WISE VA (part 1) Exam Questions and
Answers with Verified Solutions | Latest
Updated 2026
Economics Is the study of how people decide what
they want
and what they are willing to pay in order to
get it
Scarcity Is when people want more of something
than is
available
Personal finance Is the way you manage your own money
and the
things you own
Financial planning Is making a plan for the future about how
to mange
your finances
Finances Are the money you have and the things
you own
that are worth money
Economy System of trade
Trade Exchange if things of value
, Value Is what something is worth to people
Commodity Something of value that can be bought
Financial exchange Is when commodities are bought or sold
using
money
Good An item of value that a person can buy or
make to
sell
Service Something of value you can do for another
Producer Someone who makes a commodity
available for
sale or exchange
Consumer Is someone who buys or trades in order to
receive
the commodity
Medium of exchange Used to buy and sell commodities
Store of value Store value and use it later
Unit of account Money measured, defined, recorded,
compared
Answers with Verified Solutions | Latest
Updated 2026
Economics Is the study of how people decide what
they want
and what they are willing to pay in order to
get it
Scarcity Is when people want more of something
than is
available
Personal finance Is the way you manage your own money
and the
things you own
Financial planning Is making a plan for the future about how
to mange
your finances
Finances Are the money you have and the things
you own
that are worth money
Economy System of trade
Trade Exchange if things of value
, Value Is what something is worth to people
Commodity Something of value that can be bought
Financial exchange Is when commodities are bought or sold
using
money
Good An item of value that a person can buy or
make to
sell
Service Something of value you can do for another
Producer Someone who makes a commodity
available for
sale or exchange
Consumer Is someone who buys or trades in order to
receive
the commodity
Medium of exchange Used to buy and sell commodities
Store of value Store value and use it later
Unit of account Money measured, defined, recorded,
compared
