ugba 135 midterm 1 Questions and Answers Fully Solved 100%
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Course
Ugba 135
Institution
Ugba 135
When are credit card payments due in order not pay a penalty? - ️️To avoid a late
payment fee alway make sure your credit card payment is made two days before the
due date if paying online, or five days before if paying by mail.
What is a prenup agreement? - ️️A prenuptial agreement is e...
ugba 135 midterm 1
When are credit card payments due in order not pay a penalty? - ✔️✔️To avoid a late
payment fee alway make sure your credit card payment is made two days before the
due date if paying online, or five days before if paying by mail.
What is a prenup agreement? - ✔️✔️A prenuptial agreement is entered into before
marriage. This agreement can set forth what will happen to your and your spouse's
assets and income in the unfortunate event of divorce, separation or death.
What types of accounts does the FDIC insure up to $250,000 - ✔️✔️CD, checking
accounts, savings accounts, IRA (Individual Retirement Accounts) and certain other
retirement and trust accounts
ALL Bankruptcy are handled in federal court - ✔️✔️TRUE
Should you always try to contribute enough to your 401K to get the employer match? -
✔️✔️Yes
Are community property laws established by the IRS or states? - ✔️✔️States
What is a notary public? - ✔️✔️A public officer constituted by law to witness the
execution of certain classes of documents like mortgage documents, wills, trusts, deeds
By filing for bankruptcy, do you get rid of all of your debts? - ✔️✔️All debts EXCEPT
taxes, alimony, child support, student loans
Who said compound interest is the greatest discovery of mankind? - ✔️✔️Albert
Einstein
Times of inflation, what happens to the interest rate? (up or down) - ✔️✔️Higher
interest rates
What's the definition of compound interest? - ✔️✔️Interest paid on both the principal
and accumulated interest
Does it take a dollar of wages to pay back $1 of debt? - ✔️✔️No, it takes more than a
dollar due to taxes
What is the concept of the time value of money? - ✔️✔️Money is worth different
amounts at different times
, What is the biggest reason to start saving ASAP? - ✔️✔️Compounding interest
As people get closer to retirement, how should they adjust their portfolio? - ✔️✔️Adjust
portfolio to be less risky, more bonds less stocks
According to the nightingale survey, What % of the people who people who start
working at 25 become financial independence by 65? - ✔️✔️5%
Everytime you get a paycheck, our goal is to save what percent? - ✔️✔️15% of total
income
The RULE OF FRED!!!!!!!!!!!! - ✔️✔️I GET PAID FIRST
What's the first step in saving money? - ✔️✔️Creating a budget or spending plan
What's our definition of being frugal? - ✔️✔️Not cheap but value oriented, working
toward their goals, budgeting, and controlling expenses
What is the rule of 72? - ✔️✔️Estimate how long it takes a sum of money to double,
72/interest rate
If you have different types of debt, which is your first priority? (CC) - ✔️✔️Pay off the
loan with the highest interest
How do we define a millionaire in this class? - ✔️✔️Financially independent, living the
life they want to lead, and able to take care of themselves without financial help from
government sources
What's the purpose of an emergency fund (security fund)? - ✔️✔️Cover 3-6 months of
living expenses in the event of illness, job loss, or other emergency.
Are bonds issued by our govt considered risky? - ✔️✔️No
Interest rates rise.... - ✔️✔️Bonds Prices go down
Bond prices up.... - ✔️✔️interest rates down (inverse relationship)
In some states, some bonds are free from taxes on a federal and state level. -
✔️✔️TRUE
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