Wise Test questions with correct answers

When a person brings an item to a pawnshop to obtain cash, the transaction is considered Answer a collateralized loan. To qualify for a Federal Housing Administration (FHA) loan, a person must generally Answer fulfill income guidelines. 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. 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 personal loan without assets to cover the loan amount. Which of the following does the Federal Reserve use to regulate the nation's money supply? Answer Monetary policy Money for saving, investing, or spending cannot be from: Answer Capital losses from the sale of stock Jami lost her debit card. She did not report it missing for 3 months. If an unauthorized person used her debit card, her maximum liability is: Answer Unlimited liability