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WISE FL Mock EOPA (12-5-19)

Total questions: 101

Worksheet time: 2hrs 38mins

Name
Class
Date
1.

The three credit bureaus are

a)

Experiant, TransUnion, and Equifall

b)

Equifax, TransStation, and Experian

c)

Experian, Equifax, and TransStation

d)

Experian, Equifax, and TransUnion

2.

The only way to have a FICO score is to have debt.

a)

True

b)

False

3.
Which of the following will help improve your credit score?
a)
Pay cash for everything.
b)
Responsibly use your debit card.
c)
Responsibly use your credit card.
d)
None of the above
4.
Which of the following is likely to check your credit score?
a)
Auto insurance company
b)
Credit card company, when applying for their card
c)
Utility company
d)
All of the above
5.

Statistically speaking, who is more likely to steal your identity?

a)

Grocery store cashier

b)

A family member

c)

Your brand new neighbor

d)

Person behind you in the check-out line

6.
Which is NOT one of the three credit bureaus?
a)
Equifax
b)
Transunion
c)
Credit Karma
d)
Experian
7.
Creditors are allowed to call you between which hours?
a)
10:00 am - 8:00 pm
b)
9:00 am - 9:00 pm
c)
9:00 am - 8:00 pm
d)
8:00 am - 9:00 pm
8.

The website you use to check your credit reports is

a)

www.annualcreditcheck.com

b)

www.annualcreditreport.com

c)

www.annualcreditscores.com

d)

www.annualcreditlist.com

9.

Your FICO score (Fair Issac Corporation) does NOT do what (select all that apply)?

a)

Measures a person's purchasing power

b)

Measures a person's credit risk

c)

Measures a person's wealth

d)

Measures a person's mortgage rate

10.

If you have any inaccuracies on your credit reports, you have to contact them directly to start the process of fixing these errors.

a)

true

b)

false

11.

To build credit history, you can (select all that apply)

a)

put utility bills in your name when you rent a house or apartment

b)

develop the habit of paying all your bills on time each month

c)

miss your student loan payment periodically

d)

open a credit card and use it responsibly by paying it off in full each month

e)

make less than the minimum payment on your credit card

12.

Your FICO score ranges from

a)

300 - 820

b)

350 - 800

c)

300-850

d)

350 - 830

13.

A court-ordered attachment that allows a lender to take monies owed directly from a borrower's paycheck and only allowed as part of a court judgement.

a)

foreclosure

b)

delinquency

c)

repossession

d)

garnishment

14.

What is a credit rating?

a)

A record of a particular consumer's transactions and payment patterns.

b)

Evaluation of a consumer's credit history on how they pay back debt.

c)

Not favoring traditional views and values; tending to oppose change; traditional or restrained in style; moderate, cautious

15.

If your credit score is low you're (select all that apply).....

a)

Less likely to be approved for a loan from a lender

b)

More likely to be approved for a loan from a lender

c)

More prone to make great decisions regarding your finances

d)

Less prone to make great decisions regarding your finances

16.

A credit bureau is a company that collects information about consumers and sells it to banks and credit unions?

a)

True

b)

False

17.

A high credit score equals a poorer rate on your loans and credit cards?

a)

True

b)

False

18.

An introductory rate on a credit card is a teaser or promotional rate that is usually 0% up to a certain amount of business cycles.

a)

True

b)

False

19.
Which formula is used to calculate the overtime rate?
a)
Regular hourly rate x 1.5
b)
1.5 x Overtime rate
c)
Overtime rate x Overtime hours
d)
Regular hourly rate x Overtime rate
20.

What is the monthly gross pay for Dave, who has a contract for $28,000 a year?

a)

$2,333.33

b)

$7,000.0

c)

$538.46

d)

