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UGBA 196 WRITTEN EXAM 2024. £10.56   Add to cart
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Exam (elaborations)

UGBA 196 WRITTEN EXAM 2024.
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UGBA 196 WRITTEN EXAM 2024. credit score - correct answer - paying bills on time over time - debt to credit ratio - length of credit history - new accounts and recent applications for credit - mix of credit cards and loans wash sale - correct answer - cannot declare a loss on a security if ...

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  • April 23, 2024
  • 21
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • ugba 196
  • ugba 196 written exam 2024

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  • UGBA
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UGBA 196 Final

credit score - correct answer - paying bills on time over time

- debt to credit ratio

- length of credit history

- new accounts and recent applications for credit

- mix of credit cards and loans



wash sale - correct answer - cannot declare a loss on a security if you purchase the identical security
within 30 days before or after the sale



revenue - correct answer sales



earnings - correct answer profits



interest rates are based on... - correct answer lowest score



making credit card payments on time - correct answer - 5 days before the due date if by mail

- 2 days before the due date if online



victim of credit card theft - correct answer - when your credit card is missing or stolen

- contact credit card issuer or bank immediately

- loss is limited to $50 if you contact issuer within 2 days of discovery (after that, liable for up to $500
and after 60 days, full charge)

- close account immediately

- ask for a new card on a new account

- if you find the card, destroy and discard

,when you make an extra payment on a loan... - correct answer make sure it goes towards the principal
amount with the highest interest rate



short sale - correct answer - if the value of the home declines to the point where the amount of the loan
is greater than the market value of the house

- even if house is sold, proceeds will not be enough to repay the loan



prepaid cards - correct answer - activation fees of up to $39.95

- inactivity fees

- fee to load money onto card

- fee to check balance information

- fee to use an ATM for cash

- fee for using check to close an account

- monthly maintenance fee if you do not load a minimum amount onto your card each month



who puts into an IRA? - correct answer - you

- uncle sam



who puts into a 401K? - correct answer - you

- uncle sam

- employer



rule of 72 - correct answer - used to estimate how long it will take a certain sum of money to double at a
certain interest rate, assuming the interest is compounded annually

- calculation 1- divide 72 by the interest rate or expected rate of return (result is number of years it will
take to double your money)

- calculation 2- divide 72 by the number of years you want to invest to get the rate of interest you will
need to earn in order to double your money



maximum federal income tax rate - correct answer 39.6%

, short term capital gain - correct answer asset owned for 0-12 months



long term capital gain - correct answer asset owned for over 12 months



when you own a home, what is tax deductible to you? - correct answer - interest you pay on your
mortgage

- points

- equity loan interest

- home improvement loan

- property taxes

- home office deduction

- selling costs

- capital gains exclusion

- moving costs

- mortgage tax credit



fixed interest rate - correct answer - loan with an interest rate that will remain at a fixed rate for the life
of the loan



adjustable rate of interest - correct answer - loan where the rate of interest is not fixed, but may change
at various specific times

- common in home loans



variable rate of interest - correct answer - interest rate that moves up and down based upon a
benchmark interest rate which is not controlled by the lender

- commonly used by credit card issuers



go to rate - correct answer - interest rate you are charged on unpaid balances in addition to the variable
interest rate to determine the total rate of interest on your account

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