wise test review Questions with complete solution 2024/2025
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Course
WISE
Institution
WISE
wise test review Questions with complete solution 2024/2025 wise test review
A high school senior who is saving for the prom is invited to go on a weekend trip friends. the senior student chose not to go on the trip. what is the opportunity cost? - correct answer the weekend trip
A person ...
wise test review
A high school senior who is saving for the prom is invited to go on a weekend
trip friends. the senior student chose not to go on the trip. what is the
opportunity cost? - correct answer ✔the weekend trip
A person can set up an individual retirement account (IRA) at a - correct
answer ✔bank
A person has two credit cards. when fails to make a payment on one credit
card, the second credit card company - correct answer ✔cannot raise the
APR automatically
Negative information on a credit report will - correct answer ✔be on the
credit report for seven years
Investors willing to accept high risk are - correct answer ✔risk-tolerant
Jose and maria have a son who is 5 years old. they won the lottery and plan
to invest the money for their son's college education. which of the following
choices is likely to generate the most return in the years before he goes to
college? - correct answer ✔stocks
A person is planning to buy a $200,000 house. the person estimates that he
will need at least a 20% down payment and $5,000 for moving expenses.how
much money does the person need? - correct answer ✔45,000
Taxes on a traditional individual retirement account are paid - correct answer
✔yearly, on the amount of money withdrawn from the account
,when a person's savings in a bank account are earning 2% interest and
inflation is 5%, the purchasing power of the person's saving is - correct
answer ✔decreasing because of inflation
A person has three credit cards with very large outstanding balances and is
unable to make payments on any of them. which is the first action this person
should take? - correct answer ✔notify the credit card companies in order to
negotiate a new payment plan.
if a person has to pay $30 a year in intrest on each $100 he borrows, the cost
is considered - correct answer ✔very high
A credit card grace period is the period of time the credit card company gives
to the cardholder - correct answer ✔from the billing date to the payment due
date to make a payment to avoid a late fee
Based on the credit card act of 2009, credit card companies cannot - correct
answer ✔mail credit card offers to someone under age 21
which type of investment is best protected from an increase in inflation -
correct answer ✔a house financed with a fixed-interest-rate mortgage.
Dollar cost averaging is used for investing in - correct answer ✔stocks
which of the following is a correct explanation of the word given - correct
answer ✔Bear market: the price of stocks continue to decline over a period of
time
A factor that is likely to affect the market price of a stock is the - correct
answer ✔decline in corporation profits
, A person has $600,00 invested in stocks and bonds with a securities investor
protection corporation (SIPC) member brokerage firm that fails. how much of
the account is protected - correct answer ✔up to $500,00 of the investor's
account
one of the Federal Reserve System (Fed) functions is to - correct answer
✔promote stability of the financial system
A relative send a check for $250 as a graduation gift in the mail. A week later
it has still not arrived. what should the relative do? - correct answer ✔stop
payment on the check
A person is comparing the interest rate on a certificate of deposit (CD) to the
rate on a savings account. Usually, the interest rate on a CD is - correct
answer ✔higher
Of the following, the most liquid type of investment is a - correct answer
✔money market account
how does having a savings account help a person's financial wellbeing? -
correct answer ✔It enables a person to save for major purchases
The National Credit Union Administration (NCUA) provides - correct answer
✔insurance protection for accounts in credit unions
The largest percentage of funds in bank depositor account, after meeting the
Reserve Requirement, is used for - correct answer ✔loans to consumers and
businesses
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