W!SE Financial Literacy Practice Test Questions And Correct Answers A Graded

Which of the following does the Federal Reserve use to regulate the nation's money supply? - answer--Monetary policy The denominations of coins in the United States are: - answer--$.01, $.05, $.10, $.25, $.50, and $1.00 The primary sources of income for most people between the ages of 20 and 35 who are not living on a pension or social security are: - answer--Salaries, wages, and tips Which of the following provides an increase in assets or wealth? - answer--Having capital gains Nora needed to make a long-distance call from a pay phone and did not have the cash. She was able to make the call by using her: - answer--Cash card Scott just got an ATM card to use and must choose a PIN (Personal Identification Number). How should he select a PIN that will give him maximum protection against anyone else being able to find out what the PIN is? - answer--Use a random selection of letters and numbers Money for saving, investing, or spending cannot be from: - answer--Capital losses from the sale of stock Susan gives Marie her ABC Credit Union debit card and personal identification number (PIN) so Marie could get $25 from Susan's bank account. Marie withdrew $100 instead of the agreed to $25. How can Susan get the $75 back? - answer--No bank or government agency is obligated to reimburse Susan because she authorized Marie to use her ATM card and PIN The common name for U.S. currency is - answer--Green backs