Wise Certification Test Questions and
Correct Verified Answers (2025-2026)
Updated.
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the -
Answer US Treasury Department
Margaret wants to store a valuable coin collection & important paper. Generally, consumers
should: - Answer Rent a safe deposit box for their valuables
Troy has $50 a month transferred electronically from his checking account to his savings
account. This is an example of: - Answer A savings plan
Employees prefer direct deposits because: - Answer The money is generally deposited in their
checking account sooner than it would be if they had to deposit it in person
A person is depositing $20 in cash and a check for $50. On the checking account deposit slip,
the person should - Answer List the cash deposit it separately from the check as well as the
total of the deposit
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? - Answer Notify the credit
card companies in order to negotiate a new payment plan
To qualify for a Federal Housing Administration (FHA) loan, a person must generally - Answer
Fulfill income guidelines
When a person declares bankruptcy that fact will appear on the person's credit report - Answer
For a 10 year period
Which of the following is considered to be open-end credit? - Answer Department store
charge cards
What is meant by an uncollateralized loan? - Answer A person loan without assets to cover the
loan amount
, Money for saving, investing, of spending cannot be from: - Answer Capital losses from the sale
of stock
Susan gives Marie her ABC Credit Union debit card & personal identification number (PIN) so
Marie could get $25 from Susan's bank account. Marie withdrew $100 instead of the agreed
$25. How can Sudan get the $75 back? - Answer No bank or government agency is obligated
to reimburse Susan because she authorized Marie to use her ATM card & PIN
Which of the following is a disadvantage of using phone cards, debit cards, electronic transfers,
and ATM cards? - Answer They expose consumers to greater likelihood of identify theft
A person complains about how expensive it is to be a cigarette smoker. Once of the reasons
cigarettes are so expensive is that - Answer The government imposes an excise tax on them
One of the benefits of holding an investment for over a year rather than selling it in less than a
year is that the - Answer Capital gains on the investment will be taxed at a lower rate
A man budgeted $200 a month for clothing. This month the man spent $150 on clothing
therefore that budgeted item is considered to have - Answer A budget variance
A persons debt ration shows the relationship between debt and net worth. The lower the ratio
the - Answer Better off financially the person is
After five years of owning a Roth Individual Retirement Account (IRA) a person wants to buy his
first home, the person can withdraw money from the Roth IRA - Answer Tax & penalty fee
A company offers a defined-contribution pension plan which means that upon retirement the
employee will receive - Answer The total amount of money contributed plus investment
earnings
As an investment, a person decides to buy a small house that has three rental apartments. The
profits from this investment may be lower then expected if the - Answer One of the
apartments is not rented
Buying s treasury bill (T-bill) is best for investors who are looking for - Answer A secure, low
risk investment
Correct Verified Answers (2025-2026)
Updated.
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the -
Answer US Treasury Department
Margaret wants to store a valuable coin collection & important paper. Generally, consumers
should: - Answer Rent a safe deposit box for their valuables
Troy has $50 a month transferred electronically from his checking account to his savings
account. This is an example of: - Answer A savings plan
Employees prefer direct deposits because: - Answer The money is generally deposited in their
checking account sooner than it would be if they had to deposit it in person
A person is depositing $20 in cash and a check for $50. On the checking account deposit slip,
the person should - Answer List the cash deposit it separately from the check as well as the
total of the deposit
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? - Answer Notify the credit
card companies in order to negotiate a new payment plan
To qualify for a Federal Housing Administration (FHA) loan, a person must generally - Answer
Fulfill income guidelines
When a person declares bankruptcy that fact will appear on the person's credit report - Answer
For a 10 year period
Which of the following is considered to be open-end credit? - Answer Department store
charge cards
What is meant by an uncollateralized loan? - Answer A person loan without assets to cover the
loan amount
, Money for saving, investing, of spending cannot be from: - Answer Capital losses from the sale
of stock
Susan gives Marie her ABC Credit Union debit card & personal identification number (PIN) so
Marie could get $25 from Susan's bank account. Marie withdrew $100 instead of the agreed
$25. How can Sudan get the $75 back? - Answer No bank or government agency is obligated
to reimburse Susan because she authorized Marie to use her ATM card & PIN
Which of the following is a disadvantage of using phone cards, debit cards, electronic transfers,
and ATM cards? - Answer They expose consumers to greater likelihood of identify theft
A person complains about how expensive it is to be a cigarette smoker. Once of the reasons
cigarettes are so expensive is that - Answer The government imposes an excise tax on them
One of the benefits of holding an investment for over a year rather than selling it in less than a
year is that the - Answer Capital gains on the investment will be taxed at a lower rate
A man budgeted $200 a month for clothing. This month the man spent $150 on clothing
therefore that budgeted item is considered to have - Answer A budget variance
A persons debt ration shows the relationship between debt and net worth. The lower the ratio
the - Answer Better off financially the person is
After five years of owning a Roth Individual Retirement Account (IRA) a person wants to buy his
first home, the person can withdraw money from the Roth IRA - Answer Tax & penalty fee
A company offers a defined-contribution pension plan which means that upon retirement the
employee will receive - Answer The total amount of money contributed plus investment
earnings
As an investment, a person decides to buy a small house that has three rental apartments. The
profits from this investment may be lower then expected if the - Answer One of the
apartments is not rented
Buying s treasury bill (T-bill) is best for investors who are looking for - Answer A secure, low
risk investment
