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UGBA 135 Midterm Review Practice Test 2024.
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UGBA 135 Midterm Review Practice Test 2024. Emergency fund - correct answer in a savings account 3-6 months living expenses Definition of millionaire - correct answer financially independent Rule of 72 - correct answer The number of years it takes for a certain amount to double in value is e...

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  • April 23, 2024
  • 14
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • ugba 135
  • ugba 135 midterm review practice test 2024

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  • UGBA
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UGBA 135 Midterm

Emergency fund - correct answer in a savings account 3-6 months living expenses



Definition of millionaire - correct answer financially independent



Rule of 72 - correct answer The number of years it takes for a certain amount to double in value is equal
to 72 divided by its annual rate of interest.



Each time you get paycheck, what is % goal you should put away (savings goal) - correct answer 20%



What does being frugal mean - correct answer not spending freely or unnecessarily, but considering
quality, value, needs and benefits along with price



Opening checking accounts, bank accounts → fees and balance requirements are different - correct
answer checking: 2 months

savings: 4-6 months

monthly fees



Survey 25 - 65, % of them become financially indpt. After reaching retirement age - correct answer start
working at 25, by 65:

1 will be rich

4 will be financially independent, able to take care of themselves

45 will have some funds but will still need some form of continuing financial aid

50 will essentially be broke



5% households financially indpt.

, What is a spending plan - correct answer An income and expense statement sometimes referred to as a
budget which records both planned and actual income and expenses over a period of time



Biggest reason to start saving as early as possible - correct answer compound interest



What is compound interest - correct answer Earning interest on interest



What is rule of fred - correct answer I get paid first



In times of inflation, do interest rates go up or down - correct answer interest goes up



What is a notary public - correct answer A public official authorized to attest to the authenticity of
signatures.



401k plan - correct answer a tax-deferred investment and savings plan that acts as a personal pension
fund for employees made by employers



employer contributing/match, always put in enough to maximize what employer puts in - correct answer
for 401k plans to maximize money



Most important factor in determining credit score - correct answer payment history



Highest credit score you can get? - correct answer 850



Best way to establish good credit - correct answer Borrow money and pay it back on time according to its
terms



and when you dont need it



Debt:credit ratio - correct answer total balance on your credit cards and other loans compared to your
total credit limit

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