Wise Financial Literacy Test Questions and Answers | 100% Correct Answer | Grade A+

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the: Ans: US Treasury Department The most liquid type of investment is: Ans: A money market account. He financial institution where Ms. Sanchez has her checking account will continue to pay out money for the checks she writes as long as: Ans: There is enough money in Ms. Sanchez's account to cover the amount if the checks Money orders are: Ans: A purchased certificate to pay a specified amount to a specific payee The best suggestion you gave a friend who is writing a check for the first time is: Ans: Date the check because it is usually proof of payment To qualify for a Federal Housing administration (FHA) loan, a person must generally: Ans: fulfill income guidelines 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 person take? Ans: Notify the credit card companies in order to negotiate a new payment plan What is meant by an uncollateralized loan? Ans: A personal loan without assets to cover the loan amount When a person declares bankruptcy that fact will appear on the person's credit report: Ans: For a 10 year period Which of following is considered to be opened credit? Ans: Department store charge card