$700

21.
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.
22.
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 think I should get speculative risk insurance."
c)
"I will deduct the cost of the jewelry from my premium."
d)
"I realize that if this jewelry is stolen it will be considered vicarious liability."
23.
For the past five years, a person has had a $20,000 whole life insurance policy that has a cash value clause. The person decides to surrender the policy. At the time of surrender, the person will receive
a)
one-fifth of the $20,000 face value.
b)
$20,000 less the premiums paid.
c)
a calculated amount of money which includes the premiums paid as well as the interest on that money.
d)
a calculated amount of money that must be converted to a term life insurance policy.
24.
You have a $2,000 loss. Your insurance company pays you $1,500 on the claim for the loss. The $500 the insurance did not pay is a result of your policy having a:
a)
Co-insurance clause
b)
Deductible
c)
Hazard clause
d)
Premium
25.
Why is term life insurance usually the least expensive type of life insurance?
a)
The policy only pays a death benefit
b)
The policy builds a cash value
c)
The policy provides coverage for a lifetime
d)
The policy is available to all consumers
26.
Lucy has no insurance. The situation(s) should she consider insuring against first are:
a)
Death so her financial obligations are paid
b)
Losses resulting from an illness, accident, or disability
c)
Property losses and auto accidents
d)
Auto collision, and burglary
27.
Which of the following insurance covers vehicles?
a)
Mortgage
b)
Racing
c)
Automobile
d)
Life
28.
Insurance is frequently described as a method of "sharing the risk" because the:
a)
Risk of loss is shared with the insurance company sales person
b)
Insured shares the risk of loss with all the other policy holders
c)
Insured can share the risk by spreading the cost over a number of years
d)
Risk of loss is shared with the government
29.
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
30.
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
31.
Gwen receives a bill from her auto insurance company, and she sends a check to the company to make sure her policy is not canceled. The cost of her policy is called the:
a)
Co-insurance clause
b)
Premium
c)
Deductible
d)
Exclusion
32.
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.
33.
The only type of life insurance that does not develop a cash value is:
a)
Term life insurance
b)
Whole life insurance
c)
Universal life insurance
d)
Variable universal life insurance
34.
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
35.
Which statement does NOT accurately describe a characteristic of cash value for whole life insurance?
a)
Cash value grows gradually over time
b)
If the policy is canceled, you may be entitled to some or all of the accrued cash value
c)
Policy that accumulates cash value is less expensive than a policy that does not accumulate cash value
d)
When an insured person dies, the beneficiary will receive the death benefit but the insurance company keeps the cash value
36.
Debbie owns a clothing store. She is concerned that a customer who is injured in the store will sue. Which type of insurance should Debbie purchase?
a)
Social insurance
b)
Life insurance
c)
Surety bonds
d)
Liability insurance
37.
Mr. Akon's wife died. The money he received as the beneficiary on her life insurance is called the:
a)
Cash value
b)
Death benefit or face value
c)
Separate value
d)
Premium or annuity value
38.
Neil will be traveling by air in Southeast Asia for a six-week vacation. Which step will not provide protection during the trip?
a)
Buy baggage claim insurance
b)
Take his passport
c)
Buy flight insurance
d)
Buy medical insurance that covers him when he travels internationally
39.
When Jessie needs health care, she must first go to her primary care physician who coordinates her care and decides whether Jessie should see a specialist. Jessie pays $10 as the co-pay when she sees her primary care doctor. Jessie has which type of health insurance?
a)
Fee-for-service health plan
b)
Managed care health plan
c)
Medicaid health plan
d)
Comprehensive health plan
40.
Ben's truck is crushed by a hit-and-run driver. Scott is hit by an uninsured driver. How will they receive payments?
a)
State motorist coverage
b)
Uninsured or no-fault motorist coverage
c)
Insolvent motorist coverage
d)
Auto liability coverage
41.
When a self-employed person decides to purchase disability insurance it is generally to
a)
lessen the possibility of becoming injured.
b)
protect against the financial effects of not being able to work.
c)
eliminate the chance of going out of business.
d)
insure that the cost of injury caused to others will be reimbursed.
42.
If you have a managed health care plan, it means that you:
a)
Usually must first meet with your primary health care physician
b)
Can go to any doctor at any time
c)
Will be responsible for $100 of a doctor bill
d)
Can apply for an 80% reimbursement of the amount paid to the doctor
43.
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
44.
A person buys a homeowner�s insurance policy with a $250 deductible, which means the person will
a)
have to pay a quarterly premium of $250.
b)
have to pay the first $250 which will be deducted from the claim settlement paid by the insurance company.
c)
only receive payment from the insurance company of $250 for any single article damaged.
d)
not be responsible for the first $250 of the claimed damages.
45.
John's job provided the main income for his family. He died unexpectedly and had no life insurance. The probable financial consequence for his wife and two children does not include:
a)
The loss of John's income
b)
A reduction in the family's standard of living
c)
Death-related expenses to be paid
d)
An increase in income and expenses
46.

An activity through which an indivdiaul can earn money.

a)

Career

b)

Organization

c)

Volunteer

d)

job

47.

