ugba135 Exam Questions and Answers
Graded A+
The burden of saving and investing for retirement and healthcare is shifting more
and more from the - Correct answer-(*)Employer to employee;Individual to the
government;Employee to employer;Government to the employee
Social Security is a - Correct answer-;A privately insured pension plan;None of the
above(*)Pay-as-you-go plan;Federal pension plan
It is estimated that seniors take out in Social Security and Medicare benefits an
amount equal to - Correct answer-;Less than they paid in;Two times what they paid
in(*)Six times what they paid in;Four times what they paid in
If the credit card issuer notifies you of a significant change in terms, and you do
not want to accept them, your options include: - Correct answer-(*)Any of the
above.;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.
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,Social Security benefits are available for - Correct answer-;Widows and
widowers;Orphans(*)All of the above;Spouses
Which of the following is true? - Correct answer-Your credit score is the most
important part of your credit report.;Credit card issuers may solicit students on or
near campus.;Todays public computers are secure , and will protect your personal
information.;(*)A reward poster for finding a lost dog is a unilateral contract.
This question has been dropped from the assignment. Please answer "Yes" to get
one point. - Correct answer-(*)Yes;no
Debt has which of the following characteristics? - Correct answer-;Debt must be
repaid;The state of owing something such as money(*)All the above;Debt comes
with interest
Video: Which of the following are not allowed to check credit reports? - Correct
answer-(*)None of the above;Landlords;Insurance companies;Employers
A credit card "hold" is limited to - Correct answer-;Two times the expected
charge(*)An arbitrary amount;$500;$200
If you carry a credit card balance: - Correct answer-;You cannot be charged an
overpayment fee.(*)The interest rates for purchases, cash advances, and
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,convenience checks may be different.;The same interest rate must be charged for
purchases, cash advances, and convenience checks.;None of the above.
Which of the following statements about Social Security is true? - Correct answer-
;Social Security benefits are exempt from federal taxes.;Reduced benefits for early
retirement are available at age 55.;Social Security still collects more that it pays
out.(*)None of the above.
Which of the following is important when signing a contract? - Correct answer-
;What constitutes the end of the contract?;What is the reputation of the other
parties?;Is mediation or arbitration required?(*)All of the above
Which of the following is not "consideration" when creating a contract? - Correct
answer-;Physical objects.(*)Gender.;Money.;Services.
Avoid the following credit card mistake. - Correct answer-;Using it to purchase a
song on iTunes.;Using it to pay for a hotel room.(*)Using it to withdraw cash from
an ATM.;Using it to rent a car.
With a deferred interest plan, if you are late in your payments - Correct answer-
;None of the above;The outstanding balance is immediately due(*)You may be
charged interest on the entire balance retroactively;You must return the
merchandise
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, A credit card fee may be charged for: - Correct answer-;Double cycle
billing.(*)Late payment;Having a grace period.;Universal default.
To avoid a late payment fee, if paying by mail the payment must be - Correct
answer-(*)Received by the due date;Mailed by the due date;Postmarked by the due
date;None of the above
We define "wealth" as - Correct answer-(*)Lifestyle;10 times the poverty level;Net
worth in excess of $1,000,000;Annual income over $100,000
When a lender is willing to loan money without requiring any collateral, the loan is
considered: - Correct answer-;Too risky to make the loan.;None of the
above.;Secured(*)Unsecured
Seniors are eligible for Medicare at age - Correct answer-;70 ½;59(*)65;62
The legal limit on interest applied to unpaid credit card balances is: - Correct
answer-(*)There is no limit;35%;37%;28%
The best way to establish credit is to - Correct answer-;Pay cash for
everything(*)None of the above;Write checks for everything and keep accurate
records;Not borrow money
In terms of annual income, to be in the top 1% of households, annual earnings
should exceed about: - Correct answer-;$160,000;$113,000;$250,000(*)$400,000
©COPYRIGHT 2025, ALL RIGHTS RESERVED 4
Graded A+
The burden of saving and investing for retirement and healthcare is shifting more
and more from the - Correct answer-(*)Employer to employee;Individual to the
government;Employee to employer;Government to the employee
Social Security is a - Correct answer-;A privately insured pension plan;None of the
above(*)Pay-as-you-go plan;Federal pension plan
It is estimated that seniors take out in Social Security and Medicare benefits an
amount equal to - Correct answer-;Less than they paid in;Two times what they paid
in(*)Six times what they paid in;Four times what they paid in
If the credit card issuer notifies you of a significant change in terms, and you do
not want to accept them, your options include: - Correct answer-(*)Any of the
above.;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.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,Social Security benefits are available for - Correct answer-;Widows and
widowers;Orphans(*)All of the above;Spouses
Which of the following is true? - Correct answer-Your credit score is the most
important part of your credit report.;Credit card issuers may solicit students on or
near campus.;Todays public computers are secure , and will protect your personal
information.;(*)A reward poster for finding a lost dog is a unilateral contract.
