Wise Practice Test 35 questions With Complete Solutions

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the correct answer: US Treasury Department. Which financial product can you buy for $25, is safe, and will be worth $50 at a future date? correct answer: Series EE savings bond Frankie's savings account has earned a lot of interest. He wants to know if he must pay taxes on the interest earned. What would the IRS tell him? correct answer: Savings account interest is taxable A teenage boy has opened a checking account. He is surprised to find that though he is getting a written bank statement each month he is not getting his cancelled checks returned. The teenager should be aware that the reason cancelled checks are NOT returned is to correct answer: save the bank money associated with returning copies of these checks. Which documents should be stored in a safe-deposit box? correct answer: Mortgage loan papers. When a person brings an item to a pawnshop to obtain cash, the transaction is considered correct answer: a collateralized loan. A person has three credit cards with very large outstanding balances and is unable to make payments on any of them. Whic