WISE CERTIFICATION TEST WITH COMPLETE SOLUTIONS

Wise Certification Test With Complete m m m m




Solutions m




If a person makes a deposit of $10,000 or more into a bank account, the bank must
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mnotify the - correct answer-US Treasury Department
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Margaret wants to store a valuable coin collection & important papers. Generally, m m m m m m m m m m m m m m m m m m m m m m




consumers should: - correct answer-Rent a safe deposit box for their valuables
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Troy has $50 a month transferred electronically from his checking account to his
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savings account. This is an example of: - correct answer-A savings plan
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Employees prefer direct deposits because: - correct answer-The money is generally m m m m m m m m m m m m mm m m m m m m m m




deposited in their checking account sooner than it would be if they had to deposit it in
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person
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A person is depositing $20 in cash and a check for $50. On the checking account
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deposit slip, the person should - correct answer-List the cash deposit it separately
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from the check as well as the total of the deposit
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A person has three credit cards with very large outstanding balances and is unable to
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make payments on any of them. Which action should the person take? - correct
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answer-Notify the credit card companies in order to negotiate a new payment plan
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To qualify for a Federal Housing Administration (FHA) loan, a person must generally -
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correct answer-Fulfill income guidelines
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When a person declares bankruptcy that fact will appear on the person's credit report -
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correct answer-For a 10 year period
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Which of the following is considered to be open-end credit? - correct answer-
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Department store charge cards m m m m m m




What is meant by an uncollateralized loan? - correct answer-A person loan without
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assets to cover the loan amount
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, Which of the following does the Federal Reserve use to regulate the nation's money
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supply? - correct answer-Monetary policy
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Money for saving, investing, of spending cannot be from: - correct answer-Capital
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losses from the sale of stock
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Susan gives Marie her ABC Credit Union debit card & personal identification number
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(PIN) so Marie could get $25 from Susan's bank account. Marie withdrew $100
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instead of the agreed $25. How can Sudan get the $75 back? - correct answer-No
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bank or government agency is obligated to reimburse Susan because she authorized
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Marie to use her ATM card & PIN
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Which of the following is a disadvantage of using phone cards, debit cards, electronic
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transfers, and ATM cards? - correct answer-They expose consumers to greater
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likelihood of identify theft
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A person complains about how expensive it is to be a cigarette smoker. Once of the
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reasons cigarettes are so expensive is that - correct answer-The government
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imposes an excise tax on them
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One of the benefits of holding an investment for over a year rather than selling it in
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less than a year is that the - correct answer-Capital gains on the investment will be
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taxed at a lower rate
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A man budgeted $200 a month for clothing. This month the man spent $150 on
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clothing therefore that budgeted item is considered to have - correct answer-A
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budget variance
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A persons debt ration shows the relationship between debt and net worth. The lower
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the ratio the - correct answer-Better off financially the person is
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After five years of owning a Roth Individual Retirement Account (IRA) a person wants
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to buy his first home, the person can withdraw money from the Roth IRA - correct
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answer-Tax & penalty fee
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A company offers a defined-contribution pension plan which means that upon
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retirement the employee will receive - correct answer-The total amount of money
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contributed plus investment earnings
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As an investment, a person decides to buy a small house that has three rental
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apartments. The profits from this investment may be lower then expected if the -
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correct answer-One of the apartments is not rented
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Buying s treasury bill (T-bill) is best for investors who are looking for - correct answer-
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A secure, low risk investment
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A pharmacy is to drugs as the American Stock Exchange is to: - correct answer-
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Securities