Wise Study guides, Class notes & Summaries

Wise Practice Test Exam Questions With 100% Correct Answers 2024/2025 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. Correct Answer C Reason The Federal Housing Administration (FHA) insures lenders who make mortgage loans that are riskier than regular bank loans because F...

WISE- Practice Test #7- Money Management Exam Questions With 100% Correct Answers 2024/2025 A person's debt ratio shows the relationship between debt and net worth. The lower the ratio the A. better off financially the person is. B. worse off financially the person is. C. more liquid assets the person has. D. less liquid assets the person has. Correct Answer A Reason Since the debt ratio is calculated by dividing liabilities by net worth, the lower the debt ratio the better; that is th...

Banking Wise Practice Test Exam Questions with 100% Correct Answers 2024 If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the US Treasury Department- In order to track large deposits, the federal government requires that deposits of $10,000 or more be reported to the Treasury Department. Some concerns may be that a person might be trying to avoid paying taxes on game winnings or perhaps illegal gains The National Credit Union Administration (NCUA) i...

Wise Practice Test Exam Questions With 100% Correct Answers 2024/2025 Which of the following does the Federal Reserve use to regulate the nation's money supply? (Got Correct) Correct Answer : C: Monetary policy Reason : The Federal Reserve uses monetary policy to regulate the nation's money supply. Monetary policy is directed at expanding or contracting the supply of money and credit in the U.S. economy. In theory, if there is too little money in circulation, consumers will spend less, in...

Wise Practice Exam Answers If you have caused an accident, which type of automobile insurance would cover damage to your own car? 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? Eric will pay less because the car is collateral for the loan. If you went t...

Wise practice test Credit When a person declares bankruptcy that fact will appear on the person?s credit report 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? 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? C: Department store charge cards...

Wise Exam practice Sources of income Various revenue streams like wages, rentals, and investments Exemption Reduces taxable income; also known as an allowance Liquidity Ease of selling assets; liquid products are easily tradable Gift cards Closed loop or open loop systems with potential inactivity fees Discretionary income Money not allocated for essential needs like food or shelter Money orders Payment orders for specified amounts, similar to checks Value of...

Wise Financial Literacy Practice Test If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the A: US Treasury Department. In order to track large deposits, the federal government requires that deposits of $10,000 or more be reported to the Treasury Department. Banks use savings account deposits to: C: Give loans to consumers and businesses. The basic functions of banks and credit unions are to be an intermediary between savers and borrowers. Which...

Practice Exam Testing 1 Import the comma delimited file A located in the GMetrixTemplates folder into a new worksheet. Add the import to the data model and accept all other defaults. Click the Data tab. In the Get & Transform group, click From Text/CSV. Browse to the GMetrixTemplates folder. Select the A file and click the Import button. In the A pop-up window, ensure that Delimiter is set to Comma. At the bottom of the pop-up window, click the dropdown arrow next to Load and click Load T...

Wise Practice Test Exam Questions With 100% Correct Answers 2024/2025 If a fire happens to someone's house that they own, what type of insurance will pay for the damage most likely? Homeowners insurance If a corporation was sued and lost a major lawsuit, what will happen to the price of their stock? Price of stock will decrease Why is a stock characterized as a "growth" stock? The corporation is expected to increase significantly in revenues and earnings. An example of a lo...