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WISE Review Byrnes
WISE Review Byrnes
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Personal Finance-WISE Financial Literacy Review
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
New currency makes its way into the economy through the distribution system of the:
Treasury dept
US Mint
FDIC
Federal Reserve
2
Which would be considered an employee benefit
monthly salary
travel opportunities
paid sick leave
walking distance from home
3
Someone who relies on a taxpayer for support is
a dependent
a tax recipient
a burden
a beneficiary
4
Income tax is paid on only income earned through working for pay
False
True
5
Only people who own land and homes pay property tax
False
True
6
Which account is most liquid
Traditional IRA
Checking
Savings
CD
7
you have an auto loan with 60 months of equal monthly payments, you have
non-installment loan
balloon loan
an unsecured loan
closed end credit
8
Your credit card number is stolen by someone online who uses it. Your potential liability is
0
$50
unlimited
up to your credit limit
9
The higher a persons debt ratio
the worse off financially the person is
the less liquid assets the person has
the more liquid assets the person has
the better off financially the person is
10
Saving deposit for retirement years , deposits not tax deductible, but withdrawals are tax free
Traditional IRA
CD
Roth IRA
Burk IRA
11
When a person pawns a watch, the transaction is considered
an unsecured loan
a custodial loan
a collateralized loan
a sales agreement
12
Net income is
pay before taxes
pay before overtime added
pay after taxes
non-taxable
13
You lose your credit card, and don't report it and someone uses it, your liability is
0
$50
the credit limit
$500
14
If you deposit $10,000, the bank must notify
FDIC
State Banking Commission
US Treasury
Federal Reserve
15
Law which limits the interest rate charged by lenders are:
Usury laws
Anti interest laws
Retrointerest laws
Abeyance laws
16
you can withdraw $ from a Roth IRA tax free in each of the following instances except
you are 60 years old
for college tuition
buying first house
unemployed
17
Which typically pays the highest rate of interest
Savings
CD
money market
Common stock
18
When can a person view her credit report for free?
only when applying for credit
once a year from the 3 major CRA's
any time from all three major CRA's
once every 2 years
19
Which is least liquid
Savings
Checking
CD
Money Market
20
Your annual income is $60,000, you contributed $3000 to a traditional IRA, taxable income is
63,000
$57,000
$3000
0
21
A savings account earns the greatest amount of money when the interest is compounded
yearly
daily
quarterly
monthly
22
Account that requires you to keep a certain amount of money for a fixed period of time
IRA's
money market
CD's
Savings account
23
A blank endorsement on a check
cancels the check
restricts what you can do with check
creates a check that can be cashed by anyone
has no effect
24
Which is considered to be open-end credit
a mortgage
installment loan
Lowes charge card
a car loan
25
You found incorrect information on you credit report. You can
tell creditor to remove false information
not dispute negative information
void the credit report
request credit bureau to correct information
26
A form W-4,
is filed with your income tax return
tells you how much wages you were paid
assists employer in determining income tax to withhold
can never be changed
27
Uncollaterized loan means
loan on life insurance policy
home equity loan
loan without assets to cover loan amount
no co-signer
28
The most secure method for an employer to pay employees is to use
payroll card
direct deposit
in-store credit
printed paycheck
29
Medicare
is the full employment for doctors act
helps pay medical care expenses those with limited income
helps pay medical expenses for elderly
is called the Affordable Healthcare Act
30
Not for profit, owned by members
Investment club
Credit Union
Savings and Loan Association
Commercial bank
31
Common fees that may be charged by a depository institution include all EXCEPT
Overdraft fee
ATM fee
Late fee
Minimum balance fee
32
Pam lost her debit card and didn't report it, if an unauthorized person uses it
loss is limited only by amount in account
she'll lose $500
she'll lose $50
no loss of funds
33
Which charges the highest interest rate
Pawn shop
Bank
Finance company
Credit union
34
Bankruptcy could remain on a credit report for
until all debts are paid
forever
10 years
3 years
35
Great for saving for retirement, no tax on $ deposited, only on withdrawal
Money Market
traditional IRA
Roth IRA
CD
36
A credit card finance charge is:
the cost of the items purchased
a service fee
the sales tax
the cost to use credit
37
Travelers checks
function as cash but are easily replaced if lost
are free at most banks
are FDIC insured
are equivalent to credit cards
38
Easy to convert to cash
Rate of return
liquid
Convertible
principal
39
Payroll tax includes deductions for Social Security and Medicare program
True
False
40
Which is most liquid
Stock
CD
Money market
Corporate bond
