Personal Finance WISE Test Exam Questions and Answers 2024, Exams of Nursing

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Question And Answers 2024

Inflation - correct answers ✅the rise in the level of prices for goods and services Time Value of Money - correct answers ✅the increase of an amount of money due to earned interest or dividends Balance Sheet - correct answers ✅statement that identifies the items you own, what you owe, and your net worth Paying Yourself First - correct answers ✅the concept of setting aside a portion of your income for savings before spending any of it Commission - correct answers ✅a fee charged by a brokerage firm or investment bank to buy or sell securities of an investor Potential Earning Power - correct answers ✅the amount of money you may earn over time Finance Charge - correct answers ✅the total dollar amount of interest you pay to use credit

Question And Answers 2024

Compounding - correct answers ✅the process of earning interest on both the principal and any prior interest earned in your account Medicare - correct answers ✅is a government sponsored health care coverage for the elderly Credit Limit - correct answers ✅The maximum dollar amount of money the creditor will make available to you on your credit card Medicaid - correct answers ✅is a government sponsored health care plan for people with low income Grace Period - correct answers ✅the amount of time a credit card company provides before you incur finance charges Liquidity - correct answers ✅the ability to easily convert your financial resources into cash without loss of value Annual Percentage Yield - correct answers ✅term for the amount of interest that a $100 deposit would earn after compounding for one year (as defined by law)

Question And Answers 2024

401(k) - correct answers ✅sets aside a portion of your pay, plus (usually) an employer match. Economics - correct answers ✅The study of the decisions that go into making, distributing and using goods and services. Dealer Invoice Price - correct answers ✅Price the car dealer paid to purchase the car from the manufacturer. Opportunity Cost - correct answers ✅A trade-off or what you are giving up when you make one choice over another. Diversification - correct answers ✅A strategy of investing in a broad range and number of companies in order to limit the potential investment risk. Deductible - correct answers ✅Is the amount of loss you pay out-of-pocket before the insurance company pays their portion. Networking - correct answers ✅A way of making and using contacts to get job information and advice.

Question And Answers 2024

Standard of Living - correct answers ✅The measure of quality of life based on the amounts and kinds of goods and services a person can buy. Pension - correct answers ✅A retirement plan that is funded, at least in part, by an employer. Net Worth - correct answers ✅Difference between what you own and what you owe. Diversification & Professional Management - correct answers ✅Advantages of a mutual fund. Small Cap Stock - correct answers ✅A company with a market capitalization of $1 billion. Budget Variance - correct answers ✅Difference between the budgeted amount and the actual amount spent. Revolver - correct answers ✅The term banks use for someone who does NOT pay their credit card balance in full each month, and instead incurs finance charges.

Question And Answers 2024

Credit CARD Act - correct answers ✅Bans unfair rate increases, prevents unfair fee traps, protects students and young people 2-4% - correct answers ✅What percent of your outstanding balance do credit card companies require you to pay each month as your minimum? $50 - correct answers ✅Maximum amount of fraudulent charges you are responsible for. Greater than tax liability - correct answers ✅You would be eligible for a tax refund if the amount withheld from your paycheck is: Bull Market - correct answers ✅A market where investors are optimistic about the economy and the potential for stock growth. Collision - correct answers ✅Insurance you use to repair your car when you hit a light pole. Large Cap Stock - correct answers ✅A company with a market capitalization of $300 billion.

Question And Answers 2024

Short Selling - correct answers ✅Selling stock you do not own, hoping to cover your position later at a lower price. NYSE - correct answers ✅World's largest stock exchange, containing the most blue chip stocks. Discretionary Income - correct answers ✅Money left after paying expenses. Homeowner's Insurance - correct answers ✅Insurance that covers damage to your home, personal property and injuries to others. Term Life - correct answers ✅Insurance that provides death benefit coverage for a specified period of time (usually 10-30 years). Uninsured Motorist - correct answers ✅Insurance that covers your car that is totaled by a hit and run driver. Owe government - correct answers ✅This is what happens at tax time if you claimed more allowances all year than you should have.

Question And Answers 2024

Long-Term Care - correct answers ✅You are injured in an accident and you can't bathe, dress or feed yourself. What type of insurance would you use? Co-pay - correct answers ✅Specific small dollar amount (about $10-$30) you pay your doctor each time you visit. $250,000 - correct answers ✅FDIC insures up to how much per account type, per depositor. Direct Deposit - correct answers ✅Electronic banking service that enables you to have your paycheck go right into your bank account. Restrictive - correct answers ✅Type of endorsement that only allows you to deposit a check into your account. Credit Union - correct answers ✅Type of financial institution that is not-for-profit and only serves its members (better rates). The Fed - correct answers ✅Central bank of the United States, whose primary role in the U.S. economy is the regulation of the money supply.

Question And Answers 2024

Certificate of Deposit - correct answers ✅Type of savings account that requires you to keep your money in the account for a specific period of time. Rule of 72 - correct answers ✅A way to quickly figure out how long it would take to double your money. MSRP - correct answers ✅"Sticker price" or the price the manufacturer "tells" the dealer to sell a car for. FTC - correct answers ✅The nation's consumer protection agency that enforces laws and hears complaints. Comprehensive - correct answers ✅Your car is stolen and then set on fire. What type of insurance do you need? APR - correct answers ✅Percentage cost of credit on a yearly basis. Credit Report - correct answers ✅Personal Info, Credit History, Inquiries, Public Records 28% - correct answers ✅As a general rule, you should not spend more than what percent on housing costs?

Question And Answers 2024

Cosigning - correct answers ✅Under the Credit CARD Act, how can an underage consumer (under 21) get a credit card? Peril - correct answers ✅Earthquake, Flood, Fire 21 days - correct answers ✅Under the Credit CARD Act, the minimum grace period is: only applies to new balances - correct answers ✅Under the Credit CARD Act, if banks increase your interest rate, it : Stop Order - correct answers ✅An order to sell a stock you own at a price lower than the current market price because you want to minimize potential losses. Dow Jones Industrial Average - correct answers ✅Market index that contains 30 of the largest companies, yet is a widely used and accurate indicator of stock market performance. Life Insurance Factors - correct answers ✅Age, Gender, Smoking, Hobbies, Occupation, etc.

Question And Answers 2024

Endorsement in Full - correct answers ✅An endorsement used to transfer a check to a third party. Traditional Savings Account - correct answers ✅A savings account with a low (no) minimum balance, ease of withdrawal, insured by the FDIC... Basic Health Insurance - correct answers ✅Surgical, Physician and Hospital Expenses Check Register - correct answers ✅Number, Date, Description, Debit, Check Mark, Credit, Balance EPS - correct answers ✅Net Earnings / Shares Outstanding P/E - correct answers ✅Price of One Share / EPS Rate of Return - correct answers ✅Total Gain / Initial Investment SMART goals - correct answers ✅Goals that are Specific, Measurable, Achievable, Realistic and Time-Bound

Question And Answers 2024

Advantages of Credit - correct answers ✅Easy to use, convenient (no cash), buy now/pay later (don't need to save), establish credit, boost economy, etc. Disadvantages of Credit - correct answers ✅Easy to misuse, temptation, buy more than you can afford, hurt credit, credit limit, interest and fees, etc. Property Damage Liability & Bodily Injury Liability - correct answers ✅You cause a car accident, what part of your insurance would cover the other person's car and injuries?