Wise Financial Literacy Exam
Questions and Answers 100% Pass
In order to get spending under control, a person should first - CORRECT
ANSWER-create a budget of current income and expenses.
Comparison shopping for a car is necessary because - CORRECT ANSWER-the
price for the car can vary a great deal.
Financial planners generally stress the importance of starting to save and invest
early because - CORRECT ANSWER-of the power of compounding and
appreciation.
An important feature of a good financial goal is that the goal - CORRECT
ANSWER-has a specific time frame.
Purchasing power decreases and it costs more money to buy more good when
there is an - CORRECT ANSWER-inflation.
What strategy can help a person achieve her goal to buy a house? - CORRECT
ANSWER-Following a budget that allows for saving.
, 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? - CORRECT
ANSWER-Is the new cell phone a need or want.
Which of the following quotes is sound financial advice? - CORRECT ANSWER-
"A penny saved is a penny earned."
Fixed expenses include - CORRECT ANSWER-rent.
Mandatory deductions from a person's paycheck include - CORRECT ANSWER-
federal withholding tax and FICA.
When should a person begin contributing to a retirement plan? - CORRECT
ANSWER-As young as possible.
Which of the following is the source of income for most people aged 20-35? -
CORRECT ANSWER-Wages/salary
The U.S. government agency responsible for the collection and enforcement of
federal taxed known as - CORRECT ANSWER-U.S. Internal Revenue Service
(IRS)
When a person has a balanced budget that includes savings then - CORRECT
ANSWER-total expenses + savings = total income
Why do financial advisers recommend that a person save at least 10% of each
paycheck? - CORRECT ANSWER-to build wealth
Questions and Answers 100% Pass
In order to get spending under control, a person should first - CORRECT
ANSWER-create a budget of current income and expenses.
Comparison shopping for a car is necessary because - CORRECT ANSWER-the
price for the car can vary a great deal.
Financial planners generally stress the importance of starting to save and invest
early because - CORRECT ANSWER-of the power of compounding and
appreciation.
An important feature of a good financial goal is that the goal - CORRECT
ANSWER-has a specific time frame.
Purchasing power decreases and it costs more money to buy more good when
there is an - CORRECT ANSWER-inflation.
What strategy can help a person achieve her goal to buy a house? - CORRECT
ANSWER-Following a budget that allows for saving.
, 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? - CORRECT
ANSWER-Is the new cell phone a need or want.
Which of the following quotes is sound financial advice? - CORRECT ANSWER-
"A penny saved is a penny earned."
Fixed expenses include - CORRECT ANSWER-rent.
Mandatory deductions from a person's paycheck include - CORRECT ANSWER-
federal withholding tax and FICA.
When should a person begin contributing to a retirement plan? - CORRECT
ANSWER-As young as possible.
Which of the following is the source of income for most people aged 20-35? -
CORRECT ANSWER-Wages/salary
The U.S. government agency responsible for the collection and enforcement of
federal taxed known as - CORRECT ANSWER-U.S. Internal Revenue Service
(IRS)
When a person has a balanced budget that includes savings then - CORRECT
ANSWER-total expenses + savings = total income
Why do financial advisers recommend that a person save at least 10% of each
paycheck? - CORRECT ANSWER-to build wealth
