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UGBA 196- Midterm Correctly Answered Test 2024. CA$18.00   Add to cart
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UGBA 196- Midterm Correctly Answered Test 2024.
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UGBA 196- Midterm Correctly Answered Test 2024. FICO Score (Definition) - correct answer Mathematical Number used by lenders to determine if you're a good or bad credit risk Debt-to-Credit Ratio - correct answer Total balance of your credit cards and other loans compared to your total credit li...

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  • April 23, 2024
  • 20
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • ugba 196 midterm
  • ugba 196 midterm correctly answered test 2024

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UGBA 196- Midterm

FICO Score (Definition) - correct answer Mathematical Number used by lenders to determine if you're a
good or bad credit risk



Debt-to-Credit Ratio - correct answer Total balance of your credit cards and other loans compared to
your total credit limit



Add up all your debt/credit ratios



What percent do you want your debt-to-credit ratio to be? - correct answer 30%-33%



Highest possible FICO Score? - correct answer 850 (delinquency rate of 1%)



What's the best way to establish good credit? - correct answer Pay your bills on time over time, keep
your debt-to-credit ratio near 30% and avoid DUIs, bill collectors, and other "character flaws"



(alt: Borrow Money and pay it back on time according to its terms)



revolving credit (definition) - correct answer credit (or funds) made available to you for your use at any
time, subject to the terms of repayment (EX - credit cards b/c you use funds, pay at least min. payment;
as you repay portion of funds, you can make new charges up to your max credit limit)



what is a credit card? - correct answer an unsecured line of credit which represents the fact that a bank
or other lender is wiling to lend you $



If you exceed the credit limit, whats the most the bank could charge you? - correct answer A credit card
company cannot charge a late payment fee that is greater than your minimum payment. If the minimum
payment is $20, your late payment fee cannot be more than $20

,And



(ex: if you exceed your credit limit by $5, you cannot be charged an over-the-limit fee of more than $5)



Emergency Fund - correct answer Savings to cover 3-6 months of living expenses in the event of illness,
job loss, or other emergencies.



If you're a victim of identity theft - correct answer >Notify the credit card company or bank or agency
immediately

>Put a "fraud alert" on your account

>close all accounts ASAP ( not just bank accounts but also places like amazon, itunes, etc.)

>contact all of your creditors

>file a police report and keep the number of the report



What do you do if you experience credit card theft? - correct answer >Contact the credit card issuer or
bank immediately.

>Close the account immediately.

>Ask for a new card on a new account.

>Check your credit card statements every month.



What do you do if you overpay on your credit card?* - correct answer Write to request a refund.



(depending on your credit card company, as soon as an over-payment on a completely paid down
balance is received, that amount is often credited immediately to your account. If you didn't get a credit
[or if you did, but haven't used it], write to your credit card company to request a refund.)



Whats the difference between earned and unearned income? - correct answer _earned income:_
Includes wages, salary, bonuses, commissions, royalties, tips and other money you have received for
your personal services.



_unearned income:_Taxable interest, ordinary and qualified dividends, business profits or losses, capital
gains or losses on investments, pension receipts, certain tax refunds, social security benefits,

, unemployment compensation, individual retirement distributions, real estate activities, and Partnership
income.



What's the difference between sales and revenue? - correct answer *Sales* refer to some goods sold
and services rendered by the company during a particular financial year.



*Revenue* is the money received by the company from its varied activities



(while sales are one of the major sources of company's revenue, Revenue is the outcome of sales)



What's the difference between income and profits - correct answer _Profit_ simply means revenue that
remains after expenses.



_Income_ is the number calculated by tallying every penny that came into the company during a given
period.



capital gains tax - correct answer tax on profit (or loss) on the sale of an asset



Short-term capital gain Tax - correct answer For assets owned *under 12 months*, the profit (or loss) is
added to your income and is taxed at your individual tax rate w/ a current maximum of 37%



Long-term capital gain Tax - correct answer Tax on profit or loss from the sale of an asset held for *more
than 12 months*. *20%* for singles and married couples past a certain threshold ($425,800 for singles,
$479,000 for married couples).



Anything below is _15% max_.



What is a hold on a credit card? - correct answer initiated with a debit card or credit card and rendering
this balance as unavailable until either the merchant clears the transaction



>hold money just in case damage is done

>if hold is executed it will count against credit

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