Wise Test Review Exam Questions With Verified And Updated Solutions.

Wise Test Review Exam Questions With Verified And Updated Solutions. 1. When using a debit card what should you immediately do upon use? - answerRecord it in your checkbook register 2. Why buy renter's insurance? - answerTo protect your belongings in case of fire or theft 3. Why do you pay a lower rate on a car loan verses a personal loan? - answerThe car is collateral for the loan 4. Why do corporations issue bonds? - answerTo borrow money from investors 5. Why are payday loans the worst choice? - answerThese loans often result in a pattern of needing to continue borrowing and usually come with the highest interest rate 6. How does the Federal Reserve System (FED) protect depositors & banks? - answerRegulates the number of branches a member bank can have 7. What would typically happen to a publicly traded company's stock if they lost a major lawsuit? - answerStock prices would decrease 8. If you have multiple credit cards, how much shows on your credit report that you owe? - answerThe total amount owed on all credit cards at the time that the report is run 9. If your credit card bill was more than you budgeted, as a financially literate person, what should you pay? - answerPay the bill and full if possible and reduce the budget somewhere else 10. Why would the purchasing power of money decrease? - answerinflation 11. You generally pay $150 a month on groceries. This year the inflation rate is 10%. What will happen to the amount of groceries and the price you pay for groceries? - answerGroceries stay the same but the price goes up 12. If you haven't used your gift card you received months ago, and when you use it for the first time the value has decreased. Why would this happen? - answerThere was a fee attached to the card for non use 13. What should always be included in a will? - answerbeneficiaries