Wise-PreTest Missed: Question Preview (ID: 21204)

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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.

The monthly payments on homeowners 5.5% fixed rate mortgage will
a) be the same amount for the entire life of the loan
b) fluctuate depending on the value of the property
c) be determined by the average interest rate during the preceding year.
d) decreaser each month as the balance of the loan decreases .

A rising rate of inflation is most difficult for people who are
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

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

when a bank is insured by 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.

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) 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 making a purchase using an installment plan, the consumers agrees to repay the loan
a) within a short period of time
b) b. without being charged interest.
c) In 4 equal payments with interest.
d) over a specified period of time plus monthly interest charges.

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

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) account paying interest compounded quarterly
c) account paying interest compounded daily
d) all account will have equal balances.

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