Exam (elaborations)
WISE Test 2023 with 50 questions and answers 100% verified
- Course
- Institution
WISE Test 2023 with 50 questions and answers 100% verified
[Show more]
Content preview
WISE Test 2023 with 50 questions and answers 100% verifiedOne 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: Answer- $50
Consumers who file for bankruptcy are still responsible for: Answer- Tax claims and student loans
Which of the following provides an increase in assets or wealth? Answer- Having capital gains
The denominations of coins in the United States are: Answer- $.01, $.05, $.10, $.25, $.50, $1.00
Mutual funds are: 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? Answer- Common Stock
Banks use savings account deposits to: 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? 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? 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? Answer- Take his passport
Victims of predatory lending practices are typically: Answer- The elderly and people with a poor credit history
How can you avoid becoming a victim of identity theft? 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? 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? Answer- They expose consumers to greater likelihood of identity theft
The price of the Candy Corporation Stock will generally increase when there is: 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: Answer- Savings and Investing
The most liquid type of investment is: 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? Answer- Some types of checking accounts pay interest
The purpose of Insurance is NOT to: Answer- Diversify an investment portfolio
Generally, the higher the deductible on an insurance policy, the Answer- Lower the premium
A credit card finance charge is: 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)? Answer- $16.00
New coins and currency make their way into the general economy, consumers and businesses, through the distribution system of the: Answer- Federal Reserve System
Which of the following provides an increase in assets or wealth? Answer- Having capital gains
A factor that is likely to affect the market price of a stock is: Answer- Corporate profits
An investor buys 100 shares of a common stock @ $36.00 a share. The stock is now selling at $38.00 a share. When deciding whether to hold or sell the stock, which factor is it important for the investor to consider? Answer- The commission charged for buying and selling the stock
Margaret wants to store a valuable coin collection and important papers. Generally, consumers should: Answer- Rent a safe deposit box for their valuebles
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Wiseman. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76799 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now