Exam (elaborations)
GEB 3006 FINAL QUESTIONS AND ANSWERS
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GEB 3006 FINAL QUESTIONS AND ANSWERS
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GEB 3006 FINAL QUESTIONS AND ANSWERSEmployer benefits can be worth up to ___ of your base salary - Answers-50%
Generally the two main employer benefits with the highest value are: - Answers-
Retirement Health Plans
The health plans that offers the most choice in doctors and has the highest cost -
Answers-PPO
Which of the following health plans generally requires that you first see your primary care
physician and remain within a restricted network of doctors? - Answers-HMO
When you leave your job, you should always rollover your - Answers-401-K assets to a
self directed rollover IRA.
Between 1990 and 2010, the average US savings rate was around - Answers-5%
What two factors count for 65% of your FICO score? - Answers-Payment history and
outstanding debts
Which company has developed the MOST commonly used credit score to evaluate an
individual's credit? - Answers-Fair Isaac Corporation
You should try to achieve a FICO score of at least - Answers-760
debt to credit limit ratio - Answers-total balance due / credit limit
canceling an old credit card with no balance due - Answers-could hurt your credit score
The treasury yield curve is normally - Answers-upward sloping, with long term rates being
higher than short term rates.
Having mortgage debt is generally considered better than - Answers-having credit card
debt.
It is legal for an employer to review your credit report as part of - Answers-the application
process.
In general, applying for and receiving new credit cards will tend to - Answers-decrease
your FICO score.
Assume that your parents have more liabilities than assets as a result of a $100,000 of
credit card debt. In the event of their death, the children will - Answers-NOT inherit the
credit card debt.
, Interest rates on 30 year fixed rate mortgages tend to follow or correlate with: - Answers-
The 10 year treasury note rate
Interest rates paid by corporations and individual are normally derived from the current: -
Answers-The treasury yield curve
At a given interest rate, extending the term of your auto loan from 36 months to 60 months
will: - Answers-Decrease your payment and increase the amount of interest paid over the
loan
Employees without a pension plan should try to save at least _____ of their salary -
Answers-10-15%
Fidelity Investments recommends that individuals without pensions have about ___ times
their salary at age 67 in order to have a sufficient amount of money to retire.` - Answers-
10
Fidelity Investments recommends that individuals without pensions have about ___ times
their salary at age 30 in order to have a sufficient amount of money to retire. - Answers-
1
At what age will you become eligible for Medicare? - Answers-65
At what age are you eligible for early Social Security? - Answers-62 and the amount
received is a discounted benefit compared to the full retirement benefit
Which health plan has a low cost but high deductible? - Answers-HDHP
The rules for flexible spending accounts generally require that employees use the money
within - Answers-the current year or lose unused savings.
If we experience inflation, the Federal Reserve would likely ________ interest rates. -
Answers-increase
Which is NOT a major credit monitoring company? - Answers-Transpacific
A flat or inverted yield curve - Answers-often signals a recession.
You should never shop for a car based on a budgeted payment, - Answers-but instead
look at the overall cost of the vehicle.
Retailers commonly offer new items at significantly higher prices, - Answers-then plan to
market the goods down later to ultimately achieve the desired gross margin goal.
Which of the following would provide the most objective information about a product? -
Answers-A food product ingredient label.
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