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Wise Pre-test 2
Test Description: Wise
Instructions: Answer all questions to get your test result.
1) What is the Disadvantage of making a check payable to cash. Pay to the order of : CASH
A
Anyone can exchange the check for cash
B
there is no way to record the check in the check register.
C
the check can only be deposited in the payer's bank
D
the check can be cashed for any amount
2) If a person receives a $10,000 credit limit from a credit card company, it means that the person
A
may purchase any one item that cost more than $10,000
B
can make purchases interest-free until $10,000 hs been charged
C
is responsible for up to $10,000 of debt.
D
can charge up to $10,000
3) the major reason people prefer to have direct deposit of their pay rather than receiving an actual paycheck is that.
A
money is safely deposited into their designated accounts and easily accessible.
B
federal and state governments receive payroll taxes owed immediately
C
Banks provide depositors with interest-free loan and free checking
D
utility and credit card bills can be electronic transferred on their due dates .
4) buying insurance is a way to
A
postpone income tax payments until retirement.
B
.protect against the risk associated with potential losses.
C
avoid losses associated with an investments in stocks
D
protect one's purchasing power
5) when investors hold shares of stock in public corporation they are.
A
lenders to the corporation
B
entitled to interest on profits
C
owners of the corporation
D
required to attend annual meetings.
6) For what reason do financial advisors suggest investing some money in stocks rather than depositing all on ones money in saving account
A
it reduces the risk of losing money over time.
B
there is a chance, overtime , of earnings a greater return on the money
C
it is a good way to build a six month emergency fund
D
The guaranteed rate of interest in higher for stocks
7) which factors do insurance companies consider important in determining the premium for automobile insurance.
A
Amount of nighttime and winter driving
B
level of education of household income.
C
Past claims and type of car owned
D
job title and length of employment
8) One important reason fro an individual to buy a homeowners insurance is that it .
A
allows the person to deduct the premiums costs from his taxes
B
protects the person in case he is injured on the job.
C
Increases the value of the persons property
D
offers the person protection if someone is hurt on his property.
9) Mutual funds are investments in
A
the united states department of Treasury: the investments is managed ny the government.
B
local and state governments at fixed rate of interest.
C
a variety of stocks and bonds: the investments are manged by a professional or company.
D
banks or other financial institutions for a set period of time
10) The monthly payments on homeowners 5.5% fixed rate mortgage will
A
be determined by the average interest rate during the preceding year.
B
decreaser each month as the balance of the loan decreases .
C
fluctuate depending on the value of the property
D
be the same amount for the entire life of the loan
*select an answer for all questions
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