UGBA 135 final exam A&B ALL 450 QUESTIONS AND CORRECT ANSWERS LATEST UPDATE THIS YEAR

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UGBA 135 final exam A&B ALL 450 QUESTIONS
AND CORRECT ANSWERS LATEST UPDATE THIS
YEAR
UGBA 135 final exam A


QUESTION: Which factor has the largest direct impact on your credit score?


a. Length of credit history


b. Debt burden


c. Payment history


d. Annual income - ANSWER-C (payment history)




QUESTION: Which of the following is NOT a major credit reporting agency?


A. Discover


B. Transunion


C. Equifax


D. Experian - ANSWER-A. (Discover)




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QUESTION: A variable rate of interest is now commonly used by credit card issuers (T/F) -

ANSWER-True




QUESTION: Once your credit card is on a variable interest rate, your total interest rate can rise

without your consent. (T/F) - ANSWER-True




QUESTION: Which is NOT an interest rate?


A. Variable


B. Fixed


C. Revolving


D. Go-to - ANSWER-C. (revolving)


Q; The Rule of 72 is used to estimate


A. How long will it take you to earn 50%?


B. How long it will take you to out-earn inflation?


C. How long it will take to double your money?


D. None of the above - ANSWER-C (How long it will take to double your money)




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QUESTION: Compounding means earning interest on interest (T/F) - ANSWER-True




QUESTION: Who said compound interest is the greatest discovery of mankind? - ANSWER-

Albert Eienstien




QUESTION: The best time to decide how much to save for retirement each month is at the end

of the month when you can see how much money you have left over from the month's

paycheck (T/F) - ANSWER-False




QUESTION: The the best time to establish credit is when you don't need it (T/F) - ANSWER-True




QUESTION: The "cornerstone" of wealth is - ANSWER-Being frugal, not cheap but value oriented




QUESTION: Which is NOT "consideration" when creating a contract?


A. Money.


B. Gender.



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C. Physical objects.


D. Services. - ANSWER-B (Gender)




QUESTION: When entering into a contract, which is NOT important?


A. The contract being witnessed by a lawyer.


B. What happens if any party fails to perform?


C. All blanks should be filled.


D. What constitutes the end of the contract? - ANSWER-A ( The contract being witnessed by a

lawyer)




QUESTION: Which of the following is important when signing a contract?


A. What is the reputation of the other parties?


B. Is mediation or arbitration required?


C. What constitutes the end of the contract?


D. All of the above. - ANSWER-D (all of the above)




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