THE ULTIMATE WISE TEST REVIEW

Use the Rule of 72 to calculate how long it will take for your money to double if it's earning 6% in interest

• 12yrs

• 16yrs

• 36yrs

• 72yrs

Which category makes up the largest percentage of your credit score?

• Type of credit used
• Payment history
• Outstanding debt
• Credit history

The amount you must pay on a credit card, based on a percentage of the outstanding balance.

• minimum fee
• minimum payment
• monthly statement
• minimum monthly interest charge

What does it mean to reconcile your checkbook?

• this happens when you fill out your check register.
• At the end of the month you check to see if your check register matches your bank statement.
• This happens when you go to the bank and deposit money 
• This happens each time you write a check. 

What debt cannot be removed by declaring bankruptcy?

• Child Support
• Car Loan
• Credit Card
• Medical Bills

Which of these is NOT a reason to save money.

• Retirement
• Financial emergency
• Major purchases
• So you can loan it to your friends

The action enters money into an account.

• Deposit
• Withdrawal
• Loan
• Deduction

Which of the following statements is most correct?

• A benefit of owning a home is that it is easier to move

• A benefit of renting a home is that you can make renovations to the home

• A benefit of owning a home is that the value may appreciate

• A benefit of renting a home is that you can move out whenever you want

A type of insurance policy that covers property that is easily movable and provides additional coverage over what normal insurance policies do not. This can cover anything from jewelry to expensive stereo equipment

• floater insurance
• umbrella insurance
• liability insurance
• none of these

In creating her budget, Ann realizes that her expenses exceed her income. Ann should immediately try to:

• A.  apply for a loan
• B.  reduce or eliminate some expenses
• C.  ignore her budget until she has more income
• D.  open an IRA account