WISE Financial Literacy Test Updated Past Questions
and Answers (2026) | Authentic Preparation Set |
Grade A+
• money orders . Answer: a printed order for payment of a specified sum, issued by a
bank or post office.
• reconciling a checking account . Answer: also called balancing
- comparing your checkbook register with the bank statement
- should be done monthly
• tax anticipation loans . Answer: A refund anticipation loan (RAL) is a short-term
consumer loan secured by a taxpayer's expected tax refund
• truth in lending act . Answer: An act which requires lenders to inform borrowers of all
direct, indirect and true costs of credit.
• what do you do if you think you are a victim of identity theft . Answer: call banks,
cancel credit cards, review purchases on accounts
• colateral . Answer: property that is pledged as security for a loan if the loan is not
repaid, the property is taken
• insurance deductible . Answer: A deductible is the amount that the insured has agreed
to pay before the insurer is obliged to pay anything on a covered claim. The higher the
deductible the lower the monthly premium (payment) - the lower the deductible the
higher the monthly premium (payment).
• How to reduce the cost of auto insurance . Answer: get good grades, no accidents,
good credit, and drive a certain type of car.
• securities/equities . Answer: stocks and bonds
• bull market . Answer: A period of increased stock trading and rising stock prices
• bear market . Answer: A steady drop in the stock market over a period of time
• treasury bills . Answer: short-term government securities issued at a discount from
face value and returning the face amount at maturity
• pension . Answer: a sum paid regularly to a person, usually after retirement
• inflation . Answer: A general and progressive increase in prices
• deflation . Answer: A situation in which prices are declining
and Answers (2026) | Authentic Preparation Set |
Grade A+
• money orders . Answer: a printed order for payment of a specified sum, issued by a
bank or post office.
• reconciling a checking account . Answer: also called balancing
- comparing your checkbook register with the bank statement
- should be done monthly
• tax anticipation loans . Answer: A refund anticipation loan (RAL) is a short-term
consumer loan secured by a taxpayer's expected tax refund
• truth in lending act . Answer: An act which requires lenders to inform borrowers of all
direct, indirect and true costs of credit.
• what do you do if you think you are a victim of identity theft . Answer: call banks,
cancel credit cards, review purchases on accounts
• colateral . Answer: property that is pledged as security for a loan if the loan is not
repaid, the property is taken
• insurance deductible . Answer: A deductible is the amount that the insured has agreed
to pay before the insurer is obliged to pay anything on a covered claim. The higher the
deductible the lower the monthly premium (payment) - the lower the deductible the
higher the monthly premium (payment).
• How to reduce the cost of auto insurance . Answer: get good grades, no accidents,
good credit, and drive a certain type of car.
• securities/equities . Answer: stocks and bonds
• bull market . Answer: A period of increased stock trading and rising stock prices
• bear market . Answer: A steady drop in the stock market over a period of time
• treasury bills . Answer: short-term government securities issued at a discount from
face value and returning the face amount at maturity
• pension . Answer: a sum paid regularly to a person, usually after retirement
• inflation . Answer: A general and progressive increase in prices
• deflation . Answer: A situation in which prices are declining
