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UGBA 135 midterm 1 questions and answers
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UGBA 135 midterm 1 questions and answerskey to financial success -Answer- when you start managing your money and don't let
your money manage you
from the age of 25 to 65, out of 100 people _ will be rich -Answer- 1
from the age of 25 to 65, out of 100 people _ will be financially independent -Answer- 4
from the age of 25 to 65, out of 100 people _ will need financial help -Answer- 45
from the age of 25 to 65, out of 100 people _ will be broke -Answer- 50
financial independence -Answer- when an adult can support themself without
government assistance
net worth -Answer- all of a person's assets (car, home, stocks, etc.)
assets - expenses/debt = net worth
what % of households have a net worth of $1 million -Answer- 4.7%
retirement is not the biggest problem; _ is -Answer- longevity
how many people receive food stamps? what percent? -Answer- 47 million, 15%
_ out of every _ Americans receives a social security check each month -Answer- 1 out
of every 6
how many children are born to mothers who do not have a high school diploma -
Answer- half
_ out of every _ living in America are in jail or prison -Answer- 1 out of every 140
how many are we paying annually per inmate -Answer- $30k to 50k
student loan debt, at _ and rising, now exceeds _ -Answer- $1.5 trillion, credit card debit
what % of the population is affected by obesity -Answer- 25
how many students drop out of high school every day -Answer- 7000
, how many people reach the age of 65 each day -Answer- 11k
wealth is _ -Answer- lifestyle:
- living the life that you want and pursuing your passions
- to be wealthy and financially independent
why is longevity of money becoming a problem -Answer- people are living much longer
and outliving their money
best ways to invest in yourself -Answer- - education, classroom or in a job
- continuing education, a life-long endeavor
- doing what it takes to achieve your personal goals
top 1% of households earn _ and pay _% of income taxes -Answer- $400k+, 40%
top 5% of households earn _ and pay _% of income taxes -Answer- $160k+, 60%
top 10% of households earn _ and pay _% of income taxes -Answer- $113k+, 70%
bottom 50% of households pay _% of income taxes -Answer- less than 3%
_% of households pay no federal income taxes -Answer- 47%
the burden of saving and investing for retirement and health care is shifting ever more
from the _ to the _ -Answer- employer, employee
our definition of a millionaire -Answer- those who are financially independent, living the
life they want to lead and are able to take care of themselves without financial help from
government sources
key to being a modern day millionaire -Answer- being frugal, not cheap but value
oriented
good debt -Answer- - education
- car
- mortgage
- starting a well thought out business
bad debt -Answer- - borrowing money to support a life style beyond one's means
- shopping to feel good on a bad day
- borrowing more than you can repay
- shopping to kill time
- keeping up with or ahead of your peers
credit card -Answer- - an unsecured line of credit
- represents the fact that a bank or other lender is willing to lend you money
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