W!se Financial Literacy Practice Test

Front

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the

Back

US Treasury Department

Front

The best suggestion you gave a friend who is writing a check for the first time is:

Back

Date the check because it is usually proof of payment

Front

Which documents should be stored in a safe-deposit box? Checkbook statements, Copies of current and past budgets, Current paycheck stubs, Mortgage loan papers

Back

Mortgage loan papers

Front

The phrase used for putting money into a savings account is:

Back

Making a deposit

Front

When a person declares bankruptcy, that fact will appear on the person's credit report

Back

for a 10 year period

Front

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?

Back

Notify the credit card companies in order to negotiate a new payment plan

Front

Which of the following is considered to be open-end credit? A mortgage, A car loan, Department store charge card, Installment loans

Back

Department store charge card

Front

When a person brings an item to a pawnshop to obtain cash, the transaction is considered

Back

a collateralized loan

Front

What is meant by an uncollateralized loan?

Back

A personal loan without assets to cover the loan amount.

Front

What is a credit score?

Back

A number used to determine how much credit to extend to a person