WGU D363 ACTUAL FINALS QUESTIONS AND
ANSWERS SET A+
✔✔Talia wants to use good management principles to grow her wealth. She has a large
sum of money with which to open a savings account. She wants an account that pays a
higher interest rate.
Which account requires a large initial deposit to open, a higher minimum balance to
maintain, only allows a limited number of check transactions per month, and tends to
pay a slightly higher interest rate?
Checking account
Bitcoin account
Statement savings account
Money market deposit account - ✔✔It typically requires at least $2,500 to open a money
market deposit account, and the interest rate varies depending on the balance of the
account.
✔✔Anika has decided to try a strategy that she read about in a financial magazine. She
has $5,000 to purchase certificates of deposit. She puts $1,000 in CD 1 for one year;
$1,000 in CD 2 for two years; $1,000 in CD 3 for three years; $1,000 in CD 4 for four
years; and $1,000 in CD 5 for five years. As each CD matures, Anika renews it for five
years at the highest market rate she can find.
Which strategy is Anika participating in to grow her wealth?
Fixed-time deposit
CD bump-up
CD laddering
Totten trust - ✔✔With this strategy, Anika will have one CD mature each year that she
can renew at the highest rate available.
✔✔Ahmed is researching several accounts. He knows to check for higher interest rates
and low or no fees. Ahmed sees that one account has a 1.5% annual percentage yield.
What would Ahmed earn in an account with a 1.5% APY?
Ahmed would earn $15 for $100 that was invested for 365 days.
, Ahmed would earn $1.50 per month for a 12-month period.
Ahmed would earn $1.50 for $100 that was invested for 365 days.
Ahmed would earn 1.5% of his account balance each month. - ✔✔APY refers to the
percent return that would be received on a $100 deposit for a 365-day period
✔✔ Each month Jack deposits money into his personal retirement account, which his
employer matches. Additionally, Jack deposits money into his savings account and an
emergency fund. Jack's car breaks down and needs repairs.
Which account should Jack access first?
His emergency fund
His employer-funded retirement account
His savings account
His personal retirement account - ✔✔The emergency fund exists for events Jack did
not predict, such as fixing a car or replacing a major appliance.
✔✔What should be done first to manage personal spending habits?
Create a budget that lists income and expenses
Open an investment account
Pay off credit card bills in full each month
Open a retirement account - ✔✔A budget that lists expenses and income is the first
step to managing personal spending habits.
✔✔Which personal finance philosophy should Diego adhere to each month in order to
wisely manage his personal spending habits?
Diego should pay his rent first each month.
Diego should save money up front each month.
Diego should make charitable contributions.
Diego should invest in the stock market. - ✔✔Wise money managers pay themselves
first each month by putting money into savings first.
✔✔Anika wants to start saving money to buy a new car. She decides to put together a
statement that tracks her income and expenses for each month. She wants to learn
what spending habits she has and where she can be more responsible.
Which statement should Anika create?
Net worth statement
Asset and liability statement
Gains and losses statement
Cash-flow statement - ✔✔A cash-flow statement, also known as an income and
expense statement, summarizes income and expense transactions over a certain period
of time, usually monthly. This statement is the best way to know where your money
went.
ANSWERS SET A+
✔✔Talia wants to use good management principles to grow her wealth. She has a large
sum of money with which to open a savings account. She wants an account that pays a
higher interest rate.
Which account requires a large initial deposit to open, a higher minimum balance to
maintain, only allows a limited number of check transactions per month, and tends to
pay a slightly higher interest rate?
Checking account
Bitcoin account
Statement savings account
Money market deposit account - ✔✔It typically requires at least $2,500 to open a money
market deposit account, and the interest rate varies depending on the balance of the
account.
✔✔Anika has decided to try a strategy that she read about in a financial magazine. She
has $5,000 to purchase certificates of deposit. She puts $1,000 in CD 1 for one year;
$1,000 in CD 2 for two years; $1,000 in CD 3 for three years; $1,000 in CD 4 for four
years; and $1,000 in CD 5 for five years. As each CD matures, Anika renews it for five
years at the highest market rate she can find.
Which strategy is Anika participating in to grow her wealth?
Fixed-time deposit
CD bump-up
CD laddering
Totten trust - ✔✔With this strategy, Anika will have one CD mature each year that she
can renew at the highest rate available.
✔✔Ahmed is researching several accounts. He knows to check for higher interest rates
and low or no fees. Ahmed sees that one account has a 1.5% annual percentage yield.
What would Ahmed earn in an account with a 1.5% APY?
Ahmed would earn $15 for $100 that was invested for 365 days.
, Ahmed would earn $1.50 per month for a 12-month period.
Ahmed would earn $1.50 for $100 that was invested for 365 days.
Ahmed would earn 1.5% of his account balance each month. - ✔✔APY refers to the
percent return that would be received on a $100 deposit for a 365-day period
✔✔ Each month Jack deposits money into his personal retirement account, which his
employer matches. Additionally, Jack deposits money into his savings account and an
emergency fund. Jack's car breaks down and needs repairs.
Which account should Jack access first?
His emergency fund
His employer-funded retirement account
His savings account
His personal retirement account - ✔✔The emergency fund exists for events Jack did
not predict, such as fixing a car or replacing a major appliance.
✔✔What should be done first to manage personal spending habits?
Create a budget that lists income and expenses
Open an investment account
Pay off credit card bills in full each month
Open a retirement account - ✔✔A budget that lists expenses and income is the first
step to managing personal spending habits.
✔✔Which personal finance philosophy should Diego adhere to each month in order to
wisely manage his personal spending habits?
Diego should pay his rent first each month.
Diego should save money up front each month.
Diego should make charitable contributions.
Diego should invest in the stock market. - ✔✔Wise money managers pay themselves
first each month by putting money into savings first.
✔✔Anika wants to start saving money to buy a new car. She decides to put together a
statement that tracks her income and expenses for each month. She wants to learn
what spending habits she has and where she can be more responsible.
Which statement should Anika create?
Net worth statement
Asset and liability statement
Gains and losses statement
Cash-flow statement - ✔✔A cash-flow statement, also known as an income and
expense statement, summarizes income and expense transactions over a certain period
of time, usually monthly. This statement is the best way to know where your money
went.
