
W!SE HARD TEST
Authored by Robert Simmons
Life Skills
10th - 12th Grade
Used 2+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
it is usually a good idea to borrow for
Something that increases in value over time
The amount needed to pay bills each month
Anyrhing that will make the person happy
Anything that the interest rate is low
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A person generally pays a lower interest rate on a car loan than on a personal loan because the
Price of new cars increase each year
Car is collateral for the loan
Car is insured
Loan on the car requires a cosigner
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Federal Reserve System (fed) helps protect depositors and its member banks by setting
Requirements as to where member bank may advertise their products and services
Limits on the number of depositors a member bank may have
Requirements as to the amount of money a member bank must have on deposit
Limits on how many branches a member bank can have
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The government taxes cigarettes in order to raise revenue and to
Encourage tobacco growing
Discourage smoking
Provide money to small store owners
Pay for product advertising in the U.S.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A person refuses to open a savings account because he worries that the bank will fail and he will lose all of his money. What does this person need to know?
Banks have to buy insurance to cover the amount of money taken out each day
Banks by law are not permitted to go bankrupt
The Fed matches the amount of money banks have on hand
Accounts are FDIC insured up to $250,000
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a good strategy to build wealth for the future?
Pay for goods and services using credit cards
Pay bills when received and use a checking account
Deposit money into both savings and investment accounts each month
Have paychecks automatically deposited into a checking account
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When applying for a loan, the higher a person's credit score, the
Lower the interest rate will be for the loan
The higher the interest rate will be for the loan
Longer the payment period will be for the loan
Shorter the payment period will be for the loan
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