WISEPRACTICEEXAMWITHANSW
ERS
If you have caused an accident, which type of automobile insurance would cover damage t
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o your own car? - correct answer-Collision
b b b b bb b
Matt and Eric are young men. Each has a good credit history. They work at the same comp
b b b b b b b b b b b b b b b b b
any and make approximately the same salary. Matt has borrowed $6,000 to take a foreign
b b b b b b b b b b b b b b b
vacation. Eric has borrowed $6,000 to buy a car. Who is likely to pay the lowest finance cha
b b b b b b b b b b b b b b b b b
rge? - correct answer-Eric will pay less because the car is collateral for the loan.
b bb b b b b b b b b b b b b
If you went to college and earned a 4-
b b b b b b b b
year degree, how much money could you expect to earn than if you only had a high school d
b b b b b b b b b b b b b b b b b b
iploma? - correct answer-a lot more; about 70% more. b bb b b b b b b
Many savings programs are protected by the Federal government against loss. Which of t
b b b b b b b b b b b b b
he following is not? - correct answer-A bond issue by one of the 50 states
b b b b bb b b b b b b b b b
If each of the following persons had the same amount of take home pay, who would need th
b b b b b b b b b b b b b b b b b
e greatest amount of life insurance? - correct answer-
b b b b b b bb b
A young single woman with two young children.
b b b b b b b
Which of the following instruments in NOT typically associated with spending? -
b b b b b b b b b b b
correct answer-Certificate of deposit
bb b b b
Which of the following credit card users is likely to pay the GREATEST dollar amount in fina
b b b b b b b b b b b b b b b b
nce charges per year, if they all charge the same amount per year on their cards? -
b b b b b b b b b b b b b b b b
correct answer-Jessica, who only pays the minimum amount each month.
bb b b b b b b b b b
Which of the following statements is true? - correct answer-
b b b b b b b bb b
Banks and other lenders share the credit history of their borrowers with each other and are l
b b b b b b b b b b b b b b b b
ikely to know of any loan payments that you have missed.
b b b b b b b b b b
Doug must borrow $12,000 to complete his college education. Which of the following woul
b b b b b b b b b b b b b
d NOT be likely to reduce the finance charge rate? - correct answer-
b b b b b b b b b b bb b
If he went to a state college rather than a private college.
b b b b b b b b b b b
If you had a savings account at a bank, which of the following would be correct concerning t
b b b b b b b b b b b b b b b b b
he interest that you would earn on this account? - correct answer-
b b b b b b b b b bb b
Income tax may be charged on the interest if your income is high enough
b b b b b b b b b b b b b
Inflation can cause difficulty in many ways. Which group would have the greatest problem
b b b b b b b b b b b b b b
during periods of high inflation that last several years? - correct answer-
b b b b b b b b b bb b
Older people living on fixed retirement income.
b b b b b b
ERS
If you have caused an accident, which type of automobile insurance would cover damage t
b b b b b b b b b b b b b b
o your own car? - correct answer-Collision
b b b b bb b
Matt and Eric are young men. Each has a good credit history. They work at the same comp
b b b b b b b b b b b b b b b b b
any and make approximately the same salary. Matt has borrowed $6,000 to take a foreign
b b b b b b b b b b b b b b b
vacation. Eric has borrowed $6,000 to buy a car. Who is likely to pay the lowest finance cha
b b b b b b b b b b b b b b b b b
rge? - correct answer-Eric will pay less because the car is collateral for the loan.
b bb b b b b b b b b b b b b
If you went to college and earned a 4-
b b b b b b b b
year degree, how much money could you expect to earn than if you only had a high school d
b b b b b b b b b b b b b b b b b b
iploma? - correct answer-a lot more; about 70% more. b bb b b b b b b
Many savings programs are protected by the Federal government against loss. Which of t
b b b b b b b b b b b b b
he following is not? - correct answer-A bond issue by one of the 50 states
b b b b bb b b b b b b b b b
If each of the following persons had the same amount of take home pay, who would need th
b b b b b b b b b b b b b b b b b
e greatest amount of life insurance? - correct answer-
b b b b b b bb b
A young single woman with two young children.
b b b b b b b
Which of the following instruments in NOT typically associated with spending? -
b b b b b b b b b b b
correct answer-Certificate of deposit
bb b b b
Which of the following credit card users is likely to pay the GREATEST dollar amount in fina
b b b b b b b b b b b b b b b b
nce charges per year, if they all charge the same amount per year on their cards? -
b b b b b b b b b b b b b b b b
correct answer-Jessica, who only pays the minimum amount each month.
bb b b b b b b b b b
Which of the following statements is true? - correct answer-
b b b b b b b bb b
Banks and other lenders share the credit history of their borrowers with each other and are l
b b b b b b b b b b b b b b b b
ikely to know of any loan payments that you have missed.
b b b b b b b b b b
Doug must borrow $12,000 to complete his college education. Which of the following woul
b b b b b b b b b b b b b
d NOT be likely to reduce the finance charge rate? - correct answer-
b b b b b b b b b b bb b
If he went to a state college rather than a private college.
b b b b b b b b b b b
If you had a savings account at a bank, which of the following would be correct concerning t
b b b b b b b b b b b b b b b b b
he interest that you would earn on this account? - correct answer-
b b b b b b b b b bb b
Income tax may be charged on the interest if your income is high enough
b b b b b b b b b b b b b
Inflation can cause difficulty in many ways. Which group would have the greatest problem
b b b b b b b b b b b b b b
during periods of high inflation that last several years? - correct answer-
b b b b b b b b b bb b
Older people living on fixed retirement income.
b b b b b b
