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Wise-PreTest Missed
Test Description: Wise
Instructions: Answer all questions to get your test result.
1) What is the advantage of having money is a savings account rather than in CD
A
money earns higher interest in savings
B
interest in savings account is variable
C
interest earned in saving is not taxable
D
Money in the savings account has greater liquidity.
2) The monthly payments on homeowners 5.5% fixed rate mortgage will
A
fluctuate depending on the value of the property
B
be determined by the average interest rate during the preceding year.
C
be the same amount for the entire life of the loan
D
decreaser each month as the balance of the loan decreases .
3) A rising rate of inflation is most difficult for people who are
A
small business owners
B
working in their jobs for less than five years
C
paying off old fixed-rate loans
D
living on fixed incomes
4) which of the following is a sign that a person is having financial problems
A
using checks to pay for bills
B
paying bills with credit card cash advance
C
changing jobs for a higher salary
D
having high car expenses
5) Effective goals should have
A
at least 5 years to accomplish
B
do not check the customers's credit report
C
offer a variety of services not available at banks
D
They should have a target date
6) Financial planning allows individuals to ?
A
permits bank accounts to earn the highest interest rate available.
B
allows bank depositors to buy law cost life insurance
C
make strategies for savings and investing
D
protects a bank account from being closed in the event of personal bankruptcy
7) One way to establish credit is to
A
make a major purchase with cash rather than using credit cards.
B
directly deposit a paycheck in a saving account
C
take out a small loan using a savings account as collateral and pay it back on time
D
obtain a reference letter from an employer
8) What can cause the price of a stock to go up
A
In 4 equal payments with interest.
B
The CEO announces that stock prices are going up
C
within a short period of time
D
A new product release
9) Which is considered a variable expense ina budget
A
car loan payments
B
rent
C
Life insurance
D
food
10) 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 quarterly
B
account paying interest compounded daily
C
all account will have equal balances.
D
account paying interest compounded yearly
11) What happens if you buy a 10 year bond Fixed rate bond
A
nothing
B
The interest stays the same for the life of he Bond
C
The interest changes from year to year on the Bond
D
Balance budget = Total income= expenses - savings
*select an answer for all questions
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