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COSC 477 - Exam 1 with Complete Solutions
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COSC 477 - Exam 1 with Complete Solutions
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COSC 477 - Exam 1 with Complete Solutions_____ helps control consumption - ANSWER-Tabulating
(Age x Realized Pretax Income) / 10 =? - ANSWER-What your net worth should be
% of the country's wealthiest households making more than 100k a year say they would
have at least some difficulty coming up with a 1k unexpected bill? - ANSWER-38%
1/2 of America's wealth is owned by % of households. - ANSWER-3.5%
1/2 of the wealth is owned by what percent of households? - ANSWER-3.5%
Allocating time and money in the pursuit of looking superior often has what predictable
outcome? - ANSWER-inferior economic achievement
Assets-Liabilities=? - ANSWER-Net worth
Begin investing (early/late) in your adult life. - ANSWER-early
Being _____ is the corner stone of wealth building. - ANSWER-Frugal
Building wealth takes what 3 things? - ANSWER-discipline
sacrifice
hard work
Chance of being a millionaire by being famous?
by having a household in the 1mil networth catagory? - ANSWER-1 in 4,000
3.5 in 100
Credit Score consists of what 5 factors? - ANSWER-1. 35% debt payment history
2. 30% debt levels
3. 15% length of debt
4. 10% new debt
5. 10% type of debt
Do architects supplemental instruction need to be signed by the GC? - ANSWER-NO
Facts about the average millionaire:
____ years old
(single/married) with # kids
Earn ___ % of the household income
, ____ millionaires are self-employed
Self employed people make up less than ___ % of the workers in America, but account
for ___ of the millionaires.
What is the median income of a millionaire?
What is the average income of a millionare?
What is the median networth of a millionaire?
What is the average networth of a millionaire?
They live on less than ___ of their wealth.
How much do they save of their earned income?
They invest ____% if their household realized income each year. - ANSWER-50ish
years old
married with 3 kids
Earn 70-80% of the household income
2/3 millionaires are self-employed
Self employed people make up less than 20% of the workers in America, but account
for 2/3 of the millionaires.
What is the median income of a millionaire? $131k
What is the average income of a millionare? $247k
What is the median networth of a millionaire? $1.6mil
What is the average networth of a millionaire?
$3.7mil
They live on less than 7% of their wealth.
How much do they save of their earned income? 15%
They invest 20% if their household realized income each year.
For the project controls function to produce consistent results, we must: - ANSWER-do
the routine things routinely
How did Ross Perot minimize his tax bill? - ANSWER-By investing in:
tax-free municipals
tax-sheltered real estate
stocks with unrealized gains
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