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