Which of the following best describes a cash card

Purchased for a specific amount to pay for goods or services

Which PIN would give you the most protection against someone being able to figure it out

Use a random selection of letters and numbers

Money in the United States includes

Checking account balances on which checks can be drawn

A high-schooler is considering a career in finance. One of the 1st things to consider would be

a balance between financial rewards & personal satisfaction

Purchases made with your debit card are usually

Deducted immediately from your checking account

Which statement is FALSE about most ATM (Automated Teller Machine) cards

You can always get cash anywhere in the world with no fee.

The relationship between your educational level and your potential earning power

Higher educational levels increases potential earning power

Individuals who are financially literate

Understand the basics of personal finance & money management

Money for saving, investing, or spending cannot be from

Capital losses from the sale of stock

The denominations of coins in the United States are

$.01, $.05, $.10, $.25, $.50, and $1.00

A disadvantage of using phone cards, debit cards, electronic transfers, and ATM cards

You have a greater likelihood of identity theft

You give your debit card and PIN to Sam. He withdrew $100 instead of the agreed to $25.

No bank or government agency is obligated to reimburse you

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W!SE Review - Money, Intro to Finance

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A review of Money, Intro to Finance questions to prepare students for the W!SE certification exam.

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Questions 23

Answers

1
Which of the following provides an increase in assets or wealth?
Running in the marathon
Having capital gains
Volunteering at a hospital
Taking out a loan
2
Which of the following best describes a cash card
a credit card that you must use to pay the minimum on a bill
Debit card - always linked to a specific checking account
A check and can only be used to pay bills by mail
Purchased for a specific amount to pay for goods or services
3
Which PIN would give you the most protection against someone being able to figure it out
Use a random selection of letters and numbers
Use your birth date as your personal identification number
Use the name of a friend, family member, or pet
Use your first initial and last name as your PIN
4
Money in the United States includes
Diamonds
Checking account balances on which checks can be drawn
Barter
Gold
5
You lost your debit card & did not report it missing for 3 months. Your maximum liability is
$500
$50
Unlimited liability
No liability because you notified the financial institution
6
A high-schooler is considering a career in finance. One of the 1st things to consider would be
a balance between financial rewards & personal satisfaction
Is anyone in this field dissatisfied with their jobs?
How long before you are at the top of the field?
How many people do I know who work in this field?
7
The primary sources of income for most people between the ages of 20 and 35 are
Rents
Profits from business
Dividends and interest
Salaries, wages, and tips
8
You need to make a long-distance call from a pay phone & do not have cash.
You can use your student ID card
You can use a Traveler's check
You can use a credit card
You can use a cash card
9
Identify the background color of a U.S. $5.00 bill.
Orange
Green
Blue
Yellow
10
A type of electronic funds transfer (EFT) is:
A transaction made with a check
Not widely used by consumers
A deposit made with a bank teller
An ATM transaction
11
The common name for U.S. currency is
Orange backs
Yellow backs
Green backs
Blue backs
12
When goods and services are exchanged for other goods and services (money is NOT used)
Money
Barter
Checks
Credit
13
Purchases made with your debit card are usually
Put on your credit card bill as a cash advance
Deducted immediately from your checking account
Deducted from your credit card balance
Added to your credit card balance
14
Which statement is FALSE about most ATM (Automated Teller Machine) cards
You must have a bank account to have an ATM card.
You can get your account balance at any and all ATM machines
You can always get cash anywhere in the world with no fee.
You can generally get cash 24 hours a day, 7 days a week.
15
To always remember your PIN, you should write the PIN and keep it
On your ATM card
In a secure place at home
In your checkbook
In your wallet
16
The relationship between your educational level and your potential earning power
Higher educational levels increases potential earning power
Old folk always earn more than youngsters
Education has no effect on a your potential earning power
Higher educational levels decreases potential earning power
17
Individuals who are financially literate
Understand the basics of personal finance & money management
Always choose stocks and bonds that increase in value
Always achieve all of their financial goals
Usually have high debt and low savings
18
Money for saving, investing, or spending cannot be from
Discretionary income or a gift of money
Capital losses from the sale of stock
Capital gains from a sale of stock
An inheritance from someone who has died
19
Which of the following does the Federal Reserve use to regulate the nation's money supply?
Fiscal policy
Monetary policy
Proposing legislation
Regulations
20
The denominations of coins in the United States are
$.05, $.10, $.50, $.75, and $10.00
$.01, $.30, $.50, and $5.00
Coins can be in any denomination a consumer desires
$.01, $.05, $.10, $.25, $.50, and $1.00
21
A disadvantage of using phone cards, debit cards, electronic transfers, and ATM cards
They decrease availability of currency in the economy
Consumers can make purchases without of writing check
You have a greater likelihood of identity theft
They slow down the economy's recovery
22
You give your debit card and PIN to Sam. He withdrew $100 instead of the agreed to $25.
Demand the bank reimburse U for the unauthorized transaction
Your friend's bank will reimburse you for the transaction
Complain to the FED for the unauthorized transaction
No bank or government agency is obligated to reimburse you
23
New coins & currency get into the economy and your pocket because they are distributed by the
Federal Reserve System
U.S. Federal Mint
Treasurer of the United States
Secretary of the Department of Treasury

W!SE Review - Money, Intro to Finance Flashcards | StudBud