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Intro To Finance
Test Description: WISE review questions
Instructions: Answer all questions to get your test result.
1) Which of the following does the Federal Reserve use to regulate the nation's money supply?
A
regulations
B
monetary policy
C
proposing legislation
D
fiscal policy
2) When money is not used and goods and services are exchanged for other goods and services, this system is called
A
money
B
checks
C
barter
D
credit
3) Susan gives Marie her ABC Credit Union debit card and personal identification number (PIN) so Marie could get $25 from Susan's bank account. Marie withdrew $100 insead of the agreed $25. How can Susan get the $75 back?
A
Demand that the bank where Marie has her checking account reimburse her for Marie's unauthorized transaction.
B
File a complaint with the Federal Reserve Board to reimburse her for Marie's unauthorized transaction
C
Demand the ABC Credit Union reimburse her for Marie's unathorized transaction
D
No bank or government agency is obligated to reimburse Susan because she authorized Marie to use her ATM card and PIN
4) Identify the background color of a U.S. $5.00 bill
A
Blue
B
Yellow
C
Green
D
Orange
5) The common name for U.S. currency is
A
green backs
B
yellow backs
C
blue backs
D
orange backs
6) Which of the following provides an increase in assests or wealth?
A
volunteering at a hospital
B
running in the marathon
C
having capital gains
D
taking out a loan
7) Jami lost her debit card. She did not report it missing for 3 months. If an unauthorized person used her debit card, her maximum liabilty is
A
$500
B
$50
C
No liabilty because she notified the financial institution
D
Unlimited liabilty
8) Nora needed to make a long-distance call from a pay phone and did not have the cash. She was able to make the call by using her
A
traveler's check
B
credit card
C
cash card
D
identification card
9) Which of the following is a disadvantage of using phone cards, debit cards, electronic transfers, and ATM cards?
A
They slow down the economy's recovery.
B
They expose consumers to greater likelihood of identify theft.
C
Consumers can make purchases without writing checks.
D
They decrease availability of currency in the economy.
10) The demoninations of coins in the United States are
A
$.05, $.10, $.50, $.75, $10.00
B
$.01, $.30, $.50, and $5.00
C
$.01, $.05, $.10, $.25, $.50, and $1.00.
D
Coins can be in any denomination a consumer desires
*select an answer for all questions
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