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Wise Pre-test # 3
Test Description: Wise
Instructions: Answer all questions to get your test result.
1) Which institution(s) charge the highest interest rates on loans:
A
b. Credit Unions
B
d. payday lenders and finance companies
C
c. car loan payments
D
Pay Yourself First: automatically route money from paycheck to savings
2) Overdraft protection is a feature offered by banks to keep your checking account from over-drafting
A
credit union: member owned co-operative financial institution – advantage is lower interest rates on loans
B
a. paying off old fixed-rate loans
C
when you write a check or swipe your debit card but don't have enough money in your account
D
working in their jobs for less than five years
3) what happens if you cash a CD before maturity
A
buying a second car
B
penalty if cashed before maturity
C
buying a summer home
D
people should work on having a 6 month emergency fund that may need for .
4) which of the following is a sign that a person is having financial problems
A
changing jobs for a higher salary
B
using checks to pay for bills
C
paying bills with credit card cash advance
D
having high car expenses
5) Finance companies charge higher interest rates to borrow money than banks because they generally.
A
. deal with high risk customer with low credit ratings
B
do not check the customers's credit report
C
offer a variety of services not available at banks
D
have branches in every state
6) when a person uses a debit card, the bank immediately
A
charges interest on the money spent to the persona savings or checking account.
B
treats the money spent the same as a cash advance by charging a high rate of interest.
C
deducts the amount of money spent from the savings or checking account
D
deducts the amount of money spent when the accountss monthly statement is issued.
7) when a bank is a federal deposit Insurance corporation (FDIC), the FDIC
A
protects a bank account from being closed in the event of personal bankruptcy
B
permits bank accounts to earn the highest interest rate available.
C
allows bank depositors to buy law cost life insurance
D
insures bank deposits for each customer up to the legal limit 250000
8) One way to establish credit is to
A
directly deposit a paycheck in a saving account
B
b. obtain a reference letter from an employer
C
take a small loan using a savings account as collateral and pay it back on time
D
make a major purchase with cash rather than using credit cards.
9) On January 1, $1000.00 was deposited in each of three separate savings accounts with an interest rate of %2. At the end of the year , which account will have the most amount of money.
A
account paying interest compounded daily
B
account paying interest compounded never
C
b. account paying interest compounded quarterly
D
account paying interest compounded yearly
10) A friend ask you to go to the bank and co-sign a loan. CO-sigining a loan means
A
when your friend repays the loan both he and you have an improvement in your credit.
B
you are warning the bank that your friend is a risk
C
you are promising the bank that your friend will repay the loan
D
If your friend does not repay the loan, you are legally required to pay the balance owed.
11) When should you Reconciling your Checking account
A
Savings and checking accounts are most liquid
B
At the end on the month, to know what your current balance and check for errors
C
Every Day
D
Once a Year
*select an answer for all questions
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