Wise Financial Literacy Test Exam Questions And Answers 100% Pass// 2025/2026// Approved

WISE FINANCIAL LITERACY TEST EXAM QUESTIONS AND ANSWERS 100% PASS// 2025/2026// APPROVED In order to get spending under control, a person should first A. seek help on investing from a financial planner. B. consult a credit counseling service. C. create a budget of current income and expenses. D. subscribe to financial newsletters and magazines. - C. create a budget of current income and expenses. Comparison shopping for a car is necessary because A. each dealer sells cars with different colors. B. lenders want to be sure consumers get the best price. C. the price for the car can vary a great deal.D. it is a requirement to qualify for car insurance. - C the price for the car can vary a great deal. Financial planners generally stress the importance of starting to save and invest early because A. a person can stop saving at age 40. B. of the power of compounding and appreciation. C. there are fewer bills to pay when a person is young. D. a person will not need insurance. - B of the power of compounding and appreciation. An important feature of a good financial goal is that the goal A. has a specific time frame. B. is appropriate for the person's age. C. can last throughout the person's life.D. will take at least ten years for the person to achieve. - A has a specific time frame. Purchasing power decreases and it costs more money to buy goods when there is A. a bear market. B. inflation. C. deflation. D. a bull market. - B inflation. What strategy can help a person achieve her goal to buy a house? A. Using credit cards to pay for expenses. B. Paying for large purchases in cash. C. Following a budget that allows for savings.D. Applying for more credit cards to increase her credit score. - C Following a budget that allows for savings. A college student has to live on a tight budget. Before making a decision to buy the newest cell phone, which question should he ask himself first? A. Is the new cell phone cheaper than the one being used? B. Is the new cell phone on sale? C. Is the new cell phone a need or a want? D. Will my friends like the new cell phone? - C Is the new cell phone a need or a want? Fixed expenses include A. food. B. vacations.