This question has been dropped from the assignment. Please answer "Yes" to get
one point. - Correct answer-(*)Yes;no
Debt has which of the following characteristics? - Correct answer-;Debt must be
repaid;The state of owing something such as money(*)All the above;Debt comes
with interest
Video: Which of the following are not allowed to check credit reports? - Correct
answer-(*)None of the above;Landlords;Insurance companies;Employers
A credit card "hold" is limited to - Correct answer-;Two times the expected
charge(*)An arbitrary amount;$500;$200
If you carry a credit card balance: - Correct answer-;You cannot be charged an
overpayment fee.(*)The interest rates for purchases, cash advances, and
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
,convenience checks may be different.;The same interest rate must be charged for
purchases, cash advances, and convenience checks.;None of the above.
Which of the following statements about Social Security is true? - Correct answer-
;Social Security benefits are exempt from federal taxes.;Reduced benefits for early
retirement are available at age 55.;Social Security still collects more that it pays
out.(*)None of the above.
Which of the following is important when signing a contract? - Correct answer-
;What constitutes the end of the contract?;What is the reputation of the other
parties?;Is mediation or arbitration required?(*)All of the above
Which of the following is not "consideration" when creating a contract? - Correct
answer-;Physical objects.(*)Gender.;Money.;Services.
Avoid the following credit card mistake. - Correct answer-;Using it to purchase a
song on iTunes.;Using it to pay for a hotel room.(*)Using it to withdraw cash from
an ATM.;Using it to rent a car.
With a deferred interest plan, if you are late in your payments - Correct answer-
;None of the above;The outstanding balance is immediately due(*)You may be
charged interest on the entire balance retroactively;You must return the
merchandise
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
, A credit card fee may be charged for: - Correct answer-;Double cycle
billing.(*)Late payment;Having a grace period.;Universal default.
To avoid a late payment fee, if paying by mail the payment must be - Correct
answer-(*)Received by the due date;Mailed by the due date;Postmarked by the due
date;None of the above
We define "wealth" as - Correct answer-(*)Lifestyle;10 times the poverty level;Net
worth in excess of $1,000,000;Annual income over $100,000
When a lender is willing to loan money without requiring any collateral, the loan is
considered: - Correct answer-;Too risky to make the loan.;None of the
above.;Secured(*)Unsecured
Seniors are eligible for Medicare at age - Correct answer-;70 ½;59(*)65;62
The legal limit on interest applied to unpaid credit card balances is: - Correct
answer-(*)There is no limit;35%;37%;28%
The best way to establish credit is to - Correct answer-;Pay cash for
everything(*)None of the above;Write checks for everything and keep accurate
records;Not borrow money
In terms of annual income, to be in the top 1% of households, annual earnings
should exceed about: - Correct answer-;$160,000;$113,000;$250,000(*)$400,000
©COPYRIGHT 2025, ALL RIGHTS RESERVED 4
