Wise Test
When a person brings an item to a pawnshop to obtain cash, the transaction is
considered - ANS-a collateralized loan.
To qualify for a Federal Housing Administration (FHA) loan, a person must generally -
ANS-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? - ANS-Notify the
credit card companies in order to negotiate a new payment plan.
Which of the following is considered to be open-end credit? - ANS-Department store
charge cards.
What is meant by an uncollateralized loan? - ANS-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? - ANS-Monetary policy
Money for saving, investing, or spending cannot be from: - ANS-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: - ANS-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? - ANS-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 - ANS-a budget variance.
When a person brings an item to a pawnshop to obtain cash, the transaction is
considered - ANS-a collateralized loan.
To qualify for a Federal Housing Administration (FHA) loan, a person must generally -
ANS-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? - ANS-Notify the
credit card companies in order to negotiate a new payment plan.
Which of the following is considered to be open-end credit? - ANS-Department store
charge cards.
What is meant by an uncollateralized loan? - ANS-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? - ANS-Monetary policy
Money for saving, investing, or spending cannot be from: - ANS-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: - ANS-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? - ANS-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 - ANS-a budget variance.