An occupation or profession requiring special training.

a)

career

b)

job

c)

volunteering

d)

Technical skills

48.
Earnings on stocks are called
a)
blue chip stocks
b)
over the counter stocks
c)
growth stocks
d)
dividends
49.
Which of the following is NOT a stock index?
a)
DOW JONES
b)
S & P 500
c)
NASDAQ COMPOSITE
d)
P/E RATIO
50.
An organized market where stocks and  bonds are traded
a)
company
b)
exchange
c)
index
d)
farmers
51.
A bull market is a sign of rising stock prices
a)
YES
b)
NO
52.
Savings account with higher interest rate (variable rate)
a)
Certificate of Deposit
b)
Regular savings
c)
Money market 
d)
Money order
53.
—Buying little pieces of a whole lot of different companies
a)
Stocks
b)
Bonds 
c)
Mutual funds
d)
T-bills
54.
—Buying little pieces of a whole lot of different companies
a)
Stocks
b)
Bonds 
c)
Mutual funds
d)
T-bills
55.
A dividend is a distribution of a portion of a company's earnings
a)
True
b)
False
56.
This is considered an IOU and the higher the interest rate on this, the more risky it is
a)
Bond
b)
T-bill
c)
Money market
d)
Stocks
57.
What is inflation?
a)
The general rise in prices
b)
The uncertainty the return on an investment will deviate from what is expected
c)
The number of times something happens to money
d)
The projected value of an ivestment at the end of a specified time frame
58.
The relationship between risk and return in investing can be stated as:
a)
higher risk indicates lower potential return
b)
higher risk indicates higher potential returns
c)
lower risk indicates higher potential return
d)
No relationship exists between risk and return
59.
A diversified portfolio is desirable because it...
a)
Increases the risk/return ratio
b)
Limits investors' choices to inly one or two investment tools
c)
Indicates an investor is a good predictor of the return an investment will have
d)
Decreases risk by investing money in a variety of investment tools
60.
Which of the following investment tools is considered to be a speculative investment?
a)
Futures
b)
Mutual Fund
c)
Savings Bond
d)
Certificate of Deposit
61.
Conner wants to purchase stocks with the money he received from his tax return. Who would he contact to make the transaction?
a)
A brokerage firm
b)
The New York Stock Exchange
c)
A real estate agent
d)
The American Stock Exchange
62.
What is a mutual Fund?
a)
A loan an investor makes to a company or government that pays interest over time.
b)
A share of ownership in local government.
c)
A collection of investments sold as a package.
d)
An option to purchase something in the future at todays price.
63.
What is a stock?
a)
A loan an investor makes to a company or government that pays interest over time.
b)
A share of ownership in a company
c)
A collection of investments sold as a package.
d)
An option to purchase something in the future at todays price.
64.
What is the primary reason for a company to issue stock?
a)
The stocks help investors earn a higher rate of return
b)
To raise money to grow the company
c)
To distribute the risk of bankruptcy across more investors
d)
To increase greater awareness of the company
65.
Which of the following statements best explains the purpose behind diversifying your portfolio.
a)
All's well that ends well
b)
Don't put all your eggs in one basket
c)
Everything in moderation.
d)
Just do it.
66.
An individual retirement account that is not sponsored by an employer.
a)
401K
b)
Roth Stock
c)
IRA
d)
Mutual Fund
67.
Employer sponsored retirement savings plan.
a)
401K
b)
IRA
c)
Individual Retirement Account
d)
Roth IRA
68.
Interest calculated on both the principal and the accrued interest
a)
Simple interest
b)
Compound interest
69.
Savings accounts have _______  interest rates.
a)
Low
b)
High
70.

Which institutions charge the highest interest rates on loans?

a)

Pawn shops

b)

Payday lenders

c)

Schools

d)

Finance companies

71.

What is a non profit financial cooperative owned by its members that provides credit and other financial services?

a)

Schools

b)

Credit Unions

c)

Banks

d)

Insurance

72.

What is an advantage of a credit union?

a)

lower fees

b)

higher fees

c)

lower rates

d)

higher rates

73.

What is an advantage of a credit union?

a)

lower fees

b)

higher fees

c)

lower rates

d)

higher rates

74.

Interest earned on interest

a)

Compact Interest

b)

Interest

c)

Banks

d)

Compound Interest

75.

How money changes over time, money earned today is worth more than money in the future because you can earn interest

a)

Compounding

b)

Interest

c)

Degenerating Money

d)

Time Value of Money

76.

What formula is useful for financial estimates and understanding the nature of compound interest?

a)

Rule of 2

b)

Compounding

c)

Rule of 72

d)

Doubling

77.

A loan that is offered by many tax preparation companies to people against their income tax return.

a)

Collateralize Loan

b)

Complex Loan

c)

Regular Loan

d)

Refund Anticipation Loan

78.

A loan that is offered by many tax preparation companies to people against their income tax return.

a)

Collateralize Loan

b)

Complex Loan

c)

Regular Loan

d)

Refund Anticipation Loan

79.

What is a financial institution that accepts deposits and channels the money into lending activities?

a)

Credit

b)

Commercial Banks

c)

Credit Unions

d)

Insurance

80.

