WISE Test Question and answers correctly solved 2024/2025
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Course
WISE
Institution
WISE
WISE Test Question and answers correctly solved 2024/2025 Wise Test
It 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 ...
WISE Test
One of Andre's seldom-used credit cards has been stolen without his
knowledge. When he gets his monthly statement, he realizes that someone
else has been using the card and reports it stolen. The maximum amount of
unauthorized purchases he is liable for is: - correct answer ✔$50
Consumers who file for bankruptcy are still responsible for: - correct answer
✔Tax claims and student loans
Which of the following provides an increase in assets or wealth? - correct
answer ✔Having capital gains
The denominations of coins in the United States are: - correct answer ✔$.01,
$.05, $.10, $.25, $.50, $1.00
Mutual funds are: - correct answer ✔An investment that holds a wide range
of different investment instruments, providing diversification
Michele and Claudia have a seven year old son. They won $50,000 on a TV
games show and want to put it away for their son's education. Which of the
following has the highest potential growth and the highest risk? - correct
answer ✔Common Stock
Banks use savings account deposits to: - correct answer ✔Give loans to
consumers and businesses
You have a checking account balance of $100 and you deposit a personal
$200 check from your brother in you checking account. When will you be able
,to withdraw $150 in cash? - correct answer ✔3 to 7 days later, depending on
your bank's check clearance policy
Why is term life insurance usually the least expensive type of life insurance? -
correct answer ✔The policy only pays a death benefit
Neil will be traveling by air in Southeast Asia for six-week vacation. Which
step will not provide protection during the trip? - correct answer ✔Take his
passport
Victims of predatory lending practices are typically: - correct answer ✔The
elderly and people with a poor credit history
How can you avoid becoming a victim of identity theft? - correct answer
✔Avoid giving your Social Security number on a phone call you did not initate
Which of the following statements is usually true about indivuals who are
financially literate? - correct answer ✔They understand the basics of
personal finance and money management
Which of the following is a disadvantage of using phone cards, debit cards,
electronic transfers, and ATM cards? - correct answer ✔They expose
consumers to greater likelihood of identity theft
The price of the Candy Corporation Stock will generally increase when there
is: - correct answer ✔Positive news about corporate earnings
The process of setting aside money and putting it to work by having it earn
intrest or dividends or gain value in the equities market with the idea of having
, additional funds to use in the future is described as: - correct answer
✔Savings and Investing
The most liquid type of investment is: - correct answer ✔A money market
account
Joan wants to open a checking account and wonders if checking accounts
pay interest. How would you answer her question? - correct answer ✔Some
types of checking accounts pay interest
The purpose of Insurance is NOT to: - correct answer ✔Diversify an
investment portfolio
Generally, the higher the deductible on an insurance policy, the - correct
answer ✔Lower the premium
A credit card finance charge is: - correct answer ✔The dollar amount it cost
to use credit
Approximately, what is the annual finance charge for each $100 owed on a
credit card with a 16% annual interest rate (APR)? - correct answer ✔$16.00
New coins and currency make their way into the general economy, consumers
and businesses, through the distribution system of the: - correct answer
✔Federal Reserve System
Which of the following provides an increase in assets or wealth? - correct
answer ✔Having capital gains
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