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Wise Test 2024 Updated Questions and Answers (2024/2025) (Verified Answers)
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Wise Test 2024 Updated Questions and Answers (2024/2025) (Verified Answers)
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Wise Test.pdf file:///C:/Users/HP/Desktop/New%20folder%20(4)/Wise%20TestWise Test Actual Questions
& Verified Answers
1. When a person brings an item to a pawnshop to obtain cash, the transactionis
considered
Answer a collateralized loan.
2. To qualify for a Federal Housing Administration (FHA) loan, a person must
generally
Answer fulfill income guidelines.
3. A person has three credit cards with very large outstanding balances and is
unable to make payments on any of them. Which action should the persontake?
Answer Notify the credit card companies in order to negotiate a new payment plan.
4. Which of the following is considered to be open-end credit?
Answer Departmentstore charge cards.
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,Wise Test.pdf file:///C:/Users/HP/Desktop/New%20folder%20(4)/Wise%20Test
5. What is meant by an uncollateralized loan?
Answer A personal loan without assets tocover the loan amount.
6. Which of the following does the Federal Reserve use to regulate the nation's
money supply?
Answer Monetary policy
7. Money for saving, investing, or spending cannot be from
Answer Capital losses fromthe sale of stock
8. Jami lost her debit card. She did not report it missing for 3 months. If an
unauthorized person used her debit card, her maximum liability is
Answer Unlimitedliability
9. Susan gives Marie her ABC Credit Union debit card and personal identi-
fication number (PIN) so Marie could get $25 from Susan's bank account. Marie
withdrew $100 instead of the agreed to $25. How can Susan get the $75back?
Answer No bank or government agency is obligated to reimburse Susan because she
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