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Wise Test Questions and Answers 100% Pass If a person earns $36,000 annually, owns assets worth $156,000, and has liabilities totaling $85,000, what is their net worth? Their net worth is $71,000. (Net Worth = Assets - Liabilities) When evaluating renters insurance, what should be unders...

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  • August 1, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wise test questions and answers 100 pass

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1 Wise T est Questions and Answers 100 % Pass If a person earns $36,000 annually, owns assets worth $156,000, and has liabilities totaling $85,000, what is their net worth? ✔✔Their net worth is $71,000. (Net Worth = Assets - Liabilities) When evaluating renters insurance, what should be understood about its purpose? ✔✔It is designed to protect against financial losses from incidents like fire, theft, and personal injuries. (Renters insurance is meant to cover financial losses related to the rented property. Premiums are influenced by risk, not inc ome, and landlords’ insurance does not cover renters’ losses.) Which type of borrowers typically receive the lowest interest rates on loans? ✔✔Those with high credit scores usually receive the lowest interest rates. Why is insurance often referred to a s a way of "sharing the risk"? ✔✔It spreads the risk among other policyholders. (Insurance involves pooling risks among many people; we contribute to the fund, and those who need it can draw from it.) 2 What happens to your car insurance premium if you in crease your collision deductible from $200 to $400? ✔✔The premium will decrease. (A higher deductible results in a lower monthly premium.) What type of organization is a credit union? ✔✔It is a not -for-profit financial institution that operates like a bank and is owned by its members. What characteristic should all effective financial goals have? ✔✔They should include a specific target date for completion. Why are mutual funds often regarded as a prudent investment choice? ✔✔They offer diversific ation by investing in a variety of stocks and bonds. (Mutual funds pool money from many investors to invest in diverse assets, which lowers risk.) Which sequence lists assets from the most liquid to the least liquid? ✔✔Savings account, certificate of de posit (CD), real estate.

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