Wise Practice Exam

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 phrase used for putting money into a savings account is:

Back

Making a deposit

Front

Employees prefer direct deposits because:

Back

The money is generally deposited in their checking account sooner than it would be if they had to deposit it in person.

Front

Money orders are:

Back

A purchased certificate to pay a specified amount to a specific payee

Front

Financial services and products generally offered by banks and credit unions include: Real estate listings, Savings and loans, Legal services, Business plans

Back

Savings and loans

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 cards.
Installment loans.

Back

Department store charge cards.

Front

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

Back

a collateralized loan.

Front

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

Back

for a 10 year period.

Front

Which of the following does the Federal Reserve use to regulate the nation's money supply? Fiscal policy, Proposing legislation, Taxation policy

Back

Monetary policy