THE ULTIMATE WISE TEST REVIEW 2023 WITH COMPLETE SOLUTION
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Course
Wise
Institution
Wise
THE ULTIMATE WISE TEST REVIEW 2023 WITH COMPLETE SOLUTION
The cost of borrowing money is referred to as
interest
The maximum amount you are allowed to carry as a balance on the card
credit limit
This is a fee that some, but not all, credit card issuers charge to use their credit card.
Annua...
the ultimate wise test review 2023 with complete solution the cost of borrowing money is referred to as interest the maximum amount you are allowed to carry as a balance on the card credit limit this
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THE ULTIMATE WISE TEST REVIEW 2023 WITH
COMPLETE SOLUTION
The cost of borrowing money is referred to as
interest
The maximum amount you are allowed to carry as a balance on the card
credit limit
This is a fee that some, but not all, credit card issuers charge to use their credit card.
Annual Fee
The amount you must pay on a credit card, based on a percentage of the outstanding
balance.
Minimum payment
A danger of using a credit card
leads to overspending
To build a good credit history, you should
pay on time and as much of your balance as possible
What does APR stand for?
Annual Percentage Rate
What financial habits determine your credit score?
All of these are correct
1) Payment History & Amount you owe
2) Length of credit history & Amount of new credit applied for recently
3) Types of credit open
What are the three major Credit Reporting Agencies (CRAs)?
Equifax, TransUnion, and Experian
What debt cannot be removed by declaring bankruptcy?
child support
Which category makes up the largest percentage of your credit score?
Payment history
This account allows you to deposit money at a bank for safekeeping.
savings account
This account allows you to withdraw money, pay a bill, or make purchases easily.
Checking account
This allows you to withdraw cash from your account or make payments electronically.
Debit card
The action enters money into an account.
deposit
What is not a reason to SAVE money.
So you can loan it to your friends
If you lose a check and want to prevent someone else from using it, you can issue this
type of order to the bank.
stop payment
A line of credit for checks your account can't cover.
overdraft protection
Money taken out of your checking account.
, withdrawal
What does it mean to reconcile your checkbook?
At the end of the month you check to see if your check register matches your bank
statement.
An asset that can be easily converted to cash is
liquid assets
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's debt ratio shows the relationship between debt and net worth. The lower the
ratio the
better off financially the person is.
In creating her budget, Ann realizes that her expenses exceed her income. Ann should
immediately try to:
reduce or eliminate some expenses
An example of a fixed expense is:
Apartment rent
A stock broker or financial consultant:
Gives financial advice to clients
Lamar believes that interest rates are going to fall in the near future and remain low for
a considerable period of time. She should invest in:
A long-term, fixed rate certificate of deposit
Money received today is worth more than the same amount of money received
sometime in the future is:
The time value of money
Interest earned on interest is known as:
compound interest
Use the Rule of 72 to calculate how long it will take for your money to double if it's
earning 6% in interest
12yrs (72 divided by 6)
Asim's Monthly Expenses Budget
School Supplies $75
Food $100
Entertainment $25
Transportation $50
Savings $25
Total $275
Use the information above to answer the following question:
Asim earns $250 per month. Which statement below is most correct?
Asim spends more than she makes
(Check all that apply) Which of the following are examples of types of savings vehicles?
1) Certificate of Deposit
2) Money Market Account
3) Savings Account
Which type of bank account typically offers no interest?
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