Wise Practice Test Exam Questions With 100% Correct Answers 2024/2025

Wise Practice Test Exam Questions With 100% Correct Answers 2024/2025 Which of the following does the Federal Reserve use to regulate the nation's money supply? - answerC: Monetary policy R:The Federal Reserve uses monetary policy to regulate the nation's money supply. Monetary policy is directed at expanding or contracting the supply of money and credit in the U.S. economy. A cash card generally: - answerB: Is purchased with a specific amount of money that can be used to pay for goods or services R: Consumers purchase cash cards for a specific amount of money. The amount paid is stored in the card's memory, and the card can be used to pay for goods or services Which of the following is a disadvantage of using phone cards, debit cards, electronic transfers, and ATM cards? - answerB: They expose consumers to greater likelihood of identity theft R: The growing number of transactions that can be carried out without cash increases convenience for consumers who have credit cards, phone cards, debit cards, etc., but also exposes consumers to greater likelihood of fraud and/or identity theft. Nora needed to make a long-distance call from a pay phone and did not have the cash. She was able to make the call by using her: - answerC: Cash card R: Consumers purchase cash cards for a specific amount of money. The amount paid is stored in the card's memory, and the card can be used to pay for goods or services specific to a particular store or action until the amount stored, or "loaded" on the card, has been nished. When money is not used and goods and services are exchanged for other goods and services, this system is called: - answerC: Barter R: Bartering means exchanging goods and services with another person and makes it possible to satisfy needs and wants without spending money. Bartering cannot be used for many transactions including the purchase of investments or insurance. Identify the background color of U.S. $500 bill. - answerC: Green R: The background color of all United States paper currency (bills) is green. Susan gives Marie her ABC Credit Union debit card and 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 $5 back? - answerD: No bank or government agency is obligayed to reimburse Susan because she authorized Marie to use her ATM card and Pin R:The fact that Susan voluntarily gave Marie her EFT card and PIN means that Marie's withdrawal is considered an authorized transaction. Under the Electronic Fund Transfer Act. NO government agency is able to reimburse Susan for the extra $75. To make sure you will always remember your automated teller machine ATM card Personal Identification Number (PIN), you should write the PIN and keep it: - answerD: In a secure place at home R: You should never write any PIN on something that might be stolen Scott just got an ATM card to use and must choose a PIN. How should he select a PIN that will give him maximum protection against anyone else being able to find out what the PIN is? - answerB: Use a random selection of letters and numbers R: A PIN is a secret code that protect the privacy of your account. The numbers should not associated with any personal connections. That will be to easy to figure out. Money for saving, investing, or spending cant be from: - answerD: Capital losses from the sale of stock R: A job-holder receives money in the form of a salary or wage. A capital loss can no longer exists to be spent. Which statement best describes the relationship between a person's educational level and that person's potential earning power? - answerB: A person with a professional degree is likely to earn at least four times as much per year as a person who did not completer high school. R: A person with a professional degree, for is likely to earn four times pay per year. The common name for U.S. currency - answerC: Green backs R: The background color of all United States currency(bills) is primarily green. Which of the following provides an increase in assets or wealth? - answerC: Having capital gains R: Taking out a loan cause debt. Running a marathon is an example of giving one's a good time. The primary sources of income for most people between the ages of 20 and 35 who are not living on a pension or social security are: - answerD: Salaries, wages, and tips R: The primary sources known as income. Very few people have unearned income. Money in the United States includes: - answerB: Checking account balances on which checks can be dra