Wise Practice Test 35 questions
If a person makes a deposit of $10,000 or more into a bank account, the bank must
notify the - correct answer US Treasury Department.
Which financial product can you buy for $25, is safe, and will be worth $50 at a
future date? - correct answer Series EE savings bond
Frankie's savings account has earned a lot of interest. He wants to know if he must
pay taxes on the interest earned. What would the IRS tell him? - correct answer
Savings account interest is taxable
A teenage boy has opened a checking account. He is surprised to find that though
he is getting a written bank statement each month he is not getting his cancelled
checks returned. The teenager should be aware that the reason cancelled checks
are NOT returned is to - correct answer save the bank money associated with
returning copies of these checks.
Which documents should be stored in a safe-deposit box? - correct answer
Mortgage loan papers.
When a person brings an item to a pawnshop to obtain cash, the transaction is
considered - correct answer a collateralized loan.
A person has three credit cards with very large outstanding balances and is unable
to make payments on any of them. Which action should the person take? - correct
answer Notify the credit card companies in order to negotiate a new payment
plan.
When a person declares bankruptcy that fact will appear on the person?s credit
report - correct answer for a 10 year period.
What is meant by an uncollateralized loan? - correct answer A personal loan
without assets to cover the loan amount.
