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WISE Practice Test Questions and Answers with Verified Solutions
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WISE Practice Test Questions and Answers with Verified Solutions To be eligible for a Federal Housing Administration (FHA) loan, what must an individual typically meet? - Have at least a high school diploma - Provide a down-payment amounting to 25% of the home's cost - Meet specific income ...

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  • August 1, 2024
  • 36
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wise practice test questions and answers with veri

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1 WISE Practice Test Questions and Answers with Verified Solutions To be eligible for a Federal Ho using Administration (FHA) loan, what must an individual typically meet? - Have at least a high school diploma - Provide a down -payment amounting to 25% of the home's cost - Meet specific income criteria ✔✔ - Obtain co -signers for the loan A high school student is exploring a career in finance. What should the student prioritize in their decision -making process? - Will I be able to achieve a good balance between financial compensation and job satisfaction? ✔✔ - How many acquaintances do I have working in finance? - How quickly can I advance to the top positions in this field after training? - Are there many professionals in finance who are unhappy with their jobs? 2 Why is it crucial to consider how well a career aligns with pe rsonal satisfaction and financial rewards? - It helps to gauge the potential earnings, available job roles, necessary training, and personal enjoyment in the field. ✔✔ - It provides insight into the number of people working in that career. - It sho ws the expected time to reach the highest level in the profession. - It reveals the dissatisfaction levels among current professionals. When a company offers a defined -contribution retirement plan, what can an employee expect upon retirement? - Half of their salary from the previous year - The total amount contributed plus any investment gains ✔✔ - A sum based solely on their years of service - A fixed amount based on the company's profits during their tenure What is the tax status of the interest earned from U.S. Series EE Savings Bonds? - It is exempt from state and local taxes ✔✔ - It is paid out in a lump sum when the bond reaches its face value - It equals the initial purchase amount 3 For investors seeking a secure and low-risk option, what is the most suitable choice? - A treasury bill (T -bill) ✔✔ - An investment between $100 and $500 - A higher yield investment compared to corporate bonds - An investment with a maturity of 10 to 30 years Why are treasury bills considered a low -risk investment? - They are backed by the full faith and credit of the U.S. government, making them relatively safe. ✔✔ - They offer a higher yield than most corporate bonds. - They have a long maturity per iod. - They require a minimal investment amount. 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. 4 C: brokera ge 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. Reason : Margin is a speculative method whereby an investor borrows up to 50% of the money needed from a brokerage firm in order to buy a wanted stock and pays a fee for the privilege. 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 Percent age Rate (APR)

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