Wise Test 2023 Questions and Answers 100% Verified
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.
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.
Which of the following is considered to be open-end credit?
Department store charge cards.
What is meant by an uncollateralized loan?
A personal loan without assets to cover the loan amount.
Which of the following does the Federal Reserve use to regulate the nation's
money supply?
Monetary policy
Money for saving, investing, or spending cannot be from:
Capital losses from the sale of stock
Jami lost her debit card. She did not report it missing for 3 months. If an
unauthorized person used her debit card, her maximum liability is:
Unlimited liability
Susan gives Marie her ABC Credit Union debit card and personal identification
number (PIN) so Marie could get $25 from Susan's bank account. Marie withdrew
$100 instead of the agreed to $25. How can Susan get the $75 back?
No bank or government agency is obligated to reimburse Susan because she
authorized Marie to use her ATM card and PIN
A man budgeted $200 a month for clothing. This month the man spent $150 on
clothing therefore that budget item is considered to have
a budget variance.
A person complains about how expensive it is to be a cigarette smoker. One of
the reasons cigarettes are so expensive is that
he government imposes an excise tax on them.
A person's debt ratio shows the relationship between debt and net worth. The
lower the ratio the
better off financially the person is.
One of the benefits of holding an investment for over a year rather than selling it
in less than a year is that the
capital gains on the investment will be taxed at a lower rate.
A company offers a defined-contribution pension plan which means that upon
retirement the employee will receive
the total amount of money contributed plus investment earnings.
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
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.
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.
Which of the following is considered to be open-end credit?
Department store charge cards.
What is meant by an uncollateralized loan?
A personal loan without assets to cover the loan amount.
Which of the following does the Federal Reserve use to regulate the nation's
money supply?
Monetary policy
Money for saving, investing, or spending cannot be from:
Capital losses from the sale of stock
Jami lost her debit card. She did not report it missing for 3 months. If an
unauthorized person used her debit card, her maximum liability is:
Unlimited liability
Susan gives Marie her ABC Credit Union debit card and personal identification
number (PIN) so Marie could get $25 from Susan's bank account. Marie withdrew
$100 instead of the agreed to $25. How can Susan get the $75 back?
No bank or government agency is obligated to reimburse Susan because she
authorized Marie to use her ATM card and PIN
A man budgeted $200 a month for clothing. This month the man spent $150 on
clothing therefore that budget item is considered to have
a budget variance.
A person complains about how expensive it is to be a cigarette smoker. One of
the reasons cigarettes are so expensive is that
he government imposes an excise tax on them.
A person's debt ratio shows the relationship between debt and net worth. The
lower the ratio the
better off financially the person is.
One of the benefits of holding an investment for over a year rather than selling it
in less than a year is that the
capital gains on the investment will be taxed at a lower rate.
A company offers a defined-contribution pension plan which means that upon
retirement the employee will receive
the total amount of money contributed plus investment earnings.
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
