REVIEW - Wise Financial Literacy

Question 1

When a person declares bankruptcy that fact will appear on the person?s credit report for

Accepted Answer

10 years

Question 2

John's company will match his pre-tax contributions to the company's retirement plan, known as:

Accepted Answer

A 401 K plan

Question 3

Susan lent her debit card and PIN to her friend who took more money than what was asked.

Accepted Answer

She cannot legally get her money back

Question 4

The primary source of income for people between the ages of 20 to 35 is:

Accepted Answer

Wages and salary

Question 5

Another term for the dollar amount of your paycheck after taxes and other withholdings is:

Accepted Answer

Net Income

Question 6

A well stated financial goal is

Accepted Answer

Realistic with a target date

Question 7

What is meant by an uncollateralized loan?

Accepted Answer

A personal loan without assets to cover the loan amount.

Question 8

Which of the following is considered to be open-end credit?

Accepted Answer

Department store charge cards.

Question 9

Who does a credit bureau or credit reporting agency speak to about credit situations

Accepted Answer

Your creditors and landlords

Question 10

Before a stock can be issued it must be reviewed by the:

Accepted Answer

Securites and Exchange Commission

Question 11

What is the largest equities market in the world?

Accepted Answer

New York Stock Exchange

Question 12

In order to keep your ATM information safe you should:

Accepted Answer

Keep it stored in a safe place separate from your person.

Question 13

If a person spends less than originally budged:

Accepted Answer

He or she has a budget variance

Question 14

To qualify for a Federal Housing Administration (FHA) loan, a person must generally:

Accepted Answer

fulfill income guidelines.

Question 15

A person's debt ratio shows the relationship between debt and net worth. The lower the ratio:

Accepted Answer

The better off financially a person is.

Question 16

Which does the FED use to regulate the money supply?

Accepted Answer

monetary policy

Question 17

How can you protect yourself against credit card fraud?

Accepted Answer

Be extremely careful of giving your information out.

Question 18

When deciding between two job offers with a similar salary offer, a person should first:

Accepted Answer

Consider retirement and health plans

Question 19

Money set aside to grow is typically called:

Accepted Answer

savings or investments

Question 20

Expenditures that remain constant from one time period to another are:

Accepted Answer

Fixed Expenses

Question 21

The common name for U.S. Currency

Accepted Answer

greenback

Question 22

A cash card:

Accepted Answer

Is purchased for a specific dollar amount

Question 23

When an investor buys stock on margin:

Accepted Answer

He is borrowing some money from the broker

Question 24

Buying a treasury bill is good for investors who:

Accepted Answer

want a safe, low risk investment

Question 25

A person who buys a house with three rental apartments may see a decrease in income because:

Accepted Answer

one apartment was not rented out.

Question 26

Cigarettes are expensive because:

Accepted Answer

The government imposes an excise tax

Question 27

A person has three credit cards and can't afford to pay. What should he or she do?

Accepted Answer

negotiate a new payment plan.

Question 28

Jaimie lost her debit card and did not report it for three months.

Accepted Answer

She has unlimited liability for not reporting it early.

Question 29

Which of the following provides and increase in assets and wealth

Accepted Answer

capital gains

Question 30

Which of the following is true of education as it relates to a person's salary?

Accepted Answer

Those with higher degrees tend to have higher salaries.

REVIEW - Wise Financial Literacy

Questions 30

REVIEW - Wise Financial Literacy

Questions 30