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Wise Test questions correctly answered
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Wise Test questions correctly answered
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Wise TestIt is usually a good idea to borrow for - correct answer ✔✔Something that increases in value over time
A person generally pays a lower interest rate on a car loan then on a personal loan because the - correct
answer ✔✔Car is collateral for the loan
Who is most likely to use the service of a non-Bank consumer finance company - correct answer
✔✔Individuals who cannot get a loan from a bank or credit union
Which financial advisor is recommending a long-term investment that lowers investment risk - correct
answer ✔✔Advisor C invest in mutual funds
Why do investors by stop that pay dividends - correct answer ✔✔Investors receive payments from the
company during the year
A college student has a joint credit card with her mother. During the first semester, the student charges a
total of $1500 for books, movies and clothes. The credit card bill for $1500 will have to be paid by the -
correct answer ✔✔Mother and/or the students since both individuals are responsible for repairing any
debt
The rule of 72 helps a person determine the - correct answer ✔✔Number of years it takes to double
money at a given interest rate
The cost of car insurance is affected by the - correct answer ✔✔Kind of car owned
Why do financial advisors warn people against taking payday loans - correct answer ✔✔These loans
often results in a pattern of need to continue borrowing
If a person believes that he is a victim of identity theft, he must - correct answer ✔✔File a report with
the police and get a copy of the report
, A stock is characterized as a "growth" stock because the expectation is for the corporation to - correct
answer ✔✔Have significant increase in sales and earnings
A public corporation announced today that it lost a major lawsuit. As a result, it is most likely that the -
correct answer ✔✔Price of the stock will decrease
Which method is used to determine a persons net worth - correct answer ✔✔Assets minus liabilities
equal net worth
JoBlo, who is financially supporting his 10-year-old daughter, is able to reduce the amount of tax taken
out of his salary by claiming his daughter as a - correct answer ✔✔Dependent
Why does a person renting an apartment by renters insurance - correct answer ✔✔To protect her
personal property in case of fire or theft
A person generally spends $100 a month on groceries. If this years inflation rate is 5%, the person can
expect to - correct answer ✔✔Spend more for the same amount of groceries
A person should consider paying her monthly bills automatically from her checking account because it -
correct answer ✔✔Makes it easier to pay the bills on time each month
The reason corporations issue bonds is to - correct answer ✔✔Borrow money from investors
What needs to be included in a will - correct answer ✔✔The names of beneficiaries
When applying for a loan, the higher a persons credit score/rating the - correct answer ✔✔Lower the
interest rate will be for the loan
What is a good strategy to build wealth for the future - correct answer ✔✔Deposit money into both
savings and investment account each month
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