Personal Finance WISE Test questions and answers latest
2023 with complete solution
If a person makes a deposit of $10,000, or more into a bank account, the bank
must notify the?
US Treasury Department
The most liquid type of interest?
Money market account
A blank endorsement on a check?
Creates a check that can be cashed by anyone
Money orders are?
A purchased certificate to pay a specified amount to a specific payee
When James received his paycheck, he planned to cash it at a check cashing
store. You advise him to cash it at his own bank if possible. Why?
They typically charge high fees
What is meant by an uncollateralized loan?
A personal loan without assets to cover the loan amount
When a person declares bankruptcy that fact will appear on the person's credit
report?
For a 10 year period
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?
Notify the credit card companies in order to negotiate a new payment plan
When a person brings an item to a pawnshop to obtain cash, the transaction is
considered?
A collateralized loan
To qualify for a Federal Housing Administration (FHA) loan, a person must
generally?
Fulfill income guidelines
Which of the following is considered to be open-end credit?
Department store charge cards
You used your credit card to buy flowers at the florist. The dollar amount of the
purchase was?
Added to your credit card bill and you pay for it at a later date
If you have been denied credit, a job, a license, an insurance policy, or a loan
based on your credit report. You are entitled to receive a free copy of that credit
report within how many days of denial?
60
Which of the following does the Federal Reserve use to regulate the nation's
money supply?
Monetary policy
Money in the United Stated includes?
Checking account balances on which checks can be drawn
Money for saving, interest, or spending cannot be from?
Capital losses from the sale of stock
2023 with complete solution
If a person makes a deposit of $10,000, or more into a bank account, the bank
must notify the?
US Treasury Department
The most liquid type of interest?
Money market account
A blank endorsement on a check?
Creates a check that can be cashed by anyone
Money orders are?
A purchased certificate to pay a specified amount to a specific payee
When James received his paycheck, he planned to cash it at a check cashing
store. You advise him to cash it at his own bank if possible. Why?
They typically charge high fees
What is meant by an uncollateralized loan?
A personal loan without assets to cover the loan amount
When a person declares bankruptcy that fact will appear on the person's credit
report?
For a 10 year period
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?
Notify the credit card companies in order to negotiate a new payment plan
When a person brings an item to a pawnshop to obtain cash, the transaction is
considered?
A collateralized loan
To qualify for a Federal Housing Administration (FHA) loan, a person must
generally?
Fulfill income guidelines
Which of the following is considered to be open-end credit?
Department store charge cards
You used your credit card to buy flowers at the florist. The dollar amount of the
purchase was?
Added to your credit card bill and you pay for it at a later date
If you have been denied credit, a job, a license, an insurance policy, or a loan
based on your credit report. You are entitled to receive a free copy of that credit
report within how many days of denial?
60
Which of the following does the Federal Reserve use to regulate the nation's
money supply?
Monetary policy
Money in the United Stated includes?
Checking account balances on which checks can be drawn
Money for saving, interest, or spending cannot be from?
Capital losses from the sale of stock
