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Wise Review A And B
Test Description: Wise
Instructions: Answer all questions to get your test result.
1) CD: what happens if you cash it before maturity
A
Pay a Penalty
B
Money orders
C
Gift cards
D
Rule 72
2) Putting money in a savings account before paying Bills or Expenses
A
Pay a Penalty
B
Compound Interest
C
Pay yourself first
D
Money orders
3) what products are liquid
A
Savings and checking accounts
B
Reconciling a checking account
C
Pay a Penalty
D
At the end of the month
4) Balancing your records with the banks records is called
A
Compound Interest
B
Reconciling a checking account
C
Savings and checking accounts
D
opt-in regulation
5) the principle that a dollar received today is worth more than a dollar received in the future
A
Sources of income
B
Time value of money
C
Tax refund advances
D
At the end of the month
6) money left after paying basic living expenses like food, clothing, shelter
A
Opportunity cost
B
Compound Interest
C
Sources of income
D
Discretionary income
7) a bank service that covers a shortage in your account and protects you from bouncing check. But charges a Fee
A
opt-in regulation
B
exemption
C
Overdraft protection
D
Pay a Penalty
8) ..., an amount you may subtract from your income for each person who depends on your income to live
A
CD
B
exemption
C
Rule 72
D
Gift cards
9) interest earned on interest,, Interest earned on both the principal amount and any interest already earned.
A
Pay a Penalty
B
Money orders
C
Compound Interest
D
Opportunity cost
10) How long it takes your money to double. $1 invested at 10% would take 7.2 years ((72/10) = 7.2)
A
CD
B
Rule 72
C
Gift cards
D
exemption
11) CD
A
community-focused and offer better interest rates than traditional banks.
B
bears a maturity date, a specified fixed interest rate and can be issued in any denomination.
C
Savings and checking accounts
D
Reconciling a checking account
12) a purchased certificate used to pay a specified amount of money to a particular payee
A
Money orders
B
Gift cards
C
exemption
D
Rule 72
*select an answer for all questions
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