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THE ULTIMATE WISE TEST REVIEW

Total questions: 75

Worksheet time: 1hrs 15mins

Name
Class
Date
1.
The cost of borrowing money is referred to as 
a)
Interest 
b)
Annual Percentage Rate 
c)
Credit 
d)
Credit Line 
2.
The maximum amount you are allowed to carry as a balance on the card
a)
interest
b)
ARP
c)
credit limit
d)
all of these
3.
This is a fee that some, but not all, credit card issuers charge to use their credit card.
a)
APR
b)
annual fee
c)
monthly fee
d)
non-sufficient funds fee
4.
The amount you must pay on a credit card, based on a percentage of the outstanding balance.
a)
minimum fee
b)
minimum payment
c)
monthly statement
d)
minimum monthly interest charge
5.
Which one is considered a danger of using a credit card
a)
no cash needed
b)
leads to overspending
c)
convenient
d)
earns rewards
6.
To build a good credit history, you should
a)
open as much credit as possible quickly
b)
use the maximum credit allowed on all your credit cards
c)
pay on time and as much of your balance as possible
d)
all of these
7.
What does APR stand for?
a)
American Peoples Reports
b)
Annual Progress Report
c)
American Percentage Rate
d)
Annual Percentage Rate
8.
What financial habits determine your credit score?
a)
Payment History & Amount you owe 
b)
Length of credit history & Amount of new credit applied for recently
c)
Types of credit open
d)
All of these are correct
9.
What are the three major Credit Reporting Agencies (CRAs)?  
a)
Equifax
b)
TransUnion
c)
Experian
d)
All of these are correct
10.
What debt cannot be removed by declaring bankruptcy?
a)
Child Support
b)
Car Loan
c)
Credit Card
d)
Medical Bills
11.
Which category makes up the largest percentage of your credit score?
a)
Type of credit used
b)
Payment history
c)
Outstanding debt
d)
Credit history
12.
This account allows you to deposit money at a bank for safekeeping.
a)
Saving Account
b)
Checking Account
c)
Bill Account
d)
Casino Account
13.
This account allows you to withdraw money, pay a bill, or make purchases easily.
a)
Checking Account
b)
Savings Account
c)
Market Money Account
d)
CD Account
14.
This allows you to withdraw cash from your account or make payments electronically.
a)
Debit Card
b)
Loan Account
c)
Signature Card
d)
Payday card
15.
The action enters money into an account.
a)
Deposit
b)
Withdrawal
c)
Loan
d)
Deduction
16.
Which of these is NOT a reason to save money.
a)
Retirement
b)
Financial emergency
c)
Major purchases
d)
So you can loan it to your friends
17.
If you lose a check and want to prevent someone else from using it, you can issue this type of order to the bank.
a)
stop payment
b)
demand deposit
c)
outstanding check
d)
cancelled check
18.
A line of credit for checks your account can't cover.
a)
overdraft protection
b)
endorsement
c)
stop payment
d)
canceled check
19.
Money taken out of your checking account.
a)
withdrawal
b)
stop payment
c)
endorsement
d)
outstanding
20.
What does it mean to reconcile your checkbook?
a)
this happens when you fill out your check register.
b)
At the end of the month you check to see if your check register matches your bank statement.
c)
This happens when you go to the bank and deposit money 
d)
This happens each time you write a check. 
21.
An asset that can be easily converted to cash is ___________________.
a)
a withdrawal
b)
liquid
c)
water
d)
an ATM.
22.
A man budgeted $200 a month for clothing. This month the man spent $150 on clothing therefore that budget item is considered to have
a)
A.  an outflow deficit.
b)
B.  an income overage.
c)
C.  a budget variance.
d)
D.  a budget deficit.
23.
A person's debt ratio shows the relationship between debt and net worth. The lower the ratio the
a)
A.  better off financially the person is.
b)
B.  worse off financially the person is.
c)
C.  more liquid assets the person has.  
d)
D.  less liquid assets the person has.  
24.
In creating her budget, Ann realizes that her expenses exceed her income. Ann should immediately try to:
a)
A.  apply for a loan
b)
B.  reduce or eliminate some expenses
c)
C.  ignore her budget until she has more income
d)
D.  open an IRA account
25.
An example of a fixed expense is:
a)
A.  Entertainment
b)
B.  Apartment rent
c)
C.  Restaurants
d)
D.  Vacations
26.
A stock broker or financial consultant:
a)
A.  Gives financial advice to clients
b)
B.  Sells money orders and certified checks
c)
C.  Guarantee a return on investment
d)
D.  Do not have to be licensed  
27.
Lamar believes that interest rates are going to fall in the near future and remain low for a considerable period of time. She should invest in:
a)
A.  Nothing, she should put her money under her mattress
b)
B.  A variable rate certificate of deposit
c)
C.  A long-term, fixed rate certificate of deposit
d)
D.  A short-term, fixed rate certificate of deposit
28.
Money received today is worth more than the same amount of money received sometime in the future is:  
a)
A.  The Rule of 72
b)
B.  The time value of money
c)
C.  Not true
d)
D.  Investing
29.
Interest earned on interest is known as:  
a)
A.  Simple interest
b)
B.  True interest
c)
C.  Compounded interest
d)
D.  Variable interest
30.

