Ugba 135 midterm - Study guides, Class notes & Summaries

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 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 ...

UGBA 135 Midterm-- Questions with complete solution 2023/2024 21st Century Millionare - correct answer - Someone who can financially take care of themselves without help from any government agency, living the life they want to lead - After working for 40 years, only 5% of people are financially independent (don't need government assistance) - Cornerstone of their wealth = being frugal (not cheap, but value-oriented) --> budget and spend carefully, live within their means - People who succ...

UGBA 135 Midterm Question and answers already passed 2023/2024FICO Score - correct answer measure of consumer credit risk Highest FICO Score - correct answer 850 Factors determining FICO Score - correct answer Credit report is based on: -35% paying your bills on time over time -30% your debt-to-credit ratio ( borrowing money/ credit limit) -15% length of credit history -10% mix of credit cards and loans (like to see things other than credit card; Rent, any loan (e.g. leasing car)) -10...

UGBA 135 Midterm 21st Century Millionare - correct answer - Someone who can financially take care of themselves without help from any government agency, living the life they want to lead - After working for 40 years, only 5% of people are financially independent (don't need government assistance) - Cornerstone of their wealth = being frugal (not cheap, but value-oriented) --> budget and spend carefully, live within their means - People who succeed have goals Do not outlive your money ...

UGBA 135 Midterm-- Question and answers rated A+ 2023/2024 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 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%

ugba 135 midterm 1 Question and answers 2023/2024 verified to passALL Bankruptcy are handled in federal court - correct answer TRUE Should you always try to contribute enough to your 401K to get the employer match? - correct answer Yes Are community property laws established by the IRS or states? - correct answer States What is a notary public? - correct answer A public officer constituted by law to witness the execution of certain classes of documents like mortgage documents, wills, tr...

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 unne...

UGBA 135 Midterm FICO Score - correct answer measure of consumer credit risk Highest FICO Score - correct answer 850 Factors determining FICO Score - correct answer Credit report is based on: -35% paying your bills on time over time -30% your debt-to-credit ratio ( borrowing money/ credit limit) -15% length of credit history -10% mix of credit cards and loans (like to see things other than credit card; Rent, any loan (e.g. leasing car)) -10% new accounts and recent applications for c...

Ugba 135 midterm exam

ugba 135 midterm 1ALL Bankruptcy are handled in federal court - correct answer TRUE Should you always try to contribute enough to your 401K to get the employer match? - correct answer Yes Are community property laws established by the IRS or states? - correct answer States What is a notary public? - correct answer A public officer constituted by law to witness the execution of certain classes of documents like mortgage documents, wills, trusts, deeds What is a prenup agreement? - cor...