UGBA 135: Assignment 1 Part 1 Multiple Choice Questions with Correct Answers, Personal Financial Management 2023 | 2024 (Already Graded)

UGBA 135: Assignment 1 Part 1 Multiple Choice Questions with Correct Answers, Personal Financial Management 2023 | 2024 (Already Graded) The burden of saving and investing for retirement and healthcare is shifting more and more from the Individual to the government Employee to employer Government to the employee Employer to employee Question 7 1 / 1 pts With a deferred interest plan, if you are late in your payments You must return the merchandise None of the above You may be charged interest on the entire balance retroactively The outstanding balance is immediately due Question 8 1 / 1 pts To be in the top 10% of households, annual earnings should exceed about $113,000 $68,000 $160,000 $240,000 Question 9 1 / 1 pts The “cornerstone” of wealth is Obsessive thrift Being cheap Not giving to charity Being frugal Question 10 1 / 1 pts Approximately what percentage of millionaires are self-employed or own a business? 35% 15% 65% 50% Question 11 1 / 1 pts Which of the following is not a method of identity theft? Mail has been stolen from your mailbox. Your wallet or purse is stolen. You receive an email from your bank asking you to update your account information including your social security number. Your credit card statement has a charge on it you do not recognize. Question 12 1 / 1 pts The biggest financial challenge facing future generations is: More elderly to be supported by fewer workers. Huge federal debts to be repaid. Large numbers of under-educated and unemployed workers to be supported. All of the above. Question 13 1 / 1 pts 1. To become a millionaire (“financially independent”) in today’s dollars, it is required for a household to have annual income of at least: None of the above. $250,000 $400,000 $200,000 Question 14 1 / 1 pts Bankruptcies are: Handled in federal court. All the above. Will appear on your credit report. Will not relieve you of alimony or child support. Question 15 1 / 1 pts If you carry a credit card balance: The interest rates for purchases, cash advances, and convenience checks may be different. The same interest rate must be charged for purchases, cash advances, and convenience checks. You cannot be charged an overpayment fee. None of the above. Question 16 1 / 1 pts Part B of Medicare is Partially funded by a 3.8% surtax Optional Means tested All the above Question 17 1 / 1 pts Which is not an interest rate? Revolving Variable Go-to Fixed Question 18 1 / 1 pts When a lender is willing to loan money without requiring any collateral, the loan is considered: Secured Too risky to make the loan. None of the above. Unsecured Question 19 1 / 1 pts The best way to establish credit is to Not borrow money Write checks for everything and keep accurate records Pay cash for everything None of the above Question 20 1 / 1 pts Revolving credit is when you can: Turn short-term credit into an installment loan. Re-use your credit line over and over. Close out the account by paying a balance transfer fee. Increase your credit limit by 100%. Question 21 1 / 1 pts A credit card fee may be charged for: Universal default. Double cycle billing. Late payment Having a grace period. Question 22 1 / 1 pts Interest in a credit card account is normally calculated: Bi-Monthly Yearly Weekly Daily Question 23 1 / 1 pts The legal limit on interest applied to unpaid credit card balances is: There is no limit 35% 28% 37%