WISE Financial Literacy Certification Practice Questions & Answers(GRADED A)EXAM BUNDLE

If you have a whole life insurance policy with a cash surrender value, and you surrender the policy, what will you receive? - ANSWER a calculated amount of money which includes part of the premiums paid as well as the interest on that money (because they're not going to give you the whole amount ba...

Question : To qualify for a Federal Housing Administration (FHA) loan, a person must generally A: have at least a high school diploma. B: have one-quarter of the cost of the home for a down-payment. C: fulfill income guidelines. D: provide two individuals to co-sign the loan. - ANSW...

Earned Income - ANSWER Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. Unearned Income - ANSWER Any income that comes from investments and other sources unrelated to employment services. Examples: interest from a savings a...

checking account - ANSWER transfer money to others by use of checks or electronic payments, access money directly by use of debit card, make deposits to and withdrawals from the account savings account - ANSWER allow deposits and withdrawals

In order to get spending under control, a person should first - ANSWER create a budget of current income and expenses. Comparison shopping for a car is necessary because - ANSWER the price for the car can vary a great deal.

Which of the following does the Federal Reserve use to regulate the nation's money supply? - ANSWER Monetary policy Identify the background color of a U.S. $5.00 bill. - ANSWER Green A type of electronic funds transfer (EFT) is: - ANSWER An ATM transaction Scott just got an ATM card to use...

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.

sources of income - ANSWER wages gifts government benefits capital gains exemption - ANSWER a deduction allowed by law to reduce the amount of income that would otherwise be taxed liquidity - ANSWER the ease in which an asset can be bought or sold ex. cash, stocks/bonds, checks, gold/preci...

Bounced check - ANSWER a check written for an amount more than in your account Cashier's Check - ANSWER A check issued by a bank and sold to you for personal payments to people who won't accept a personal check. It certifies that you have the money available.

Gift Cards - ANSWER can be used like cash - You may be charged a monthly inactivity fee after one year if they are not used money orders - ANSWER a printed order for payment of a specified sum, issued by a bank or post office.

Inflation - ANSWER the rise in the level of prices for goods and services Time Value of Money - ANSWER the increase of an amount of money due to earned interest or dividends

Collateral - ANSWER security given for loan, assets to secure the debt Capacity - ANSWER your ability to repay the debt. Do you have sufficient $money to repay a loan Capital - ANSWER "net worth". wealth in the form of money or property owned by a person Character - ANSWER good reputation...

1. When using a debit card what should you immediately do upon use? - ANSWER Record it in your checkbook register

A credit card is issued to John and Maria Davis. This month, John charges $100 and Maria makes no charges. When the bill is received who is legally responsible for paying the $100 - ANSWER Both John and Maria A factor that can cause the price of a stock to DECREASE is the company - ANSWER lowerin...