WISE FINANCIAL LITERACY TEST NEWEST 2024 ACTUAL
EXAM COMPLETE 100 QUESTIONS AND CORRECT
ANSWERS (VERIFIED ANSWERS) |ALREADY 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 most liquid type of investment is: - ANSWER: A money market account.
He financial institution where Ms. Sanchez has her checking account will continue to
pay out money for the checks she writes as long as: - ANSWER: There is enough
money in Ms. Sanchez's account to cover the amount if the checks
Money orders are: - ANSWER: A purchased certificate to pay a specified amount to a
specific payee
The best suggestion you gave a friend who is writing a check for the first time is: -
ANSWER: Date the check because it is usually proof of payment
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 the person take? - ANSWER:
Notify the credit card companies in order to negotiate a new payment plan
What is meant by an uncollateralized loan? - ANSWER: 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: - ANSWER: For a 10 year period
Which of following is considered to be opened credit? - ANSWER: Department store
charge cards
When a person brings an item to a pawnshop to obtain cash, the transaction is
considered: - ANSWER: a collateralized loan
Predatory lending practices generally include: - ANSWER: Very high interest rates
and fees
You can continue to change purchases on your credit card when: - ANSWER: The
amount you owe on the card is below your credit limit
Which of the following does the federal Reserve use to regulate the nation's money
supply? - ANSWER: Monetary policy
EXAM COMPLETE 100 QUESTIONS AND CORRECT
ANSWERS (VERIFIED ANSWERS) |ALREADY 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 most liquid type of investment is: - ANSWER: A money market account.
He financial institution where Ms. Sanchez has her checking account will continue to
pay out money for the checks she writes as long as: - ANSWER: There is enough
money in Ms. Sanchez's account to cover the amount if the checks
Money orders are: - ANSWER: A purchased certificate to pay a specified amount to a
specific payee
The best suggestion you gave a friend who is writing a check for the first time is: -
ANSWER: Date the check because it is usually proof of payment
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 the person take? - ANSWER:
Notify the credit card companies in order to negotiate a new payment plan
What is meant by an uncollateralized loan? - ANSWER: 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: - ANSWER: For a 10 year period
Which of following is considered to be opened credit? - ANSWER: Department store
charge cards
When a person brings an item to a pawnshop to obtain cash, the transaction is
considered: - ANSWER: a collateralized loan
Predatory lending practices generally include: - ANSWER: Very high interest rates
and fees
You can continue to change purchases on your credit card when: - ANSWER: The
amount you owe on the card is below your credit limit
Which of the following does the federal Reserve use to regulate the nation's money
supply? - ANSWER: Monetary policy
