Ugba 135 midterm - Study guides, Class notes & Summaries

UGBA 135 midterm 1

UGBA 135 Midterm Exam

1. What is an emergency fund and what is used for? - Answer- - savings to cover 3 to 6 months of living expenses in readily available cash to be used only in the event of an emergency (15% of the earnings paycheck) Standard Savings account What is our definition of a millionaire? - Answer- someone who can take care of themselves without help from a government agency, financially independent, live the life they want to lead What is the rule of 72? - Answer- How long it will take to double y...

UGBA 135 MidtermFICO Score - correct answer measure of consumer credit risk Highest FICO Score - correct answer 850 Factors determining FICO Score - correct answer Credit report is based on: -35% paying your bills on time over time -30% your debt-to-credit ratio ( borrowing money/ credit limit) -15% length of credit history -10% mix of credit cards and loans (like to see things other than credit card; Rent, any loan (e.g. leasing car)) -10% new accounts and recent applications for cre...

UGBA 135 Midterm Exam

UGBA 135 Midterm Exam With 100% Correct Answers 2023

Ugba 135 midterm exam with correct answers

UGBA 135 MidtermEmergency fund - correct answer in a savings account 3-6 months living expenses Definition of millionaire - correct answer financially independent Rule of 72 - correct answer The number of years it takes for a certain amount to double in value is equal to 72 divided by its annual rate of interest. Each time you get paycheck, what is % goal you should put away (savings goal) - correct answer 20% What does being frugal mean - correct answer not spending freely or unnece...

UGBA 135 Midterm #1

UGBA 135 Midterm 1 Exam With 100% Correct Answers 2023