Wise Pre-test # 3: Question Preview (ID: 21201)

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A friend ask you to go to the bank and co-sign a loan. CO-sigining a loan means
a) you are promising the bank that your friend will repay the loan
b) you are warning the bank that your friend is a risk
c) when your friend repays the loan both he and you have an improvement in your credit.
d) If your friend does not repay the loan, you are legally required to pay the balance owed.

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 yearly
b) b. account paying interest compounded quarterly
c) account paying interest compounded daily
d) account paying interest compounded daily

One way to establish credit is to
a) take a small loan using a savings account as collateral and pay it back on time
b) b. obtain a reference letter from an employer
c) directly deposit a paycheck in a saving account
d) make a major purchase with cash rather than using credit cards.

when a bank is a federal deposit Insurance corporation (FDIC), the FDIC
a) allows bank depositors to buy law cost life insurance
b) protects a bank account from being closed in the event of personal bankruptcy
c) insures bank deposits for each customer up to the legal limit
d) permits bank accounts to earn the highest interest rate available.

when a person uses a debit card, the bank immediately
a) charges interest on the money spent to the persona savings or checking account.
b) deducts the amount of money spent from the savings or checking account
c) treats the money spent the same as a cash advance by charging a high rate of interest.
d) deducts the amount of money spent when the accountss monthly statement is issued.

Finance companies charge higher interest rates to borrow money than banks because they generally.
a) have branches in every state
b) offer a variety of services not available at banks
c) do not check the customers's credit report
d) . deal with high risk customer with low credit ratings

A personal monthly budget contains both fixed and variable expenses. Which is considered a variable expense
a) a. Life insurance
b) b. rent
c) c. car loan payments
d) d. food

A rising rate of inflation is most difficult for people who are
a) a. paying off old fixed-rate loans
b) working in their jobs for less than five years
c) small business owners
d) living on fixed incomes

which of the following is a sign that a person is having financial problems
a) changing jobs for a higher salary
b) paying bills with credit card cash advance
c) having high car expenses
d) using checks to pay for bills

people should work on having a 6 month emergency fund that may need for .
a) buying a summer home
b) covering the cost of a vacation
c) buying a second car
d) paying expenses in the event of job loss

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