Mixed Deck — All Wise Test Topics Flashcards

How are scores typically calculated in the WISE Practice Test?

Answer: Based only on correct answers, with no penalty for incorrect responses.

Most standardized practice tests, including the WISE Practice Test, calculate scores by counting only the correct answers. There is typically no penalty for incorrect responses, which means test-takers should attempt every question to maximize their potential score without fear of losing points.

What accommodation is commonly available for WISE test-takers who require extended time?

Answer: Separate testing room with double the standard time

Test-takers with documented disabilities may qualify for extended time, typically administered in a separate testing environment.

A Wise user suspects that their account has been compromised after noticing a transaction they did not authorize. After immediately freezing their card in the app, what is the CRITICAL next step they should take?

Answer: Contact Wise support immediately to report the unauthorized activity and secure the account.

If unauthorized activity is suspected, it is crucial to contact Wise immediately after taking preliminary steps like freezing the card. The Wise support team can take further action to suspend the account, investigate the fraudulent transaction, and prevent additional losses. Delaying contact can give an attacker more time to cause damage.

Which of the following best describes how Wise moves money internationally without always using traditional correspondent banks?

Answer: Wise holds local currency balances in destination countries and nets transfers internally

Wise operates a network of local bank accounts in many countries, matching incoming and outgoing flows to minimize cross-border wire costs.

If your Wise transfer is sent in EUR but the recipient's bank account is in USD, what happens?

Answer: The recipient's bank converts EUR to USD upon receipt

When you send EUR to a USD account, the recipient's bank typically handles the final conversion upon credit.

If a section of the WISE Practice Test has 40 questions and a time limit of 60 minutes, how much time should you spend on each question to manage time evenly?

Answer: 1.5 minutes

To calculate the time per question, divide the total time limit by the number of questions. In this case, 60 minutes divided by 40 questions equals 1.5 minutes per question. This calculation helps in pacing oneself effectively during the test.

A jacket originally costs $120 but is on sale for 25% off. What is the sale price?

Answer: $90

To find the sale price, first calculate the discount amount. 25% of $120 is (0.25 * 120) = $30. Then, subtract the discount from the original price: $120 - $30 = $90. Therefore, the jacket's sale price is $90.

What is a reasonable goal when aiming for a specific score on the WISE Practice Test?

Answer: Focus on exceeding the passing score of the actual test.

A reasonable goal for a practice test is to aim higher than the minimum passing score of the actual test. This provides a buffer and ensures you are well-prepared, accounting for potential stress or unexpected challenges on test day. It builds confidence and indicates a strong grasp of the material.

If you need to change your Wise card PIN, how can you do it?

Answer: Through the Wise app and/or at an ATM

You can change your Wise card PIN either through the Wise app or at a compatible ATM.

Which document might Wise request to verify the purpose of a large international transfer?

Answer: An invoice or proof of purpose

For large or unusual transfers, Wise may ask for an invoice or other document explaining the transfer's purpose.

A Wise user wants to receive payments from clients in both the United States (USD) and the United Kingdom (GBP) directly into their multi-currency account without incurring receiving fees for domestic transfers. Which feature of the Wise account makes this possible?

Answer: Local account details for different currencies like USD and GBP.

Wise provides local account details (e.g., a US routing number and a UK sort code) for several currencies. This allows users to receive domestic bank transfers in those currencies for free, as if they had a local bank account in that country.

For compliance purposes, Wise may freeze a transfer if it suspects what type of activity?

Answer: Money laundering or sanctions violations

Wise is required by law to freeze transfers suspected of money laundering, terrorist financing, or sanctions violations.

Which of the following statements is true regarding receiving fees for international (SWIFT) payments into a Wise account?

Answer: Wise charges a fixed fee for receiving SWIFT payments, and intermediary correspondent banks may also deduct their own fees.

Wise charges its own fixed fee for receiving an incoming SWIFT payment, which varies by currency. Additionally, SWIFT transfers often pass through intermediary (or correspondent) banks before reaching Wise, and these banks may deduct their own processing fees from the transacted amount, which is outside of Wise's control.

When sending an international transfer via Wise, what does SWIFT/BIC code identify?

Answer: The recipient's specific bank institution globally

A SWIFT/BIC code is an internationally standardized code that uniquely identifies a specific bank or financial institution.

Which card security detail can you view directly inside the Wise app for online shopping?

Answer: The full card number, CVV, and expiry date

The Wise app lets you securely reveal your full card number, CVV, and expiry date for use in online transactions.

How are WISE test scores typically reported to employers?

Answer: As a percentile rank compared to a norm group

WISE scores are reported as percentile ranks, allowing employers to compare a candidate's performance against a reference population.

When Wise converts your money, which of the following fees are typically included in the total cost?

Answer: A fixed Wise service fee only — no conversion markup

Wise charges a transparent service fee but applies no markup to the mid-market exchange rate itself.

Approximately how many currencies does Wise support for conversion?

Answer: 40+ currencies

Wise supports over 40 currencies for conversion, covering most major global currencies used in international transfers.

Can you use your Wise debit card to make payments on streaming services or subscription platforms like Netflix?

Answer: Yes, you can store the card details for recurring subscriptions just like any other card

Wise debit cards work for recurring subscriptions just like any standard Visa debit card, regardless of billing currency.

What is a Wise 'borderless' account now officially called?

Answer: Wise Multi-Currency Account

Wise rebranded its 'borderless account' to the 'Wise multi-currency account' to better reflect its core features.