WISE Financial Literacy Test Review questions and answers verified 2023/24

If your income remains the same over a three-year period but inflation goes up, what does that do to your buying power? Your buying power decreases If your income remains the same over a three-year period but inflation goes up, does your dollar go as far? No What is a credit union? A money cooperative whose members borrow money at low interest rates Is a credit union profit or non-profit? Non-profit Where does one typically find the best or most competitive interest rates on loans? Banks and credit unions Can you convert gift cards to cash at the store? No What does it mean to pay yourself first? Set aside savings first, rather than paying anything Will paying yourself first increase your wealth? Yes Why is it NOT wise to use your credit card for cash advances? Too expensive, high interest rate Does a post-high school degree/training or college degree increase your earning potential? Yes