WISE TEST LATEST 2023-2024 REAL EXAM 180+
QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) |AGRADE
To qualify for a Federal Housing Administration (FHA) loan, a person must
generally \u2026.
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 focus on which question
first?
A: Will I find a balance between financial rewards and personal satisfaction from
work?
B: How many people do I know who work in this field?
C: Once I train for this area, how long before I will be
at the top of the field?
D: Are there people in this field who are dissatisfied
with their jobs? – ANSWER- A: Will I find a balance between financial rewards
and personal satisfaction from work?
A type of electronic funds transfer (EFT) is:
A: A transaction made with a check
B: A deposit made with a bank teller
C: Not widely used by consumers
D: An ATM transaction – ANSWER- D: An ATM transaction
A company offers a defined-contribution pension plan which means that upon
retirement the employee will receive
A: one-half of the employee’s last year’s salary.<\/p>\n\n\n\n
B: the total amount of money contributed plus investment
earnings.
C: an amount of money based only on the length of time
the employee worked for the company.
D: a specified amount of money based totally on the profit
earned by the company while the employee worked
there. – ANSWER- B: the total amount of money contributed plus investment
earnings.
The interest earned on United States Series EE Savings Bonds is
A: exempt from state and local taxes.
B: paid in a lump sum at the time the face value on the bond is reached.
C: equal to the money paid to purchase it. – ANSWER- A: exempt from state and
local taxes.
Buying a treasury bill (T-bill) is best for investors who are looking for
A: a place to invest between $100-$500.
B: a secure, low risk investment.
C: a higher yield on their investment than corporate bonds offer.
D: an investment that matures in 10-30 years. – ANSWER- B: a secure, low, risk
investment.
Using a brokerage firm, a qualified investor buys 1000 shares of a common stock
at $50 a share on 50% margin. This means that the
A: investor will pay only $5000 for the shares.
B: investor is buying 2000 shares.
C: brokerage firm is lending the investor 50% of the money.
D: brokerage firm will own 50% of the 1000 shares of stock that were purchased. –
ANSWER- C: brokerage firm is lending the investor 50% of the money.
To determine the time value of depositing $100 in a savings account, a person
needs to know the interest rate and
A: her total income.
B: the rate of inflation.
C: whether the account is FDIC protected.<\/p>\n\n\n\n
D: whether the bank offers overdraft protection. – ANSWER- B: the rate of
inflation.
The amount a lender charges to borrow money is called the:
A: Principal
B: Annual Percentage Rate (APR)
C: Loan balance
D: Finance charge – ANSWER- D: Finance charge
The cost to use someone else’s money for a period of time is called the:
A: Interest rate expressed as a percentage
B: Opportunity cost
C: Minimum payment
D: Inflation rate – ANSWER- A: Interest rate expressed as a percentage
Interest earned on interest is known as:
A: Simple interest
B: True interest
C: Compounded interest
D: Variable interest – ANSWER- C: Compounded interest
Money received today is worth more than the same amount of money received
sometime in the future is:
A: The Rule of 72
B: The time value of money
C: Not true
D: Investing – ANSWER- B: The time value of money
A person buys a flat screen, plasma, theater-like television. The person has
homeowner’s insurance. Why would it be appropriate to add a personal property
floater to that insurance?
A: To reduce the premium on the homeowner’s insurance.
B: To protect the person who owns the television from
liability for damages.
C: To show the insurance company a good faith investment
has been made.<\/p>\n\n\n\n
D: To cover the cost of replacement should the television
get damaged or stolen. – ANSWER- D: To cover the cost of replacement should
the television get damaged or stolen.
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 money that must be converted to
a term life insurance policy. – ANSWER- C: a calculated amount of money which
includes the premiums paid as well as the interest on that money.
If a person makes a deposit of $10,000 or more into a bank account, the bank must
notify the
A: US Treasury Department.
B: Federal Deposit Insurance Corporation. (FDIC).
C: State Banking Commission.
D: Federal Reserve Board. – ANSWER- A: US Treasury Department.
Employees prefer direct deposits because:
A: There is a small fee for the service
B: The danger of losing a paycheck is slightly reduced
C: The money is generally deposited in their checking account sooner than it
would be if they had to deposit it in person
D: Direct deposits earn a higher rate of interest – ANSWER- C: The money is
generally deposited in their checking account sooner than it would be if they had to
deposit it in person
Which documents should be stored in a safe-deposit box?
A: Checkbook statements.
B: Copies of current and past budgets.
C: Current paycheck stubs.
D: Mortgage loan papers. – ANSWER- D: Mortgage loan papers.<\/p>\n","protected":false},"excerpt":{"rendered":"
WISE TEST LATEST 2023-2024 REAL EXAM 180+QUESTIONS AND CORRECT ANSWERS (VERIFIEDANSWERS) |AGRADETo qualify for a Federal Housing Administration (FHA) loan, a person mustgenerally \u2026.A: have at least a high school diploma.B: have one-quarter of the cost of the homefor a down-payment.C: fulfill income guidelines.D: provide two individuals to co-sign the loan. – ANSWER- C: fulfill […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-113162","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/113162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=113162"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/113162\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=113162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=113162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=113162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}