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Wise practice test Credit When a person declares bankruptcy that fact will appear on the person?s credit report - Answer- B: for a 10 year period. uestion 2 : 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? - Answer- C: Notify the credit card companies in order to negotiate a new payment plan. Question 3 : Which of the following is considered to be open-end credit? - Answer- ...

Wise Practice Exam Answers If you have caused an accident, which type of automobile insurance would cover damage to your own car? - Answer-Collision Matt and Eric are young men. Each has a good credit history. They work at the same company and make approximately the same salary. Matt has borrowed $6,000 to take a foreign vacation. Eric has borrowed $6,000 to buy a car. Who is likely to pay the lowest finance charge? - Answer-Eric will pay less because the car is collateral for the loan. ...

WISE Practice Test Question : To qualify for a Federal Housing Administration (FHA) loan, a person must generally A: have at least a high school diploma. B: have one-quarter of the cost of the home for a down-payment. C: fulfill income guidelines. D: provide two individuals to co-sign the loan. - Answer- C: fulfill income guidelines. A high school student has begun to investigate the field of finance as a career choice. In deciding about the field, the student should foc...

Wise Test Review - 50 questions A credit card is issued to John and Maria Davis. This month, John charges $100 and Maria makes no charges. When the bill is received who is legally responsible for paying the $100 - Answer- Both John and Maria A factor that can cause the price of a stock to DECREASE is the company - Answer- lowering its expectations of future earnings. A good financial goal should - Answer- be achievable in five years. A landlord never received the rent check sen...

WISE TEST 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. - Answer- C 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...

Wise test Review all topics Collateral - Answer- security given for loan, assets to secure the debt Capacity - Answer- your ability to repay the debt. Do you have sufficient $money to repay a loan Capital - Answer- "net worth". wealth in the form of money or property owned by a person Character - Answer- good reputation, Integrity Credit history - Answer- a summary of a person's borrowing and repayment history 50 dollars - Answer- In the event that your credit ca...

HONDROS NURSING 212 FINAL EXAMS WITH CORRECT ANSWERS LATEST 2024-2025

Wise Practice Test budget variance. - Answer- the difference between the budgeted amount and the actual amount that you spend debt ratio - Answer- shows the relationship between debt and net worth. debt ratio - Answer- The lower the ratio the better off financially the person is. debt ratio - Answer- calculated by dividing liabilities by net worth excise tax - Answer- government imposes a tax on specific goods and services such as alcohol, cigarettes, gasoline, and airli...

WISE Test One of Andre's seldom-used credit cards has been stolen without his knowledge. When he gets his monthly statement, he realizes that someone else has been using the card and reports it stolen. The maximum amount of unauthorized purchases he is liable for is: - Answer- $50 Consumers who file for bankruptcy are still responsible for: - Answer- Tax claims and student loans Which of the following provides an increase in assets or wealth? - Answer- Having capital gains The...

Wise Test When a person brings an item to a pawnshop to obtain cash, the transaction is considered - Answer- a collateralized loan. To qualify for a Federal Housing Administration (FHA) loan, a person must generally - Answer- fulfill income guidelines. 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? - Answer- Notify the credit card companies in order to negotiate a new payment...