WISE CERTIFICATION TEST UPDATED QUESTIONS AND ACCURATE
ANSWERS
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
margaret wants to store a valuable coin collection and important papers. Generally, consumers
should - CORRECT ANSWER✅✅✅rent a safe deposit box for their valuables
troy has $50 a month transferred electronically from his checking account to his savings account.
this is an example of - CORRECT ANSWER✅✅✅a savings plan
employees prefer direct deposits because - CORRECT ANSWER✅✅✅the money is
generally deposited in their checking account sooner than it would be if they had to deposit it in
person
a person is depositing $20 in cash and a check for $50. on the checking account deposit slip, the
person should - CORRECT ANSWER✅✅✅list the cash deposit separately from the check
as well as the total of the deposit
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? - CORRECT
ANSWER✅✅✅notify the credit card companies in order to negotiate a new payment plan
to qualify for federal housing administration loan, a person must generally - CORRECT
ANSWER✅✅✅fulfill income guidelines
when a person declares bankruptcy that fact will appear on the person credit report - CORRECT
ANSWER✅✅✅for a 10 year period
which of the following is considered to be openend credit - CORRECT
ANSWER✅✅✅department store charge cards
, what is meant by a uncollateralized loan - CORRECT ANSWER✅✅✅a personal loan
without assets to cover the loan amount
which of the following does the federal reserve use to regulate the nations money supply -
CORRECT ANSWER✅✅✅monetary policy
money for saving, investing,or spending can not be from - CORRECT
ANSWER✅✅✅capital losses from the sale of stock
susan gives marie her abc credit union debit card and personal identification number so marie
could get $25 from susans bank account. Marie withdrew $100 instead of the agreed to $25. How
can susan get the $75 back? - CORRECT ANSWER✅✅✅no bank or government agency is
obligated to reimburse susan because she authorized marie to use her atm card and pin
which of the following is a disadvantage of using phone cards, debit cards, electronic transfers,
and atm cards - CORRECT ANSWER✅✅✅they expose consumers to greater likelihood od
identity theft
a person complains about how expensive it is to be a cigarette smoker. one of the reasons
cigarettes are so expensive is that - CORRECT ANSWER✅✅✅the government imposes an
excise tax on them
one of the benefits of holding an investment for over year rather than selling it in less than a year
is that the - CORRECT ANSWER✅✅✅capital gains on the investment will be taxed at a
lower rate
a man budgeted $200 a month for clothing. This month the man spent $150 on clothing therefore
that budget item is considered to have - CORRECT ANSWER✅✅✅a budget variance
a persons debt ratio shows the relationship between debt an net worth. the lower the ratio the -
CORRECT ANSWER✅✅✅better off financially the person is
ANSWERS
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
margaret wants to store a valuable coin collection and important papers. Generally, consumers
should - CORRECT ANSWER✅✅✅rent a safe deposit box for their valuables
troy has $50 a month transferred electronically from his checking account to his savings account.
this is an example of - CORRECT ANSWER✅✅✅a savings plan
employees prefer direct deposits because - CORRECT ANSWER✅✅✅the money is
generally deposited in their checking account sooner than it would be if they had to deposit it in
person
a person is depositing $20 in cash and a check for $50. on the checking account deposit slip, the
person should - CORRECT ANSWER✅✅✅list the cash deposit separately from the check
as well as the total of the deposit
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? - CORRECT
ANSWER✅✅✅notify the credit card companies in order to negotiate a new payment plan
to qualify for federal housing administration loan, a person must generally - CORRECT
ANSWER✅✅✅fulfill income guidelines
when a person declares bankruptcy that fact will appear on the person credit report - CORRECT
ANSWER✅✅✅for a 10 year period
which of the following is considered to be openend credit - CORRECT
ANSWER✅✅✅department store charge cards
, what is meant by a uncollateralized loan - CORRECT ANSWER✅✅✅a personal loan
without assets to cover the loan amount
which of the following does the federal reserve use to regulate the nations money supply -
CORRECT ANSWER✅✅✅monetary policy
money for saving, investing,or spending can not be from - CORRECT
ANSWER✅✅✅capital losses from the sale of stock
susan gives marie her abc credit union debit card and personal identification number so marie
could get $25 from susans bank account. Marie withdrew $100 instead of the agreed to $25. How
can susan get the $75 back? - CORRECT ANSWER✅✅✅no bank or government agency is
obligated to reimburse susan because she authorized marie to use her atm card and pin
which of the following is a disadvantage of using phone cards, debit cards, electronic transfers,
and atm cards - CORRECT ANSWER✅✅✅they expose consumers to greater likelihood od
identity theft
a person complains about how expensive it is to be a cigarette smoker. one of the reasons
cigarettes are so expensive is that - CORRECT ANSWER✅✅✅the government imposes an
excise tax on them
one of the benefits of holding an investment for over year rather than selling it in less than a year
is that the - CORRECT ANSWER✅✅✅capital gains on the investment will be taxed at a
lower rate
a man budgeted $200 a month for clothing. This month the man spent $150 on clothing therefore
that budget item is considered to have - CORRECT ANSWER✅✅✅a budget variance
a persons debt ratio shows the relationship between debt an net worth. the lower the ratio the -
CORRECT ANSWER✅✅✅better off financially the person is
