Study guides, Class notes & Summaries

Wise 2024 Summer Exam Questions and Answers

WISE Practice Test2024 multiple choice Questions

Wise Practice Exam with Answers 2024

When a person declares bankruptcy that fact will appear on the person?s credit report - Correct 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? - Correct 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? - Correct Answer C: Department ...

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...

Wise Practice Test Exam Questions with 100% Correct Answers budget variance. the difference between the budgeted amount and the actual amount that you spend debt ratio shows the relationship between debt and net worth. debt ratio The lower the ratio the better off financially the person is. debt ratio calculated by dividing liabilities by net worth excise tax government imposes a tax on specific goods and services such as alcohol, cigarettes, gasoline, and airline ...

Wise test Exam Questions With 100% Correct Answers 2024/2025 An individual, who earns $36,000 a year, has total assets of $156,000 and liabilities of $85,000. The net worth of this individual is $71,000 Net Worth = Assets - Liabilities When considering purchasing renters insurance. a person should know that the purpose is to cover monetary losses related to fire, theft, and personal injury (The purpose of all insurance is to cover monetary losses. Renters insurance protects against all...

Wise test Exam Questions With 100% Correct Answers Which of the following does the Federal Reserve use to regulate the nation's money supply? Monetary policy To make sure you will always remember your automated teller machine (ATM) card personal identification number (PIN), you should write the PIN and keep it: In a secure place at home Jami lost her debit card. She did not report it missing for 3 months. If an unauthorized person used her debit card, her maximum liability is: Unlim...

Wise test Exam Questions With 100% Correct Answers Which of the following does the Federal Reserve use to regulate the nation's money supply? Monetary policy To make sure you will always remember your automated teller machine (ATM) card personal identification number (PIN), you should write the PIN and keep it: In a secure place at home Jami lost her debit card. She did not report it missing for 3 months. If an unauthorized person used her debit card, her maximum liability is: Unlim...