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Wise Pre-test Part 1
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 earned in saving is not taxable
C
Money in the savings account has greater liquidity
D
interest in savings account is variable
2) Which factor would most likely help someone.
A
Having several credit cards
B
obtaining a college degree.
C
having a good credit rating
D
earning a high income
3) A 20 year old man started depositing a $1000 a year into a savings account at 3% interest. His cousin started saving $2,000 a year in a savings acct in the same bank when she was 40 years old. Both accounts earned the same rate of interest. Today t
A
the mans account has more money because his money earned interest for longer period of time.
B
THE man's account has more money because he deposited more money.
C
Both accounts have the same amount of money
D
the has more money because she deposited more money
4) A student who is deciding whether to go to college should know that ,in general
A
Individual with a college degree earns the same amount as high school graduate
B
Individual with out a college degree earns more
C
Time and money spent on college are not related to earning power.
D
Time and money spent on college edu results in higher lifetime income .
5) If a person receives a annual interest rate of 4% on a savings account, how many years will it take for the money to double. ( 72/Interest rate)= 72/4
A
18
B
20
C
20.4
D
28
6) when the FED lowers the interest rate, it is trying to
A
stimulate the economy by encouraging spending or borrowing
B
control inflation by restricting the supply of money
C
support tariffs.
D
encourage spending on education and the military
7) An individual , who earns 36,000 a year, has total assets of $156,000 and liabilities of $85,000. The net worth of this individual is. ( assets- liabilities)
A
192,000
B
49,000
C
71,000
D
234,000
8) A smart consumer should always take which of these actions
A
Purchase brand name
B
Purchase store brands
C
Buy low sell high
D
compare quality and prices before making a large purchase.
9) Financial planning allows individuals to
A
eliminate risk on investments
B
avoid credit scams and identity theft
C
guarantee income for retirement
D
develop strategies for savings and investing
10) If a person buys a five year CD certificate of deposit for $2000, the person should know that of the 5 years is prohibited
A
Reinvesting the $2000 in another CD at the end of 5 years
B
during the next 5 years, the bank will not offer higher interest rates.
C
a penalty/fee is charged if a withdrawal made during the 5 years.
D
interest in the Cd will increase to inflation over 5 years.
*select an answer for all questions
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