EPF WISE Exam Review 1617

Question 1

Raw material or primary agricultural product that can be bought/sold, such as copper or coffee

Accepted Answer

Commodities

Question 2

How many different kinds of auto insurance are there

Accepted Answer

Six

Question 3

Having a credit card has these advantages EXCEPT

Accepted Answer

No interest

Question 4

What is a credit history?

Accepted Answer

A person's ability to repay loans

Question 5

Which of these is NOT a consumer protection agency

Accepted Answer

FICA

Question 6

The balance of a balloon mortgage is due:

Accepted Answer

in one large payment after a long time

Question 7

When you get your paycheck what should you do first

Accepted Answer

pay yourself

Question 8

Which of the following is not a part of the 5 C's of credit?

Accepted Answer

Checks

Question 9

What are the two different types of interest

Accepted Answer

Simple and Compound

Question 10

Which of the following is NOT a type of mortgage

Accepted Answer

UNCA

Question 11

Short-term health insurance in case of voluntary or involuntary loss of employment

Accepted Answer

COBRA

Question 12

Which is NOT an example of a commodity?

Accepted Answer

Oil, Clothes

Question 13

What's the different between umbrella and floater insurance

Accepted Answer

Covers liability for lawsuit

Question 14

Managing money and financial decisions like budgets, investments, retirement, and savings

Accepted Answer

Personal Finance

Question 15

What federal law banned the collection of debt through harassment, threats, and abuse?

Accepted Answer

fair debt collection practices act

Question 16

What type of mortgage is for military and their families

Accepted Answer

VA

Question 17

Which of the following describes gross income?

Accepted Answer

Amount paid to an individual before deductions

Question 18

Which choice is a primary part of traditional banking?

Accepted Answer

Face-to-face interactions

Question 19

Has cash value, policy covers for entire life of person.

Accepted Answer

Whole Life

Question 20

What is a 401K?

Accepted Answer

A retirement savings account provided by employers

Question 21

Interest paid on a bond

Accepted Answer

Coupon Rate

Question 22

What type of life insurance does NOT build cash value

Accepted Answer

Term Life

Question 23

What is a stock?

Accepted Answer

Represents ownership interest in a corporation

Question 24

Loan where entire amount is loaned at start and all repayment must be repaid by specific date.

Accepted Answer

Closed-End credit

Question 25

This type of bankruptcy remains on your credit report for 3-5 years

Accepted Answer

Chapter 13

Question 26

Which is NOT one of the 5 C's of credit

Accepted Answer

Current

Question 27

Which of the following is NOT a type of house

Accepted Answer

Apartment

Question 28

Which of the following is not a way to steal someone's identity

Accepted Answer

fishing

Question 29

What is an HMO?

Accepted Answer

A Health Maintenance Organization

Question 30

Medicare is primary designed for who.

Accepted Answer

Old people

Question 31

Affordable Health Care Act does everything BUT

Accepted Answer

provide free health insurance

Question 32

What does SMART stand for?

Accepted Answer

Specific, Measurable, Attainable, Realistic, Time-bound

Question 33

Which of the following is not a type of Auto insurance?

Accepted Answer

Half-Life

Question 34

Which of the following is NOT a reason to buy renters insurance?

Accepted Answer

Allows you to be sued

Question 35

"VA" Backed Mortgages stands for?

Accepted Answer

Veteran Affairs

Question 36

Buying or selling contracts for inputs such as rice, wheat, oil, or gold is called

Accepted Answer

Commodities trading

Question 37

By diversifying investments you can lower your risk

Accepted Answer

True

Question 38

What is consumerism?

Accepted Answer

The protection or promotion of the interests of consumers.

Question 39

What type of insurance protects doctors and lawyers?

Accepted Answer

professional insurance

Question 40

What is the best way to prevent identity theft?

Accepted Answer

have different passwords for accounts

Question 41

Which of the following is a public retirement plan

Accepted Answer

403B

Question 42

Which of the following is NOT a financial institution

Accepted Answer

Cash register

Question 43

Rule for purchasing life insurance

Accepted Answer

7/70

Question 44

Why should you use a credit card?

Accepted Answer

It can help you build good credit over time

Question 45

which federal law ensures that social security is paid for by taxes

Accepted Answer

FICA

Question 46

Interest rates and bond prices are

Accepted Answer

Inverse

Question 47

Consumer protection law requiring all important information about products be disclosed

Accepted Answer

B.) The Fair Packaging and Labeling Act

Question 48

A good way to lessen risk when investing is?

Accepted Answer

Choosing multiple ways to invest.

Question 49

Financial coverage that protects property owners from water damage

Accepted Answer

Flood insurance

Question 50

What is net loss?

Accepted Answer

when expenses are greater than income

Question 51

Which of the following do NOT qualify for 457 retirement plans

Accepted Answer

Private business employees

Question 52

An investment made up of a folder of diversified assets sold by broker

Accepted Answer

Mutual funds

Question 53

What is diversification

Accepted Answer

Idea of spreading one's assets in investments to reduce risk

Question 54

What are consumer rights?

Accepted Answer

All of the above

Question 55

Comprehensive auto insurance is designed to cover

Accepted Answer

Damage caused by a deer

Question 56

If your car gets crushed by a telephone pole, what type of ins. are the damages covered under?

Accepted Answer

Comprehensive

Question 57

An investment program funded by shareholders, trades in diversified holdings, is prof. managed

Accepted Answer

Mutual Funds

Question 58

Treasury Securities are types of bonds

Accepted Answer

True

Question 59

Which type of inspection should you get before buying a house

Accepted Answer

Radon

Question 60

A federal program designed to cover low-income individuals and their families

Accepted Answer

Medicaid

EPF WISE Exam Review 1617

Questions 60

EPF WISE Exam Review 1617

Questions 60