UGBA 135 - Personal Finance
Management 2025/2026 Exam Questions
with Detailed Verified Answers (100%
Correct Answers) | Already Graded A+
What are the two most common chapters (types) for personal bankruptcy?
- 🧠 ANSWER ✔✔Chapter 7 and Chapter 13
In bankruptcy, what is a discharge? - 🧠 ANSWER ✔✔A discharge is a
release from personal liability on debt
Everyone with a job and retirmenet plan should hire a personal financial
advisor - 🧠 ANSWER ✔✔False
Common ways for financial advisors to be compensated are (choose all
correct answers): - 🧠 ANSWER ✔✔Comissions, By the hour or a flat fee for
specific servies, An annual percentage of the client's assets under
management
, Typical annual financial advisor fees when charged as a percentage of
assets under management what you are earning in a savings account - 🧠
ANSWER ✔✔True
As discussed in the video "Questions to Ask a Financial Advisors," the
most important question to ask a financial advisor is? - 🧠 ANSWER ✔✔Are
you a fiduciary?
Before calling oneself a financial advisor, one has to pass five exams and
be designated by the Federal Government as a "Certified Financial
Advisor" - 🧠 ANSWER ✔✔False
One highly recommended method for paying off student loans is to take an
early withdrawal from your traditional IRA or 401(k) plan. - 🧠 ANSWER
✔✔False
Why is Social Security called a PAYGO system? - 🧠 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 retirements
benefits at age 62. - 🧠 ANSWER ✔✔False
Management 2025/2026 Exam Questions
with Detailed Verified Answers (100%
Correct Answers) | Already Graded A+
What are the two most common chapters (types) for personal bankruptcy?
- 🧠 ANSWER ✔✔Chapter 7 and Chapter 13
In bankruptcy, what is a discharge? - 🧠 ANSWER ✔✔A discharge is a
release from personal liability on debt
Everyone with a job and retirmenet plan should hire a personal financial
advisor - 🧠 ANSWER ✔✔False
Common ways for financial advisors to be compensated are (choose all
correct answers): - 🧠 ANSWER ✔✔Comissions, By the hour or a flat fee for
specific servies, An annual percentage of the client's assets under
management
, Typical annual financial advisor fees when charged as a percentage of
assets under management what you are earning in a savings account - 🧠
ANSWER ✔✔True
As discussed in the video "Questions to Ask a Financial Advisors," the
most important question to ask a financial advisor is? - 🧠 ANSWER ✔✔Are
you a fiduciary?
Before calling oneself a financial advisor, one has to pass five exams and
be designated by the Federal Government as a "Certified Financial
Advisor" - 🧠 ANSWER ✔✔False
One highly recommended method for paying off student loans is to take an
early withdrawal from your traditional IRA or 401(k) plan. - 🧠 ANSWER
✔✔False
Why is Social Security called a PAYGO system? - 🧠 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 retirements
benefits at age 62. - 🧠 ANSWER ✔✔False
