WISE PRACTICE EXAM QUESTIONS
WITH COMPLETE ANSWERS
If ffyou ffhave ffcaused ffan ffaccident, ffwhich fftype ffof ffautomobile ffinsurance ffwould ffcover
ffdamage ffto ffyour ffown ffcar? ff- ffANS-Collision
Matt ffand ffEric ffare ffyoung ffmen. ffEach ffhas ffa ffgood ffcredit ffhistory. ffThey ffwork ffat
ffthe ffsame ffcompany ffand ffmake ffapproximately ffthe ffsame ffsalary. ffMatt ffhas
ffborrowed ff$6,000 ffto fftake ffa ffforeign ffvacation. ffEric ffhas ffborrowed ff$6,000 ffto ffbuy ffa
ffcar. ffWho ffis fflikely ffto ffpay ffthe fflowest fffinance ffcharge? ff- ffANS-Eric ffwill ffpay ffless
ffbecause ffthe ffcar ffis ffcollateral fffor ffthe ffloan.
If ffyou ffwent ffto ffcollege ffand ffearned ffa ff4-year ffdegree, ffhow ffmuch ffmoney ffcould ffyou
ffexpect ffto ffearn ffthan ffif ffyou ffonly ffhad ffa ffhigh ffschool ffdiploma? ff- ffANS-a fflot ffmore;
ffabout ff70% ffmore.
Many ffsavings ffprograms ffare ffprotected ffby ffthe ffFederal ffgovernment ffagainst ffloss.
ffWhich ffof ffthe fffollowing ffis ffnot? ff- ffANS-A ffbond ffissue ffby ffone ffof ffthe ff50 ffstates
If ffeach ffof ffthe fffollowing ffpersons ffhad ffthe ffsame ffamount ffof fftake ffhome ffpay, ffwho
ffwould ffneed ffthe ffgreatest ffamount ffof fflife ffinsurance? ff- ffANS-A ffyoung ffsingle
ffwoman ffwith fftwo ffyoung ffchildren.
Which ffof ffthe fffollowing ffinstruments ffin ffNOT fftypically ffassociated ffwith ffspending? ff-
ffANS-Certificate ffof ffdeposit
Which ffof ffthe fffollowing ffcredit ffcard ffusers ffis fflikely ffto ffpay ffthe ffGREATEST ffdollar
ffamount ffin fffinance ffcharges ffper ffyear, ffif ffthey ffall ffcharge ffthe ffsame ffamount ffper
ffyear ffon fftheir ffcards? ff- ffANS-Jessica, ffwho ffonly ffpays ffthe ffminimum ffamount ffeach
ffmonth.
Which ffof ffthe fffollowing ffstatements ffis fftrue? ff- ffANS-Banks ffand ffother fflenders ffshare
ffthe ffcredit ffhistory ffof fftheir ffborrowers ffwith ffeach ffother ffand ffare fflikely ffto ffknow ffof
ffany ffloan ffpayments ffthat ffyou ffhave ffmissed.
WITH COMPLETE ANSWERS
If ffyou ffhave ffcaused ffan ffaccident, ffwhich fftype ffof ffautomobile ffinsurance ffwould ffcover
ffdamage ffto ffyour ffown ffcar? ff- ffANS-Collision
Matt ffand ffEric ffare ffyoung ffmen. ffEach ffhas ffa ffgood ffcredit ffhistory. ffThey ffwork ffat
ffthe ffsame ffcompany ffand ffmake ffapproximately ffthe ffsame ffsalary. ffMatt ffhas
ffborrowed ff$6,000 ffto fftake ffa ffforeign ffvacation. ffEric ffhas ffborrowed ff$6,000 ffto ffbuy ffa
ffcar. ffWho ffis fflikely ffto ffpay ffthe fflowest fffinance ffcharge? ff- ffANS-Eric ffwill ffpay ffless
ffbecause ffthe ffcar ffis ffcollateral fffor ffthe ffloan.
If ffyou ffwent ffto ffcollege ffand ffearned ffa ff4-year ffdegree, ffhow ffmuch ffmoney ffcould ffyou
ffexpect ffto ffearn ffthan ffif ffyou ffonly ffhad ffa ffhigh ffschool ffdiploma? ff- ffANS-a fflot ffmore;
ffabout ff70% ffmore.
Many ffsavings ffprograms ffare ffprotected ffby ffthe ffFederal ffgovernment ffagainst ffloss.
ffWhich ffof ffthe fffollowing ffis ffnot? ff- ffANS-A ffbond ffissue ffby ffone ffof ffthe ff50 ffstates
If ffeach ffof ffthe fffollowing ffpersons ffhad ffthe ffsame ffamount ffof fftake ffhome ffpay, ffwho
ffwould ffneed ffthe ffgreatest ffamount ffof fflife ffinsurance? ff- ffANS-A ffyoung ffsingle
ffwoman ffwith fftwo ffyoung ffchildren.
Which ffof ffthe fffollowing ffinstruments ffin ffNOT fftypically ffassociated ffwith ffspending? ff-
ffANS-Certificate ffof ffdeposit
Which ffof ffthe fffollowing ffcredit ffcard ffusers ffis fflikely ffto ffpay ffthe ffGREATEST ffdollar
ffamount ffin fffinance ffcharges ffper ffyear, ffif ffthey ffall ffcharge ffthe ffsame ffamount ffper
ffyear ffon fftheir ffcards? ff- ffANS-Jessica, ffwho ffonly ffpays ffthe ffminimum ffamount ffeach
ffmonth.
Which ffof ffthe fffollowing ffstatements ffis fftrue? ff- ffANS-Banks ffand ffother fflenders ffshare
ffthe ffcredit ffhistory ffof fftheir ffborrowers ffwith ffeach ffother ffand ffare fflikely ffto ffknow ffof
ffany ffloan ffpayments ffthat ffyou ffhave ffmissed.
