WISE Test, Question and answers already passed 2024/2025
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Course
WISE
Institution
WISE
WISE Test, Question and answers already passed 2024/2025 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 assu...
WISE Test
If a person makes a deposit of $10,000 or more into a bank account, the bank
must notify the
State Banking Commission.
Federal Deposit Insurance Corporation. (FDIC).
US Treasury Department.
Federal Reserve Board. - correct answer ✔US Treasury Department
Safe-deposit boxes are:
Safe and can be accessed only by the owner of the box
Available at all banks
Convenient and accessible at any hour of the day or evening
A free benefit for accounts with deposits starting at $50,000 - correct answer
✔Safe and can be accessed only by the owner of the box
The financial institution where Ms. Sanchez has her checking account will
continue to pay out
money for the checks she writes as long as:
The financial institution has sufficient funds
There is enough money in Ms. Sanchez's account to cover the amount of the
checks
She uses checks from her checkbook
She maintains a good record of deposits and handles her account
responsibly - correct answer ✔There is enough money in Ms. Sanchez's
account to cover the amount of the checks
"The Fed" is short for:
,FBI
The Federal Reserve System
The Federal Deposit Insurance Corporation
Congress - correct answer ✔The Federal Reserve System
Margaret wants to store a valuable coin collection and important papers.
Generally, consumers should:
Hand valuables over to their attorney
Rent a safe deposit box for their valuables
Store valuables in locked drawer
Store valuables in a cabinet at home - correct answer ✔Rent a safe deposit
box for their valuables
The phrase used for putting money into a savings account is:
Making a deposit
Verifying the account
Balancing the account
Making a withdrawal - correct answer ✔Making a deposit
Banks use savings account deposits to:
Improve the quality of life in low-income communities
Give loans to consumers and businesses
Make their services and products attractive for
new depositors
Pay for employee special projects - correct answer ✔Give loans to
consumers and businesses
, Which financial product typically pays the highest rate of interest?
Money market account
Certificate of deposit
Savings account
Common stock - correct answer ✔Certificate of deposit
(Common stock= no interest but all the other ones have interest. Savings
account= lowest interest)
Financial services and products generally offered by banks and credit unions
include:
Legal services
Savings and loans
Business plans
Real estate listings - correct answer ✔Savings and loans
The best reason for depositing money in a bank or credit union savings
account instead of keeping your money "under the mattress" is that:
Money deposited in savings accounts are F.D.I.C. insured
Most savings accounts earn a guaranteed rate of interest
Money in a savings account can be accessed any time during the day or
night
Most savings accounts come with a free credit card - correct answer
✔Money deposited in savings accounts are F.D.I.C. insured
Which of the following does the Federal Reserve use to regulate the nation's
money supply?
Proposing legislation
Fiscal policy
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