Wise Pre-test Part 1: Question Preview (ID: 20925)

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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) interest in the Cd will increase to inflation over 5 years.
c) a penalty/fee is charged if a withdrawal made during the 5 years.
d) during the next 5 years, the bank will not offer higher interest rates.

Financial planning allows individuals to
a) guarantee income for retirement
b) avoid credit scams and identity theft
c) develop strategies for savings and investing
d) eliminate risk on investments

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) 49,000
b) 71,000
c) 192,000
d) 234,000

A smart consumer should always take which of these actions
a) compare quality and prices before making a large purchase.
b) Purchase brand name
c) Purchase store brands
d) Buy low sell high

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) 20.4
c) 20
d) 28

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) encourage spending on education and the military
d) support tariffs.

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 .

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) Both accounts have the same amount of money
b) the has more money because she deposited more money
c) the mans account has more money because his money earned interest for longer period of time.
d) THE man's account has more money because he deposited more money.

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) interest in savings account is variable
d) Money in the savings account has greater liquidity

Which factor would most likely help someone.
a) Having several credit cards
b) having a good credit rating
c) earning a high income
d) obtaining a college degree.

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