Wise Practice Test (Money)

Front

Which of the following does the Federal Reserve use to regulate the nation's money supply? A. Fiscal policy, B. Proposing legislation, C. Monetary policy, D. Regulations

Back

Monetary policy

Front

Nora needed to make a long-distance call from a pay phone and did not have the cash. She was able to make the call by using her:

Back

Cash card

Front

When money is not used and goods and services are exchanged for other goods and services, this system is called:

Back

Barter

Front

The denominations of coins in the United States are: A.  $.01, $.05, $.10, $.25, $.50, and $1.00  , B.  $.01, $.30, $.50, and $5.00  , C.  $.05, $.10, $.50, $.75, and $10.00  , D.  Coins can be in any denomination a consumer desires      

Back

$.01, $.05, $.10, $.25, $.50, and $1.00

Front

Money for saving, investing, or spending cannot be from: An inheritance from someone who has died, Discretionary income or a gift of money, Capital gains from a sale of stock, Capital losses from the sale of stock

Back

Capital losses from the sale of stock

Front

The common name for U.S. currency is:

Back

Green backs

Front

A cash card generally:

Back

Is purchased with a specific amount of money that can be used to pay for goods or services.

Front

Which statement is FALSE about most ATM (Automated Teller Machine) cards? A. You must have an account with a financial institution to have an ATM card. B. You can always get cash anywhere in the world with no fee. C. You can generally obtain information concerning your account balance(s) at an ATM machine. D. You can generally get cash 24 hours a day, seven days a week.

Back

You can always get cash anywhere in the world with no fee.

Front

Purchases made with your debit card are usually:

Back

Deducted immediately from your checking account.

Front

Jami lost her debit card and did not report it missing for 3 months. If an unauthorized person used her debit card, her maximum liability is:

Back

Unlimited liability