UGBA 196 questions with verified solutions 2023/2024

UGBA 1961 out of every 6 - correct answer Americans receive a Social Security check each month introductory rate - correct answer no rate increase for first 12 months of opening a new card, unless intro rate has ended interest rate change - correct answer must be notified 45 days in advance defaulting on credit card - correct answer if you are more than 60 days late in paying minimum, interest goes to default rate of 28-35% for an account in good standing - correct answer interest rate increases can only be applied to new charges promotional rate periods minimum - correct answer 6 months overdraft fees cannot be charged - correct answer unless you agree to accept them what is on credit card statement - correct answer how many months it will take to pay your balance if you only pay the minimum, and how much you will pay in principal and interest over that time. also how much you need to pay to pay off the entire balance in 36 months. activation fees, annual fees cannot exceed what amount in first year - correct answer 25% of the credit limit. after first year, no limit. can credit issuers raise interest rates on prior charges? - correct answer not on basis of current changes in credit report/score payments in excess of the minimum... - correct answer must first be applied to the balance with the highest interest rate how much notice do customers get before their account is closed? - correct answer 30 days max credit card fee unless one of your last six payments was late? - correct answer $25, then $35 late payment fee cannot exceed... - correct answer minimum payment can credit card companies charge inactivity fees? - correct answer no the deduction on federal return for state and local taxes? - correct answer up to 10,000 40% - correct answer percentage of children born out of wedlock 15 trillion dollars - correct answer amount of student loan debt, which exceeds credit card debt 25% - correct answer percent of the population that is obese "millionaire" - correct answer financially independent, living the life they want to lead, and able to take care of themselves without financial help from government sources longevity - correct answer retirement is not the issue, it is longevity: do not outlive your money 4.9% - correct answer percentage of households that have a net worth of at least $1 million what is wealth? - correct answer lifestyle! $400,000+ - correct answer what the top 1% of households earn, and pay 40% of income taxes