One example of a long-term retirement goal is to:

deposit at least $100,000 in a retirement account.

A government report indicated that the use of Pax’s aspirin-free painkiller resulted in 100 cases of stomach poisoning. A large number of Pax’s stockholders are likely to:

Sell shares causing the price of the stock to decline

Buy shares causing the price of the stock to increase

Not react, causing the price of the stock to remain about the same

A blank endorsement on a check:

Creates a check that can be cashed by anyone

Insurance is frequently described as a method of "sharing the risk" because the:

Insured shares the risk of loss with all the other policy holders

Risk of loss is shared with the insurance company sales person

Insured can share the risk by spreading the cost over a number of years

Risk of loss is shared with the government

A creditor determines your creditworthiness based on: a. Character, collateral, and capacity b. Address c. Gender d. Education

Character, collateral, and capacity

Sara has invested in corporate bonds which are:

Loans to the issuer of the bond

Issued by banks and investment firms

Returns the face value of the bond at maturity less the last interest payment

Loans with ownership privileges

Most Consumer Credit Counseling Services (CCCS): a. Charge a fee for setting up a basic budget b. Charge a fee for setting up and administering a debt repayment plan c. Charge a fee for educating consumers about managing their debts d. Do not charge a fee for any of their services

Charge a fee for setting up and administering a debt repayment plan

Charge a fee for setting up a basic budget

Charge a fee for educating consumers about managing their debts

Do not charge a fee for any of their services

Frankie's savings account has earned a lot of interest. He wants to know if he must pay taxes on the interest earned. What would the IRS tell him?

Savings account interest is taxable

Interest earned on savings accounts is not taxable

A sales tax will be charged on the interest earned

If the interest is under $50, it is not taxable

You can continue to charge purchases on your credit card when:

The amount you owe on the card is below your credit limit.

The amount you owe on this credit card is above your credit limit.

Your payments are always received by the due date.

You can afford the monthly repayments.

A Neon Oil Corporation tanker spilled oil in the ocean around Australia. As a result of this accident, the share price of this stock is likely to:

Not be affected and remain about the same

When a self-employed person decides to purchase disability insurance it is generally to:

Protect against the financial effects of not being able to work.

Lessen the possibility of becoming injured.

Eliminate the chance of going out of business.

Insure that the cost of injury caused to others will be reimbursed.

George received a dividend from the company in which he is a stockholder. A dividend is:

Distribution of part of the company's profit

Profit from the sale of some of his shares of stock

Required by the SEC to be given to shareholders

Interest on his shares of preferred stock

What action should a person take who must make a tuition payment at the end of August each year?

Decide how much money will be needed and then place 1/12th of that amount in a separate account each month.

Divide the total amount of money that will be needed into 12 equal parts and invest that amount in stocks.

Obtain a short-term collateralized loan for the needed amount of money.

Plan to open a new credit card account that will be used to charge the needed amount of money.

Predatory lending practices generally include:

Very high interest rates and fees

An interest rate based on the borrower's credit history

Repayment terms that the consumer can afford

Responsible financial adviser's

Why does a corporation issue bonds?

To raise money for expansion or other company operations

To expand ownership of the corporation

To comply with Securities and Exchange Commission requirements

To keep from being bought by another corporation

The best suggestion you gave a friend who is writing a check for the first time is:

Date the check because it is usually proof of payment

Use the checkbook stub or register to keep a record of the date you write the check

A type of electronic funds transfer (EFT) is:

A transaction made with a check

A deposit made with a bank teller

You are behind on your debt payments and go to a responsible credit counseling service, the Consumer Credit Counseling Services; How can they help you?

They can work with those who loaned you money to set up a repayment schedule you can afford to make.

They can force those who loaned you money to forgive your debts.

They can get the federal government to apply your income taxes to pay off your debts.

They can cancel your credit cards without your permission.

Dawn graduated from high school and wants to get a credit card. How can Dawn establish credit-worthiness?

Getting a charge account with a low credit limit and paying the bills when possible

Opening a checking account, making regular deposits, and avoiding penalties for insufficient funds

Getting a small loan with a cosigner and have the co-signer repay

Borrowing money from friends and relatives

When a borrower fails to repay a loan and there is a co-signer on the loan, the most likely result will be:

The co-signer will be held responsible for the repayment of the entire loan plus fees or penalties.

Only the co-signer's credit report will show that there has been a default on the loan.

The co-signer will be held responsible for one-half the repayment of the loan.

The co-signer has the opportunity to renegotiate the loan.

Doug wants to buy a car in two months, but does not have enough money. What is the best way for Doug to get the money he needs?

