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Wise Practice Exam Updated 2025 with complete solution, Exams of Advanced Education

Widener University - DelawareAdvanced Education

if you have caused an accident, which type of automobile insurance would cover damage to your own car? - CORRECT ANSWER-Collision Matt and Eric are young men. Each has a good credit history. They work at the same company and make approximately the same salary. Matt has borrowed $6,000 to take a foreign vacation. Eric has borrowed $6,000 to buy a car. Who is likely to pay the lowest finance charge? - CORRECT ANSWER-Eric will pay less because the car is collateral for the loan.

Typology: Exams

2024/2025

Available from 07/10/2025

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Wise Practice Exam
if you have caused an accident, which type of automobile insurance would cover damage to your
own car? - CORRECT ANSWER-Collision
Matt and Eric are young men. Each has a good credit history. They work at the same company
and make approximately the same salary. Matt has borrowed $6,000 to take a foreign vacation.
Eric has borrowed $6,000 to buy a car. Who is likely to pay the lowest finance charge? -
CORRECT ANSWER-Eric will pay less because the car is collateral for the loan.
If you went to college and earned a 4-year degree, how much money could you expect to earn
than if you only had a high school diploma? - CORRECT ANSWER-a lot more; about 70%
more.
Many savings programs are protected by the Federal government against loss. Which of the
following is not? - CORRECT ANSWER-A bond issued by one of the 50 states
If each of the following persons had the same amount of take home pay, who would need the
greatest amount of life insurance? - CORRECT ANSWER-A young single woman with two
young children.
Which of the following instruments is NOT typically associated with spending? - CORRECT
ANSWER-Certificate of deposit
Which of the following credit card users is likely to pay the GREATEST dollar amount in
finance charges per year, if they all charge the same amount per year on their cards? -
CORRECT ANSWER-Jessica, who only pays the minimum amount each month.
Which of the following statements is true? - CORRECT ANSWER-Banks and other lenders
share the credit history of their borrowers with each other and are likely to know of any
loan payments that you have missed.
Doug must borrow $12,000 to complete his college education. Which of the following would
NOT be likely to reduce the finance charge rate? - CORRECT ANSWER-If he went to a state
college rather than a private college.
If you had a savings account at a bank, which of the following would be correct concerning the
interest that you would earn on this account? - CORRECT ANSWER-Income tax may be
charged on the interest if your income is high enough
Inflation can cause difficulty in many ways. Which group would have the greatest problem
during periods of high inflation that last several years? - CORRECT ANSWER-Older people
living on fixed retirement income.
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Wise Practice Exam

if you have caused an accident, which type of automobile insurance would cover damage to your own car? - CORRECT ANSWER- Collision Matt and Eric are young men. Each has a good credit history. They work at the same company and make approximately the same salary. Matt has borrowed $6,000 to take a foreign vacation. Eric has borrowed $6,000 to buy a car. Who is likely to pay the lowest finance charge? - CORRECT ANSWER- Eric will pay less because the car is collateral for the loan. If you went to college and earned a 4-year degree, how much money could you expect to earn than if you only had a high school diploma? - CORRECT ANSWER- a lot more; about 70% more. Many savings programs are protected by the Federal government against loss. Which of the following is not? - CORRECT ANSWER- A bond issued by one of the 50 states If each of the following persons had the same amount of take home pay, who would need the greatest amount of life insurance? - CORRECT ANSWER- A young single woman with two young children. Which of the following instruments is NOT typically associated with spending? - CORRECT ANSWER- Certificate of deposit Which of the following credit card users is likely to pay the GREATEST dollar amount in finance charges per year, if they all charge the same amount per year on their cards? - CORRECT ANSWER- Jessica, who only pays the minimum amount each month. Which of the following statements is true? - CORRECT ANSWER- Banks and other lenders share the credit history of their borrowers with each other and are likely to know of any loan payments that you have missed. Doug must borrow $12,000 to complete his college education. Which of the following would NOT be likely to reduce the finance charge rate? - CORRECT ANSWER- If he went to a state college rather than a private college. If you had a savings account at a bank, which of the following would be correct concerning the interest that you would earn on this account? - CORRECT ANSWER- Income tax may be charged on the interest if your income is high enough Inflation can cause difficulty in many ways. Which group would have the greatest problem during periods of high inflation that last several years? - CORRECT ANSWER- Older people living on fixed retirement income.

Which of the following is true about sales taxes? - CORRECT ANSWER- It makes things more expensive for you to buy. Lindsay has saved $12,000 for her college expenses by working part-time. Her plan is to start college next year and she needs all of the money she saved. Which of the following is the safest place for her college money? - CORRECT ANSWER- A bank savings account Which of the following types of investment would best protect the purchasing power of a family's savings in the event of a sudden increase in inflation? - CORRECT ANSWER- A house financed with a fixed-rate mortgage Under which of the following circumstances would it be financially beneficial to you to borrow money to buy something now and repay it with future income? - CORRECT ANSWER- When you need to buy a car to get a much better paying job. Which of the following statements best describes your right to check your credit history for accuracy? - CORRECT ANSWER- Your credit record can be checked once a year for free. Your take home pay from your job is less than the total amount you earn. Which of the following best describes what is taken out of your total pay? - CORRECT ANSWER- Federal income tax, social security, and Medicare contributions Retirement income paid by a company is called: - CORRECT ANSWER- Pension Many people put aside money to take care of unexpected expenses. If John and Jenny have money put aside for emergencies, in which of the following forms would it be of LEAST benefit to them if they needed it right away? - CORRECT ANSWER- Invested in a down payment on the house Justin just found a job with a take-home pay of $2,000 per month. He must pay $800 for rent and $200 for groceries each month. He also spends $200 per month on transportation. If he budgets $100 each month for clothing, $150 for restaurants and $250 for everything else, how long will it take him to accumulate savings of $900. - CORRECT ANSWER- 3 months Many young people receive health insurance benefits through their parents. Which of the following statements is true about health insurance coverage? - CORRECT ANSWER- If your parents become unemployed, your insurance coverage may stop, regardless of your age. Mike and Dave work together in the finance department of the same company and earn the same pay. Mike spends his free time taking work-related classes to improve his computer skills; while Dave spends his free time socializing with friends and working out at a fitness center. After five years, what is likely to be true? - CORRECT ANSWER- Mike will make more money because he is more valuable to his company.