UGBA 135 Final Study Set Questions And Answers Already Graded A+
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Course
UGBA 135
Institution
UGBA 135
If you carry a credit card balance: - ️️The interest rates for purchases, cash
advances, and convenience checks may be different.
With a deferred interest plan, if you are late in your payments - ️️You may be
charged interest in the entire balance
In terms of annual income, to be in the...
UGBA 135 Final Study Set
If you carry a credit card balance: - ✔️✔️The interest rates for purchases, cash
advances, and convenience checks may be different.
With a deferred interest plan, if you are late in your payments - ✔️✔️You may be
charged interest in the entire balance
In terms of annual income, to be in the top 1% of households, annual earnings should
exceed about - ✔️✔️400,000
Of all of the money the government spends, approximately what % is spent on senior
citizens? - ✔️✔️40%
According to the IRS, what percentage of households have a net worth of at least $1
million? - ✔️✔️4.90%
We define wealth as - ✔️✔️Lifestyle
The burden of saving and investing for retirement and health care is shifting more and
more from the - ✔️✔️Employer to employee
To be in the top 10% of households, annual earnings should exceed about -
✔️✔️$113,000
The cornerstone of wealth is - ✔️✔️Being frugal
Approximately what percentage of millionaires are self employed or own a business? -
✔️✔️50
According to the Census Bureau, what % most closely represents the number of
children born out of wedlock? - ✔️✔️40
Which of the following is not a method of identity theft - ✔️✔️Your credit card statement
has a charge on it you do not recognize.
The biggest financial challenge facing future generations is: - ✔️✔️More elderly to be
supported by fewer workers.
Huge federal debts to be repaid.
Large numbers of under-educated and unemployed workers to be supported.
To become a millionaire ("financially independent") in today's dollars, it is required for a
household to have annual income of at least: - ✔️✔️None of the above.
,Bankruptcies are: - ✔️✔️Handled in federal court.
Will not relieve you of alimony or child support
Will appear on your credit report.
Part B of Medicare is: - ✔️✔️Optional.
Partially funded by a 3.8% surtax
Means tested
What are the three kinds of interest rates? - ✔️✔️Go to, variable, fixed
When a lender is willing to loan money without requiring any collateral, the loan is
considered: - ✔️✔️Unsecured.
Revolving credit is when you can: - ✔️✔️Re-use your credit line over and over.
A credit card fee may be charged for: - ✔️✔️Late payment
Interest in a credit card account is normally calculated: - ✔️✔️Daily
The legal limit on interest applied to unpaid credit card balances is: - ✔️✔️No limit
Which of the following is not subject to a credit card fee? - ✔️✔️Early payment
A credit card "hold" is limited to - ✔️✔️An arbitrary amount
Debt has which of the following characteristics? - ✔️✔️Debt comes with interest
The state of owing something such as money
Debt must be repaid
To avoid a late payment fee, if paying by mail the payment must be - ✔️✔️Received by
the due date.
Avoid the following credit card mistake. - ✔️✔️Withdrawal cash from an ATM
Fees for inactivity, loading money, monthly maintenance and checking your balance are
common to - ✔️✔️Pre-paid cards
Which of the following is not a prepaid card fee? - ✔️✔️Annual fee
The fee charged by the new provider when you transfer the balance from one credit
card to another is called a - ✔️✔️Balance Transfer Fee
Which of the following is not a good use of debt? - ✔️✔️Vacation
, If the credit card issuer notifies you of a significant change in terms, and you do not
want to accept them, your options include: - ✔️✔️Double the percentage of your
minimum payment.
Close the account by paying off the balance.
Increase the monthly payments so the balance will be paid in five years.
Which of the following best describes a "judgment" arrived at in a court of law? - ✔️✔️It
is probably reflected in your credit report
It states how much creditors are owed
It becomes a public record
What are the three major credit reporting agencies? - ✔️✔️Equifax
Transunion
Experian
Which of the following is not part of the formula used by FICO in calculating your credit
score? - ✔️✔️Number of bank savings accounts
The most common error found in credit reports is: - ✔️✔️It's not your report.
Charges mistakenly reported.
Social Security number is in error.
What is included in your credit report? - ✔️✔️Your student loan payments
Your employment history
DUIs
The range of a subprime FICO score is about - ✔️✔️620-660
One way to increase your credit score is to: - ✔️✔️Take out a new credit card and stop
charging.
For the best credit score, which of the following is recommended? - ✔️✔️Keep your
debt to credit ratio to 30% or less
Pay at least the minimum balance on all cards
Pay your bills on time over time
Identity theft can be done - ✔️✔️By theft of a wallet or purse
By email or phone
By hacking
Which of the following is the best place to use a credit card? - ✔️✔️Supermarket
Which of the following is not "consideration" when creating a contract? - ✔️✔️Gender
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