Wise Study guides, Class notes & Summaries
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Wise test Review all topics questions and answers Graded A+
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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...
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Wise Practice Test Exam Questions with 100% Correct Answers
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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 
 
 
...
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Wise test Exam Questions With 100% Correct Answers 2024/2025
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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...
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Wise test Exam Questions With 100% Correct Answers
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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...
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Wise test Exam Questions With 100% Correct Answers
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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...
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Wise practice test #2 Exam Questions With 100% Correct Answers 2024/2025
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Wise practice test #2 Exam Questions With 100% Correct Answers 2024/2025 
Matthew and Alicia just had a baby. They received money as baby gifts and want to put it away for the baby's college tuition. Which of the following has the "lowest" potential growth rate over the next 18 years? 
Savings accounts 
 
 
A savings account earns the greatest amount of money when the interest on the account is compounded. 
daily 
 
 
Money for saving, investing, or spending cannot be from: 
Capital losses fr...
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Investments Quiz (Wise Practice Test) Exam Questions With 100% Correct Answers 2024/2025
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Investments Quiz (Wise Practice Test) Exam Questions With 100% Correct Answers 2024/2025 
Prior to choosing a brokerage to help buy and sell investments, the investor should find out if the firm is a member of the 
Securities Investor Protection Corporation (SIPC) 
 
 
An investment company puts money from investors into an investment product that includes stocks, bonds, or other securities. This investment product is called a 
Mutual fund 
 
 
A function of the Financial Industry Regulatory Aut...
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WISE Practice Test 2 Exam Questions With 100% Correct Answers 2024/2025
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WISE Practice Test 2 Exam Questions With 100% Correct Answers 2024/2025 
What should a person do when he believes he is being charged too high a rate of interest for a 
loan by a lending institution? 
Notify the lending institution about state usury laws. 
 
 
Which is the best example of a way to reduce fees paid for ATM transactions? 
When making supermarket purchases with a debit card, a person adds $50 in cash to the transaction instead of using an ATM machine. 
 
 
A person owns a stock tha...
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WISE Practice Test 1 Exam Questions With 100% Correct Answers 2024/2025
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WISE Practice Test 1 Exam Questions With 100% Correct Answers 2024/2025 
When an unmarried individual makes a contribution to a Roth Individual Retirement Account (IRA) it is 
D: Not currently tax deductible. 
 
A Roth IRA allows a $3000 annual contribution; $3500 if the individual is over 50 years of age. which is not tax deductible 
 
 
A student's grandmother has decided to buy a long term health care insurance policy. The student's grandmother's decision is most likely related to the fact...
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WISE- Practice Test – Insurance Exam Questions With 100% Correct Answers 2024/2025
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WISE- Practice Test – Insurance Exam Questions With 100% Correct Answers 2024/2025 
For the past five years, a person has had a $20,000 whole life insurance policy that has a cash value clause. The person decides to surrender the policy. At the time of surrender, the person will receive 
 
A. one-fifth of the $20,000 face value. 
B. $20,000 less the premiums paid. 
C. a calculated amount of money which includes the premiums paid as well as the interest on that money. 
D. a calculated amount of...