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

a)

12yrs

b)

16yrs

c)

36yrs

d)

72yrs

31.

Asim's Monthly Expenses Budget

School Supplies $75

Food $100

Entertainment $25

Transportation $50

Savings $25

Total $275


Use the information above to answer the following question:

Asim earns $250 per month. Which statement below is most correct?

a)

Asim makes more than she spends

b)

Asim spends more than she makes

c)

Asim should save more in the future

d)

Asim should stop saving in the future

32.

(Check all that apply) Which of the following are examples of types of savings vehicles?

a)

Certificate of Deposit

b)

Money Market Account

c)

Checking Account

d)

Savings Account

33.

Which type of bank account typically offers no interest?

a)

Savings

b)

Money market

c)

Certificate of Deposit

d)

Checking

34.

Which of the following typically have the highest fees?

a)

Retail Bank

b)

Credit Union

c)

Online Bank

d)

Payday Lender

35.

Use the Credit Card Disclosure to answer the following: What is the customary APR on purchases after the initial 12 months?

a)

36.5%

b)

27.357%

c)

18.35%

d)

5.65%

36.

The term referring to the rate of yearly interest for your credit card is commonly known as

a)

Default rate

b)

APR

c)

COD

d)

Grace Period

37.

The form filed by students to receive federal financial aid for school is known as:

a)

FASFA

b)

FIFA

c)

FICO

d)

FAA

38.

The period before you have to begin repaying your student loans is known as the:

a)

default period

b)

zero interest period

c)

grace period

d)

promotional period

39.

Which of the following statements is most correct?

a)

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

b)

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

c)

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

d)

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

40.

What are the responsibilities of a renter versus an owner?

a)

A renter living in a house has complete responsibility and control over the property

b)

An owner of a house has complete responsibility and control over the property

c)

Neither a renter nor an owner has any responsibility and control over the property-its completely controlled by the government

d)

Both a renter and the owner have equal responsibility and control over the property

41.

(Check all that apply) Which of the following should you take into consideration when deciding to buy or lease a car?

a)

Cost of the car

b)

Monthly loan payment

c)

Your monthly budget

d)

Down payment

e)

Your current savings

42.
Central Bank of the U.S.; regulates Monetary Policy
a)
US Treasury
b)
Federal Reserve
c)
IRS
d)
US Mint
43.
Insurance coverage that would cover claims unrelated to an accident (you hit a deer, bad weather damages your car, your car is stolen, etc)
a)
liability
b)
comprehensive
c)
collision
d)
uninsured motorist
44.
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
a)
floater insurance
b)
umbrella insurance
c)
liability insurance
d)
none of these
45.
Using someone else's money, promising to repay at a future date, and paying a fee for use of the money, is the definition for:
a)
Dividend
b)
Credit
46.
When a self-employed person decides to purchase disability insurance it is generally to protect against the financial effects of not being able to work.
a)
financial effects of not being able to work.
b)
possibility of customers defaulting on their loans.
47.
________ is a tax used to fund the Social Security system
a)
Income Tax
b)
FICA Tax
48.
Pat has a savings account and a car loan from a not-for-profit financial institution owned by its members. She is probably a member of what type of financial institution?
a)
Commercial Bank
b)
Credit Union
49.
The ________ is designed to make sure you have all of the information you need to make a healthy decision about borrowing money.
a)
Predatory Lending
b)
Truth In Lending Act
50.
Troy has $50 a month transferred electronically from his checking account to his savings account. This is an example of:
a)
Savings plan
b)
Thrift plan
51.

What form do you complete upon being hired

a)

W-2

b)

W-4

c)

1099

d)

1098

52.

Property Tax is tax paid on?

a)

Goods and Services

b)

Earned Income

c)

Building, Land, Vehicles

d)

Airline Tickets

53.

