase in assets or wealth.
Answer: Having capital gains
◍ When money is not used and goods and services are exchanged for other
goods and services, this system is called:.
Answer: Barter
◍ One of the benefits of holding an investment for over a year rather than
selling it in less than a year is that the.
Answer: Capital gains on the investment will be taxed at a lower rate
2026 FULL QUESTIONS AND SOLUTIONS
GRADED A+
◍ If a person makes a deposit of $10,000 or more into a bank account, the
bank must notify the:.
Answer: US Treasury Department
◍ The term used to describe the ease and speed with which you can convert
savings or an investment to cash is:.
Answer: Liquidity
◍ Which financial product typically pays the highest rate of interest?.
Answer: Certificate of Deposit
◍ What action should a person take who must make a tuition payment at the
end of August each year?.
Answer: Decide how much money will be needed and then place 1/12 of
that amount in a separate account each month
◍ A person is depositing $20 in cash and a check for $50. On the checking
account deposit slip, the person should.
Answer: list the cash deposit separately from the check as well as the total of
the deposit
◍ Which of the following is considered to be open-end credit?.
Answer: Department store charge cards
◍ To qualify for a Federal Housing Administration (FHA) loan, a person must
generally.
Answer: fulfill income guidelines
◍ A person has three credit cards with very large outstanding balances and is
, unable to make payments on any of them. Which action should they take?.
Answer: Notify the credit card companies in order to negotiate a new
payment plan
◍ When a person declares bankruptcy that fact will appear on the person's
credit report.
Answer: for a 10 year period
◍ What is meant by an uncollateralized loan?.
Answer: A personal loan without assets to cover the loan amount
◍ When a person brings an item to a pawnshop to obtain cash, the transaction
is considered.
Answer: a collateralized loan
◍ Claire got a new credit card from American Bank and wants to cancel her
USA credit card. The best method is to dispose of her USA credit card is to:.
Answer: Cut up the card, put parts in different garbage bags, and instruct the
credit card company in writing or by phone to close the account
◍ A credit card finance charge is:.
Answer: The dollar amount it costs to use credit
◍ Which of the following statements is usually true about individuals who are
financially literate?.
Answer: They understand the basics of personal finance and money
management
◍ Which of the following provides an increase in assets or wealth.
Answer: Having capital gains
◍ When money is not used and goods and services are exchanged for other
goods and services, this system is called:.
Answer: Barter
◍ One of the benefits of holding an investment for over a year rather than
selling it in less than a year is that the.
Answer: Capital gains on the investment will be taxed at a lower rate
