UGBA 135 - Assignment 1(graded A+)question n answers

UGBA 135 - Assignment 1 According to the census bureau what % most closely represents the number of children born out of wedlock - correct answer 40% in terms of annual income to be in the top 1% of households annual earnings should exceed - correct answer $400,000 of all the money the gov't spends approximately what % is spent on senior citizens - correct answer 40% according to the IRS what % of households has a net worth of at least $1mil - correct answer 4.9% we define "Wealth" as - correct answer lifestyle the burden of saving and investing for retirement and healthcare is shifting more from the - correct answer employer to employee nationally what percentage of students who start high school do not graduate? - correct answer 30% to be in the top 10% of households annual earnings should exceed - correct answer $113,000 the "cornerstone" of wealth is - correct answer being frugal approximately what percentage of millionaires are self-employed or own a business - correct answer 50% as global population ages and birth rates decline governments will need to - correct answer cut benefits to seniors the biggest financial challenge facing future generations is - correct answer -huge federal debts to be repaid -more elderly to be supported by fewer workers -large numbers of undereducated and unemployed workers to be supported to be come a millionaire (financially independent) in today's dollars, it is required for a household to have an annual income of at least - correct answer none of the above what % of college undergrads has at least one credit card - correct answer 75% what is the average credit card balance owed by college undergrads - correct answer $3000 of all those students who use credit cards, the most common payment behavior is to - correct answer make more than the minimum payment but carry a balance which is not an interest rate - correct answer revolving when a lender is willing to loan money without requiring any collateral the loan is considered - correct answer unsecured the best way to establish credit is to - correct answer none of the above (not borrow money, pay cash for everything, write checks for everything) revolving credit is when you can - correct answer reuse your credit line over and over a credit card fee may be charged for - correct answer closing an account interest in a credit card account is normally calculated - correct answer daily the legal limit on interest applied to unpaid credit card balances is - correct answer there is no limit