UGBA 196 Final questions with answers graded A+ 2023/2024

UGBA 196 Finalcredit score - correct answer - paying bills on time over time - debt to credit ratio - length of credit history - new accounts and recent applications for credit - mix of credit cards and loans wash sale - correct answer - cannot declare a loss on a security if you purchase the identical security within 30 days before or after the sale revenue - correct answer sales earnings - correct answer profits interest rates are based on... - correct answer lowest score making credit card payments on time - correct answer - 5 days before the due date if by mail - 2 days before the due date if online victim of credit card theft - correct answer - when your credit card is missing or stolen - contact credit card issuer or bank immediately - loss is limited to $50 if you contact issuer within 2 days of discovery (after that, liable for up to $500 and after 60 days, full charge) - close account immediately - ask for a new card on a new account - if you find the card, destroy and discard when you make an extra payment on a loan... - correct answer make sure it goes towards the principal amount with the highest interest rate short sale - correct answer - if the value of the home declines to the point where the amount of the loan is greater than the market value of the house - even if house is sold, proceeds will not be enough to repay the loan prepaid cards - correct answer - activation fees of up to $39.95 - inactivity fees - fee to load money onto card - fee to check balance information - fee to use an ATM for cash - fee for using check to close an account - monthly maintenance fee if you do not load a minimum amount onto your card each month who puts into an IRA? - correct answer - you - uncle sam who puts into a 401K? - correct answer - you - uncle sam - employer rule of 72 - correct answer - used to estimate how long it will take a certain sum of money to double at a certain interest rate, assuming the interest is compounded annually - calculation 1- divide 72 by the interest rate or expected rate of return (result is number of years it will take to double your money) - calculation 2- divide 72 by the number of years you want to invest to get the rate of interest you will need to earn in order to double your money maximum federal income tax rate - correct answer 39.6%