The form given to you from your employer to help you fill out your taxes?

a)

1099

b)

1098

c)

W-2

d)

W-4

54.

The tax form that for those that make less than $100,000 and claim no deductions.

a)

1040

b)

1040A

c)

1040EZ

d)

1030

55.

Employment Eligibility Verification Form required by the Immigration and Naturalization Services (INS) to verify your identity and your eligibility to work; filled out before you begin working

a)

I10

b)

I9

c)

w2

d)

w4

56.
What are the two types of depository institutions?
a)
Credit Unions and Banks
b)
Savings and Checking
c)
Wallets and Purses
d)
Loans and Credit
57.
Why is it important to create a budget?
a)
You earn more money
b)
You get things you want before you get things you need
c)
Helps you plan how you are going to spend your money
d)
They're pointless
58.

Credit scores can range from:

a)

100-1000

b)

1-10

c)

200-900

d)

300-850

59.

Amount of money originally borrowed

a)

Mortgage

b)

Principal

c)

Annual percentage rate (APR)

d)

Finance company

60.

This type of interest "creates a mathematical explosion," and it can make you wealthy over time, or keep you in debt for a long time.

a)

compound

b)

sinking

c)

annual

61.

401(k), IRA, and Roth IRA are all examples of a __________ account.

a)

Retirement

b)

College Savings

c)

Low Interest

d)

Stock

62.

Because mutual funds spread your investment around in multiple stocks and bonds, they are a great example of this term

a)

diversification

b)

overdraft

c)

debt

d)

beneficiary

63.

The basic concept of credit is:

a)

Savings

b)

Pay now, buy later

c)

Something only people without high paying jobs need

d)

Buy now, pay later

64.

Which financial product can you buy for $25, is safe, and will be worth $50 at a future date?

a)

Series EE savings bond

b)

Certificate of deposit

c)

50 shares of ABC Co. stock

d)

ABC Co. bond

65.

Example of a secured loan

a)

car loan

b)

loan based on credit worthiness

66.

Example of unsecured loan

a)

house mortgage

b)

credit card

67.
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?
a)
A Notify a credit reporting agency in order to avoid a late fee.
b)
File for bankruptcy in order to maintain ones current credit score
c)
Notify the credit card companies in order to negotiate a new payment plan.
d)
Contact the Internal Revenue Service in order to avoid paying income tax this year.
68.
A person buys a flat screen, plasma, theater-like television. The person has homeowner's insurance. Why would it be appropriate to add a personal property floater to that insurance?
a)
To reduce the premium on the homeowner's insurance.
b)
To protect the person who owns the television from liability for damages.
c)
To show the insurance company a good faith investment has been made.
d)
To cover the cost of replacement should the television get damaged or stolen.
69.
A woman has just received a very expensive piece of jewelry. The woman has homeowner's insurance. Which statement would it be most appropriate for her to make to her insurance agent?
a)
"I think I need a personal property floater." 
b)
"I need a liability claim"
c)
"I need a high deductible"
d)
"I need to determine my net worth"
70.
Sally's health insurance policy requires her to pay the first $500 of medical costs each year before the company will pay any of her medical bills.  This policy provision is the:
a)
Co-insurance clause
b)
Premium
c)
Annual deductible
d)
Major medical benefit
71.
Gwen receives a bill from her auto insurance company, and she sends a check to the company to make sure  her policy is not cancelled. The cost of her policy is called the:
a)
Co-insurance clause
b)
Premium
c)
Deductible
d)
Exclusion
72.
Generally, the higher the deductible on an insurance policy, the
a)
greater the premium.
b)
lower the premium.
c)
more frequently the premium has to be paid.
d)
less frequently the premium has to be paid. 
73.
Sally took out a $50,000 life insurance policy.  The $50,000 amount of coverage is called the:
a)
Cash value
b)
Premium value
c)
Death benefit or face value
d)
Annuity value
74.
The purpose of Insurance is NOT to:
a)
Diversify an investment portfolio
b)
Share risk with other policy holders and the insurance company
c)
Protect assets
d)
Protect against potential losses
75.
Richard's auto insurance policy expired on 5/15/2002.  Richard was upset with his insurance agent and decided to change insurance companies.  At 10:00 a.m. on 5/16/2002, as he drove to a different agent to buy a new policy, he had an accident.  Who is liable for damage to his car and his personal injuries?
a)
The old agent
b)
The new agent
c)
Richard
d)
The old agent is liable for damage to your car and the new agent for personal injuries

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