Wise Test Review Questions and Answers | 100% Correct Answer | Grade A+

1. When using a debit card what should you immediately do upon use? Ans: Record it in your checkbook register 2. Why buy renter's insurance? Ans: To protect your belongings in case of fire or theft 3. Why do you pay a lower rate on a car loan verses a personal loan? Ans: The car is collateral for the loan 4. Why do corporations issue bonds? Ans: To borrow money from investors 5. Why are payday loans the worst choice? Ans: These loans often result in a pattern of needing to continue borrowing and usually come with the highest interest rate 6. How does the Federal Reserve System (FED) protect depositors & banks? Ans: Regulates the number of branches a member bank can have 7. What would typically happen to a publicly traded company's stock if they lost a major lawsuit? Ans: Stock prices would decrease 8. If you have multiple credit cards, how much shows on your credit report that you owe? Ans: The total amount owed o