WISE Practice Test Bank 2023 with all the correct answers;100% verified
5 views 0 purchase
Course
WISE
Institution
WISE
WISE Practice Test Bank 2023 with all the correct answers;100% verified
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 guideli...
wise practice test bank 2023 with all the correct answers100 verified to qualify for a federal housing administration fha loan
a person must generally a have at least a high school diplom
Written for
WISE
All documents for this subject (693)
Seller
Follow
StarNurse
Reviews received
Content preview
WISE Practice Test Bank 2023 with all the correct
answers;100% verified
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.
C: fulfill income guidelines.
A high school student has begun to investigate the field of finance as a career
choice. In deciding about the field, the student should focus on which question
first?
A: Will I find a balance between financial rewards and personal satisfaction from
work?
B: How many people do I know who work in this field?
C: Once I train for this area, how long before I will be
at the top of the field?
D: Are there people in this field who are dissatisfied
with their jobs?
A: Will I find a balance between financial rewards and personal satisfaction from work?
A type of electronic funds transfer (EFT) is:
A: A transaction made with a check
B: A deposit made with a bank teller
C: Not widely used by consumers
D: An ATM transaction
D: An ATM transaction
A company offers a defined-contribution pension plan which means that upon
retirement the employee will receive
A: one-half of the employee's last year's salary.
B: the total amount of money contributed plus investment
earnings.
C: an amount of money based only on the length of time
the employee worked for the company.
D: a specified amount of money based totally on the profit
earned by the company while the employee worked
there.
B: the total amount of money contributed plus investment earnings.
The interest earned on United States Series EE Savings Bonds is
,A: exempt from state and local taxes.
B: paid in a lump sum at the time the face value on the bond is reached.
C: equal to the money paid to purchase it.
A: exempt from state and local taxes.
Buying a treasury bill (T-bill) is best for investors who are looking for
A: a place to invest between $100-$500.
B: a secure, low risk investment.
C: a higher yield on their investment than corporate bonds offer.
D: an investment that matures in 10-30 years.
B: a secure, low, risk investment.
Using a brokerage firm, a qualified investor buys 1000 shares of a common stock
at $50 a share on 50% margin. This means that the
A: investor will pay only $5000 for the shares.
B: investor is buying 2000 shares.
C: brokerage firm is lending the investor 50% of the money.
D: brokerage firm will own 50% of the 1000 shares of stock that were purchased.
C: brokerage firm is lending the investor 50% of the money.
To determine the time value of depositing $100 in a savings account, a person
needs to know the interest rate and
A: her total income.
B: the rate of inflation.
C: whether the account is FDIC protected.
D: whether the bank offers overdraft protection.
B: the rate of inflation.
The amount a lender charges to borrow money is called the:
A: Principal
B: Annual Percentage Rate (APR)
C: Loan balance
D: Finance charge
D: Finance charge
The cost to use someone else's money for a period of time is called the:
A: Interest rate expressed as a percentage
B: Opportunity cost
C: Minimum payment
D: Inflation rate
A: Interest rate expressed as a percentage
Interest earned on interest is known as:
A: Simple interest
B: True interest
, C: Compounded interest
D: Variable interest
C: Compounded interest
Money received today is worth more than the same amount of money received
sometime in the future is:
A: The Rule of 72
B: The time value of money
C: Not true
D: Investing
B: The time value of money
A person buys a flat screen, plasma, theater-like television. The person has
homeowner's insurance. Why would it be appropriate to add a personal property
floater to that insurance?
A: To reduce the premium on the homeowner's insurance.
B: To protect the person who owns the television from
liability for damages.
C: To show the insurance company a good faith investment
has been made.
D: To cover the cost of replacement should the television
get damaged or stolen.
D: To cover the cost of replacement should the television get damaged or stolen.
For the past five years, a person has had a $20,000 whole life insurance policy
that has a cash value clause. The person decides to surrender the policy. At the
time of surrender, the person will receive
A: one-fifth of the $20,000 face value.
B: $20,000 less the premiums paid.
C: a calculated amount of money which includes the
premiums paid as well as the interest on that money.
D: a calculated amount of money that must be converted to
a term life insurance policy.
C: a calculated amount of money which includes the premiums paid as well as the
interest on that money.
If a person makes a deposit of $10,000 or more into a bank account, the bank
must notify the
A: US Treasury Department.
B: Federal Deposit Insurance Corporation. (FDIC).
C: State Banking Commission.
D: Federal Reserve Board.
A: US Treasury Department.
Employees prefer direct deposits because:
A: There is a small fee for the service
B: The danger of losing a paycheck is slightly reduced
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StarNurse. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
