WISE Test Vocabulary Question and answers 100% correct 2024/2025
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Course
WISE
Institution
WISE
WISE Test Vocabulary Question and answers 100% correct 2024/2025 Wise Test Study Guide
What are the sources of income? - correct answer wages, rentals, interest, capital, profits, investments, entrepreneurship
What is exemption (allowance) and how does it work? - correct answer allowance ...
WISE Test Vocabulary
Check - correct answer ✔A system that allows each branch of government to
limit the powers of the other branches in order to prevent abuse of power
Credit Card - correct answer ✔a card (usually plastic) that assures a seller
that the person using it has a satisfactory credit rating and that the issuer will
see to it that the seller receives payment for the merchandise delivered
Debit Card - correct answer ✔a card (usually plastic) that enables the holder
to withdraw money or to have the cost of purchases charged directly to the
holder's bank account
Exemptions - correct answer ✔For centers providing evening care only,
outdoor space is not required. CDA or credentialed staff is not required for
Evening Child Care Staff. Director credentialed staff is not required of Evening
Child Care.
Gift Card - correct answer ✔looks like a credit card and is given as a present
with a certain amount of money on it to be used at a particular store
Inflation - correct answer ✔A general and progressive increase in prices
Inheritance - correct answer ✔If a person dies without a will, his or her
property is distributed to the heirs as stipulated in the state's intestate statute.
Money order - correct answer ✔a written order for the payment of a sum to a
named individual
, Compound interest - correct answer ✔interest calculated on both the
principal and the accrued interest
Federal Reserve Bank - correct answer ✔Central bank of the United States
Interest - correct answer ✔A sum paid or charged for the use of money or for
borrowing money
Interest rates - correct answer ✔The cost of borrowing money
Principal - correct answer ✔The amount of money borrowed
Rule of 72 - correct answer ✔The number of years it takes for a certain
amount to double in value is equal to 72 divided by its annual rate of interest.
Simple interest - correct answer ✔The amount of interest based on a
principal amount and not on earned interest.
Time value of money - correct answer ✔Money's potential to grow in value
over time. The relationship between time, money, a rate of return, and
earnings growth.
Bounced check - correct answer ✔When you write a check and do not have
sufficient funds in your checking account to cover the check. Fees will be
charged for every individual bounced check.
Car loan - correct answer ✔a personal loan to purchase an automobile
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