What is the act of paying money back after attending a college/university.

a)

Insurance

b)

Applying for a Loan

c)

Loan Repayment

d)

Banks

81.

What is the unique number you must use to access an ATM.

a)

Bank Number

b)

Insurance

c)

Access Code

d)

A PIN Number

82.

What is "profit" for a business?

a)

money paid for the use of borrowing that money

b)

the name of a teacher at Westgate

c)

the money a business earns after it pays the costs of operating

d)

opening an account at the bank

83.

What are Federal Reserve Banks?

a)

banks that make reservations for restaurants in your area

b)

places that print dollars

c)

places that make coins

d)

banks that store money so that they can ship it to other banks that need it when they are running low

84.

Where is paper money printed?

a)

Dunder Mifflin Paper Company

b)

U.S. Mint

c)

Bureau of Engraving and Printing

d)

Federal Express

85.

How does the bank make extra money on loans?

a)

The bank charges people for borrowing money, called "interest."

b)

The bank takes money from your account.

c)

The bank asks other banks for donations.

d)

The bank just gets more money printed.

86.

OPPORTUNITY COST

a)

is what you give up when you make a decision to buy an item.

b)

is the amount of money a person has to spend after needs are met.

c)

describes how you will pay for achieving your personal goals.

d)

is money deposited for a fixed amount of time at a fixed interest rate.

87.

ASSETS

a)

are items of value that you own which may be appreciating or depreciating in value.

b)

allows you quick and easy access to your money without penalties.

c)

is interest earned on both principal and previous interest earnings.

d)

are things we desire to buy.

88.

VARIABLE EXPENSES

a)

are expenses that do not change each month.

b)

are expenses that can go up and down each month.

c)

is money added to a checking or savings account.

d)

are special checks that can be ordered from banks or other retailers of personal checks. They have the advantage of leaving you with an exact and immediate copy of every check you write.

89.

WANTS

a)

are expenses that can go up and down each month.

b)

describe how you will pay for achieving your personal goals.

c)

are things you want to achieve.

d)

are things we desire to buy and go beyond filling survival needs and basic comforts.

90.

DEBIT CARD

a)

is a convenient way to pay bills if you do not have a checking account.

b)

is a check issued by a bank against its own funds.

c)

is a record for keeping track of checks written and deposits made.

d)

is a bank card that allows the account holder to make purchases and to withdraw cash from an account at an ATM.

91.

ENDORSEMENT

a)

is a written order to a bank to pay the stated amount to the person or business named from a certain account.

b)

is a signature or instructions written on the back of a check authorizing a bank to cash or deposit the check.

c)

is the rate banks are charged to borrow money from the Fed.

d)

is a discount bond issued by the United States government.

92.

BOUNCED CHECK

a)

may have restrictions and/or penalties for taking out money.

b)

is money added to a checking or savings account.

c)

A check returned by the bank because there was not enough money in the account.

d)

deducts money from an account and electronically transfers it to another party.

93.
This type of card can be used on a promise to pay back later. 
a)
debit card
b)
credit card
c)
baseball card
94.

Any amount withheld from a employee's gross earnings.

a)

Payroll Taxes

b)

Payroll Deduction

c)

Payroll Earnings

d)

Payroll Allowance

e)

Payroll Withholding

95.

The payment of an employee's net pay using electronic funds transfer.

a)

EFT

b)

Payroll Check

c)

Wage Check

d)

Pay Period Check

e)

Direct Deposit

96.

A federal tax paid for old-age, survivors, and disability insurance.

a)

Medicare Tax

b)

Social Security Tax

c)

401(K)

d)

IRA

e)

Life Insurance

97.

What is a budget?

a)

A type of savings account

b)

A way to invest for retirement

c)

A fund for emergencies

d)

A financial plan that defines expenses for a period of time.

98.

Why should we INVEST instead of SAVE for retirement?

a)

Investing money can make it grow in the long term.

b)

Investing is safer than saving.

c)

Saving is too risky for retirement.

d)

Investing is more fun than saving.

99.

What is debt?

a)

Money you have borrowed and need to pay back

b)

Money you make from working at a job

c)

Money you make from the government

d)

Taxes that you pay when you buy something

100.

What is insurance?

a)

A service purchased to protect assets and income against financial loss.

b)

A type of savings account where you put aside money for emergencies.

c)

A type of investment account where you can buy shares of stock.

d)

A kind of taxes charged by the government.

101.
In Terms of credit, what does APR stand for?   
a)
Annual Penalty Rate
b)
Annual Payoff Rate
c)
Annual Payment Rate
d)
Annual Percentage Rate

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