UGBA Videos Quizzes
In bankruptcy, what is a discharge? - correct answer A discharge is a release from personal liability on
debt.
Which of the following is NOT one of the three largest credit reporting agencies? - correct answer Bank
of America
The three are: Equifax, TransUnion, Experian
Any credit score above 620 is generally considered to be excellent credit. - correct answer false
Which of the following is contributes the most to your credit score? - correct answer your payment
history
Employers are never allowed to check credit reports when hiring. - correct answer false
Lenders use credit reports to help them decide whether to loan you money and what interest rate to
charge. - correct answer true
Which of the following is usually the most important type of debt to focus on paying off quickly: - correct
answer Credit card balances
Which types of debt "steal from your future"? - correct answer Paycheck advances, Credit card balances
One highly recommended method for paying off student loans is to take an early withdrawal from your
traditional IRA or 401(k) plan. - correct answer false
Why is Social Security called a PAYGO system? - correct answer Because the payroll taxes paid by current
workers are used to pay current retirement benefits.
, Most people in good health should claim Social Security retirement benefits at age 62. - correct answer
false
Social Security started with a huge unfunded liability because benefits were paid to retirees, such as Ida
May Fuller, who had paid very little into the system. - correct answer true
Medicare is health insurance for people 50 or older and people under 50 with certain disabilities or end
stage renal disease. - correct answer false
Medicare Part A, Hospital Insurance is free, people must pay for Medicare Parts B, C, and D if they want
them. - correct answer true
In the video "Overcoming debt interview" Suzanne says that although credit cards were one of the
reasons she got into debt problems, she continues to use credit cards. - correct answer false
What is a good use of a security fund (also called an emergency fund or a rainy day fund)? - correct
answer To help you pay your bills if you lose your job
What debt should be your highest priority? - correct answer Paying off credit card debt as soon as
possible
Most people's emergency (security or rainy day) fund should be invested in the stock market. - correct
answer false
Should most people save first for retirement or for their children's education? - correct answer Their
retirement
Suppose you put $100 in a bank savings account that pays 7% annual interest (and charges no annual
fee). You keep that money in the account for two years (with no withdrawals or additional deposits).
How much money will you have at the end of two years? - correct answer more than $114
In bankruptcy, what is a discharge? - correct answer A discharge is a release from personal liability on
debt.
Which of the following is NOT one of the three largest credit reporting agencies? - correct answer Bank
of America
The three are: Equifax, TransUnion, Experian
Any credit score above 620 is generally considered to be excellent credit. - correct answer false
Which of the following is contributes the most to your credit score? - correct answer your payment
history
Employers are never allowed to check credit reports when hiring. - correct answer false
Lenders use credit reports to help them decide whether to loan you money and what interest rate to
charge. - correct answer true
Which of the following is usually the most important type of debt to focus on paying off quickly: - correct
answer Credit card balances
Which types of debt "steal from your future"? - correct answer Paycheck advances, Credit card balances
One highly recommended method for paying off student loans is to take an early withdrawal from your
traditional IRA or 401(k) plan. - correct answer false
Why is Social Security called a PAYGO system? - correct answer Because the payroll taxes paid by current
workers are used to pay current retirement benefits.
, Most people in good health should claim Social Security retirement benefits at age 62. - correct answer
false
Social Security started with a huge unfunded liability because benefits were paid to retirees, such as Ida
May Fuller, who had paid very little into the system. - correct answer true
Medicare is health insurance for people 50 or older and people under 50 with certain disabilities or end
stage renal disease. - correct answer false
Medicare Part A, Hospital Insurance is free, people must pay for Medicare Parts B, C, and D if they want
them. - correct answer true
In the video "Overcoming debt interview" Suzanne says that although credit cards were one of the
reasons she got into debt problems, she continues to use credit cards. - correct answer false
What is a good use of a security fund (also called an emergency fund or a rainy day fund)? - correct
answer To help you pay your bills if you lose your job
What debt should be your highest priority? - correct answer Paying off credit card debt as soon as
possible
Most people's emergency (security or rainy day) fund should be invested in the stock market. - correct
answer false
Should most people save first for retirement or for their children's education? - correct answer Their
retirement
Suppose you put $100 in a bank savings account that pays 7% annual interest (and charges no annual
fee). You keep that money in the account for two years (with no withdrawals or additional deposits).
How much money will you have at the end of two years? - correct answer more than $114
