UGBA 135 revision Questions with answers || Verified
by a professional
According to the census bureau what % most closely represents the number of children
born out of wedlock - Answer - 40%
in terms of annual income to be in the top 1% of households annual earnings should
exceed - Answer - $400,000
of all the money the gov't spends approximately what % is spent on senior citizens -
Answer - 40%
according to the IRS what % of households has a net worth of at least $1mil - Answer -
4.9%
we define "Wealth" as - Answer - lifestyle
the burden of saving and investing for retirement and healthcare is shifting more from
the - Answer - employer to employee
nationally what percentage of students who start high school do not graduate? -
Answer - 30%
to be in the top 10% of households annual earnings should exceed - Answer -
$113,000
the "cornerstone" of wealth is - Answer - being frugal
approximately what percentage of millionaires are self-employed or own a business -
Answer - 50%
as global population ages and birth rates decline governments will need to - Answer -
cut benefits to seniors
the biggest financial challenge facing future generations is - Answer - -huge federal
debts to be repaid
-more elderly to be supported by fewer workers
-large numbers of undereducated and unemployed workers to be supported
to be come a millionaire (financially independent) in today's dollars, it is required for a
household to have an annual income of at least - Answer - none of the above
what % of college undergrads has at least one credit card - Answer - 75%
, what is the average credit card balance owed by college undergrads - Answer - $3000
of all those students who use credit cards, the most common payment behavior is to -
Answer - make more than the minimum payment but carry a balance
which is not an interest rate - Answer - revolving
when a lender is willing to loan money without requiring any collateral the loan is
considered - Answer - unsecured
the best way to establish credit is to - Answer - none of the above (not borrow money,
pay cash for everything, write checks for everything)
revolving credit is when you can - Answer - reuse your credit line over and over
a credit card fee may be charged for - Answer - closing an account
interest in a credit card account is normally calculated - Answer - daily
the legal limit on interest applied to unpaid credit card balances is - Answer - there is no
limit
which of the following is not subject to a credit card fee - Answer - early payment fee
a credit card hold is limited to - Answer - an arbitrary amount
debt has which characteristics - Answer - -must be repaid
-state of owing something such as money
-comes with interest
which is not a factor related to a credit card - Answer - secured debt
to avoid a late payment fee if paying by mail the payment must be - Answer - received
by the due date
avoid the following credit card mistake - Answer - using it to withdraw cash from an
ATM
fees for inactivity, loading money, monthly maintenance, and checking balance are
common to - Answer - prepaid cards
which is not a prepaid card fee - Answer - annual fee
the fee charged by the new provider when you transfer balance from one card to
another is - Answer - balance transfer fee
by a professional
According to the census bureau what % most closely represents the number of children
born out of wedlock - Answer - 40%
in terms of annual income to be in the top 1% of households annual earnings should
exceed - Answer - $400,000
of all the money the gov't spends approximately what % is spent on senior citizens -
Answer - 40%
according to the IRS what % of households has a net worth of at least $1mil - Answer -
4.9%
we define "Wealth" as - Answer - lifestyle
the burden of saving and investing for retirement and healthcare is shifting more from
the - Answer - employer to employee
nationally what percentage of students who start high school do not graduate? -
Answer - 30%
to be in the top 10% of households annual earnings should exceed - Answer -
$113,000
the "cornerstone" of wealth is - Answer - being frugal
approximately what percentage of millionaires are self-employed or own a business -
Answer - 50%
as global population ages and birth rates decline governments will need to - Answer -
cut benefits to seniors
the biggest financial challenge facing future generations is - Answer - -huge federal
debts to be repaid
-more elderly to be supported by fewer workers
-large numbers of undereducated and unemployed workers to be supported
to be come a millionaire (financially independent) in today's dollars, it is required for a
household to have an annual income of at least - Answer - none of the above
what % of college undergrads has at least one credit card - Answer - 75%
, what is the average credit card balance owed by college undergrads - Answer - $3000
of all those students who use credit cards, the most common payment behavior is to -
Answer - make more than the minimum payment but carry a balance
which is not an interest rate - Answer - revolving
when a lender is willing to loan money without requiring any collateral the loan is
considered - Answer - unsecured
the best way to establish credit is to - Answer - none of the above (not borrow money,
pay cash for everything, write checks for everything)
revolving credit is when you can - Answer - reuse your credit line over and over
a credit card fee may be charged for - Answer - closing an account
interest in a credit card account is normally calculated - Answer - daily
the legal limit on interest applied to unpaid credit card balances is - Answer - there is no
limit
which of the following is not subject to a credit card fee - Answer - early payment fee
a credit card hold is limited to - Answer - an arbitrary amount
debt has which characteristics - Answer - -must be repaid
-state of owing something such as money
-comes with interest
which is not a factor related to a credit card - Answer - secured debt
to avoid a late payment fee if paying by mail the payment must be - Answer - received
by the due date
avoid the following credit card mistake - Answer - using it to withdraw cash from an
ATM
fees for inactivity, loading money, monthly maintenance, and checking balance are
common to - Answer - prepaid cards
which is not a prepaid card fee - Answer - annual fee
the fee charged by the new provider when you transfer balance from one card to
another is - Answer - balance transfer fee
