Exam (elaborations)
Wise Financial Literacy Practice Test with 100% correct answers
- Course
- Institution
Wise Financial Literacy Practice Test with 100% correct answers
[Show more]
Content preview
WiseFinancial
Literacy
Practice
Test
If
a
person
makes
a
deposit
of
$10,000
or
more
into
a
bank
account,
the
bank
must
notify
the
-
ANS-A:
US
Treasury
Department.
In
order
to
track
large
deposits,
the
federal
government
requires
that
deposits
of
$10,000
or
more
be
reported
to
the
Treasury
Department.
Banks
use
savings
account
deposits
to:
-
ANS-C:
Give
loans
to
consumers
and
businesses.
The
basic
functions
of
banks
and
credit
unions
are
to
be
an
intermediary
between
savers
and
borrowers.
Which
financial
product
may
pay
a
dividend?
-
ANS-D:
Common
stock.
All
of
these
types
of
accounts
and
financial
products
except
for
common
stock
earn
interest.
Margaret
wants
to
store
a
valuable
coin
collection
and
important
papers.
Generally ,
consumers
should:
-
ANS-B:
Rent
a
safe
deposit
box
for
their
valuables.
Bank
customers
can
rent
safe
deposit
boxes
from
the
bank.
What
action
should
a
person
take
who
must
make
a
tuition
payment
at
the
end
of
August
each
year?
-
ANS-A:
Decide
how
much
money
will
be
needed
and
then
place
1/12th
of
that
amount
in
a
separate
account
each
month.
The
best
way
to
save
in
order
to
make
a
yearly
purchase,
in
this
case
a
tuition
payment,
A
bank
Certificate
of
Deposit
is
a
-
ANS-B:
Savings
instrument
that
requires
a
deposit
for
a
period
of
time
during
which
there
is
a
penalty
for
withdrawals.
A
certificate
of
deposit
(CD)
is
a
savings
instrument
that
requires
a
deposit
for
a
period
of
time
(term)
during
which
the
saver
cannot
withdraw
money
from
the
plan
without
a
penalty .
The
phrase
used
for
putting
money
into
a
savings
account
is
-
ANS-C:
Making
a
deposit.
Putting
money
into
an
account
is
"making
a
deposit"
and
taking
money
out
is
"making
a
withdrawal."
Which
financial
product
has
the
most
predictable
income?
-
ANS-C:
Certificate
of
deposit.
Most
certificates
of
deposit
(CDs)
are
issued
with
an
interest
rate
that
is
fixed
at
a
specified
rate
for
the
entire
term
of
the
deposit.
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 ACTUALSTUDY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84146 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now