Purchase a certificate of deposit

Apply for a thirty year mortgage

"The Fed" is short for:

The Federal Deposit Insurance Corporation

Claire got a new credit card from American Bank and wants to cancel her USA credit card. The best method for her to dispose of her USA credit card is to:

Cut up the card, put parts in different garbage bags, and instruct the credit card company in writing or by phone to close the account

Put it in the garbage; the credit company will know she's closing the account when she doesn't use her card

Cut up the card and put parts in different garbage bags

It doesn't matter how she disposes of the credit card if she instructs the credit card company to close the account

A teenage boy has opened a checking account. He is surprised to find that though he is getting a written bank statement each month he is not getting his cancelled checks returned. The teenager should be aware that the reason cancelled checks are NOT returned is to

save the bank money associated with returning copies of these checks.

protect him from providing opportunities for forgery.

insure that he does not receive important materials he is likely to lose.

lessen the bank's need to maintain records of check transactions.

Wise Exam Practice 3

Authored by Shirley Wiles

Financial Education

11th Grade

Used 23+ times

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

Content View

Student View

50 questions

Show all answers

MULTIPLE CHOICE QUESTION

1 min • 2 pts

The best reason for depositing money in a bank or credit union savings account instead of keeping your money "under the mattress" is that:

Money deposited in savings accounts are F.D.I.C. insured

Most savings accounts earn a guaranteed rate of interest

Most savings accounts come with a free credit card

Money in a savings account can be accessed any time during the day or night.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Which financial product typically pays the highest rate of interest?

Common stock

Savings account

Checking account

Certificate of deposit

MULTIPLE CHOICE QUESTION

1 min • 2 pts

When Jessie needs health care, she must first go to her primary care physician who coordinates her care and decides whether Jessie should see a specialist. Jessie pays $10 as the co-pay when she sees her primary care doctor. Jessie has which type of health insurance?

Fee-for-service health plan

Managed care health plan

Medicaid health plan

Comprehensive health plan

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Maxine has an auto loan that she has to pay. She will make monthly payments over five years. She has a(n):

Diversified loan

Secure loan

Non-Installment loan

Installment loan

MULTIPLE SELECT QUESTION

1 min • 2 pts

Money in the United States includes:

Gold

Checking account balances on which checks can be drawn

Barter

Diamonds

MULTIPLE CHOICE QUESTION

1 min • 2 pts

The federal agency that regulates the securities industry is the:

Federal Trade Commission

Department of Commerce

Securities and Exchange Commission

Federal Reserve

MULTIPLE CHOICE QUESTION

1 min • 2 pts

A person buys a homeowner’s insurance policy with a $250 deductible, which means the person will:

have to pay a quarterly premium of $250.

have to pay the first $250 which will be deducted from the claim settlement paid by the insurance company.

only receive payment from the insurance company of $250 for any single article damaged.

not be responsible for the first $250 of the claimed damages.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Microsoft

or continue with

Facebook

Apple

Others

Already have an account?

Similar Resources on Wayground

49 questions

Quiz Produksi dan Perencanaan

Quiz

•

11th Grade

50 questions

Money Management Test Review

Quiz

•

9th - 12th Grade

46 questions

Ôn Tập Giữa Kì II - GDKT-PL

Quiz

•

11th Grade

45 questions

WISE Credit Questions Munn

Quiz

•

11th Grade

47 questions

Personal Finance Unit 2 Review

Quiz

•

10th Grade - University

52 questions

Practice W!SE Questions

Quiz

•

11th Grade

45 questions

FABM2 Reviewer/mock test

Quiz

•

11th Grade

49 questions

AAT Level 1 BS Assessment LQ1 Quiz

Quiz

•

11th Grade

Popular Resources on Wayground

24 questions

PBIS-HGMS Day 10

Quiz

•

6th - 8th Grade

10 questions

HCS SCI 03 Summer School Review 3

Quiz

•

3rd Grade

11 questions

Home Scope

Quiz

•

7th - 8th Grade

15 questions

HCS SCI 05 Summer School Assessment 3 Review

Quiz

•

5th Grade

35 questions

Lufkin Road Middle School Student Handbook & Policies Assessment

Quiz

•

7th Grade

18 questions

Geo 11.3 Area of Circles and Sectors

Quiz

•

9th - 11th Grade

Discover more resources for Financial Education

18 questions

Geo 11.3 Area of Circles and Sectors

Quiz

•

9th - 11th Grade

Wise Exam Practice 3

The best reason for depositing money in a bank or credit union savings account instead of keeping your money "under the mattress" is that:

Which financial product typically pays the highest rate of interest?

When Jessie needs health care, she must first go to her primary care physician who coordinates her care and decides whether Jessie should see a specialist. Jessie pays $10 as the co-pay when she sees her primary care doctor. Jessie has which type of health insurance?

Maxine has an auto loan that she has to pay. She will make monthly payments over five years. She has a(n):

Money in the United States includes:

The federal agency that regulates the securities industry is the:

A person buys a homeowner’s insurance policy with a $250 deductible, which means the person will:

The type of credit card issued by an oil company, bank, or department store is:

One example of a long-term retirement goal is to:

A government report indicated that the use of Pax’s aspirin-free painkiller resulted in 100 cases of stomach poisoning. A large number of Pax’s stockholders are likely to:

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Financial Education