I'm also pretty new, but I did Regs last month. I do not know about the Wiley Test Bank, as I am in Becker, but I assume they are similar.
Here's some suggestions I know so far.
First, when I go through the MCQ's, I do not expect to get a lot of it right. So my approach is like – I just try to be myself – think like a normal person who knows nothing about accounting might respond to the questions… I try not stress over it at all… Whether I get the question right or wrong, I ALWAYS read the explanations Becker offers, so, if I get it right, then I make sure I got it right for the right reason…
Second, I keep a running journal of my weaknesses, so I can review them and strengthen areas I need to more… also, if you can spot patterns (repeated questions), then I'd make note of those…
Third, I try not to get stuck on any particular topics… You cannot predict what they will give you on the test, so, unless you get some inspiration to venture out into a specific area of study, then it's probably better to take a general approach, lest ye overcompensate…
Fourth, I run through the question sets over and over… Becker autogrades the count, and I've noticed my scores will drastically increase using the methods above… My scores seem to increase about 30% around each session…
Fifth, if you absolutely have to guess, then go for B or C.. Seriously, A & D are the answers 20% of the time each, and B & C are the answers 30% of the time each… So, if you know the answer is not C or D, then you stand a slightly better shot at guessing B than A…
Sixth, keep pace… I find there are three phases to review questions… 1.) Reading the Problem, 2.) Selecting the answer, and 3.) Understanding the explanation… If you give yourself 6 mins per question, then you have 2 mins at each phase… This should be plenty… Far more than Becker recommends, but Becker only recommends 100 hours of study time, whereas I would about triple that… You have to do the math there to see what's right for you…
Seventh, lastly, my Practice Test score almost mirrored the real grade to the T, so benchmark your work… Make sure you pass a hurdle rate prior to buying/scheduling your seat…
Good luck,
$.02
wm