Page 1 of 183
UGBA 135 MIDTERM exam A&B ALL 450
QUESTIONS AND CORRECT ANSWERS LATEST
UPDATE THIS YEAR
UGBA 135 MIDTERM exam
QUESTION: If you exceed your credit card limit by $15, your bank can charge you an over-the-
limit fee of:
$35
$25
$15
Unlimited amount - ANSWER-C
QUESTION: To establish good credit you should:
Pay cash for everything
Only use a debit card
None of the above
Avoid borrowing money - ANSWER-C
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, Page 2 of 183
QUESTION: A prenuptial agreement is probably not valid if it is:
None of the above
Not approved by a family court of law
Signed under duress
Not witnessed by a lawyer - ANSWER-C
QUESTION: If you have 3 credit cards each with a $1000 limit, and you have a
combined total of $1,000 of outstanding charges, your debt to credit
percentage is about:
100%
33%
67%
50% - ANSWER-B
QUESTION: Which of the following is a good use of a security fund (also called
2
, Page 3 of 183
an emergency fund or a rainy day fund)?
To help you pay your bills if you lose your job
To purchase an iPhone if Apple comes out with a new model
To take the place of health insurance
To pay for a vacation - ANSWER-A
QUESTION: If you think you are the victim of credit card theft, the first thing you
should immediately do is:
Notify the police
Contact the Federal ReserveContact the Consumer Financial Protection
Agency
Contact your credit card issuer or its bank
Contact the Consumer Financial Protection Agency - ANSWER-C
QUESTION: Which most closely represents our classroom definition of a "millionaire"?
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, Page 4 of 183
Someone who owns real estate with a market value of $1,000,000 Someone with a $1,000,000
savings account
Someone who can live their life without depending on financial help from a
governmental agency
Someone with no debts or interest to pay - ANSWER-C
Q; The most important factor in determining your FICO score is your:
A. Debt to credit ratio
B. Paying bills on time over time
C. Length of credit history
D. New accounts and recent applications for credit - ANSWER-B
QUESTION: The highest possible FICO score is:
750
700
None of the above
800 - ANSWER-C
4
UGBA 135 MIDTERM exam A&B ALL 450
QUESTIONS AND CORRECT ANSWERS LATEST
UPDATE THIS YEAR
UGBA 135 MIDTERM exam
QUESTION: If you exceed your credit card limit by $15, your bank can charge you an over-the-
limit fee of:
$35
$25
$15
Unlimited amount - ANSWER-C
QUESTION: To establish good credit you should:
Pay cash for everything
Only use a debit card
None of the above
Avoid borrowing money - ANSWER-C
1
, Page 2 of 183
QUESTION: A prenuptial agreement is probably not valid if it is:
None of the above
Not approved by a family court of law
Signed under duress
Not witnessed by a lawyer - ANSWER-C
QUESTION: If you have 3 credit cards each with a $1000 limit, and you have a
combined total of $1,000 of outstanding charges, your debt to credit
percentage is about:
100%
33%
67%
50% - ANSWER-B
QUESTION: Which of the following is a good use of a security fund (also called
2
, Page 3 of 183
an emergency fund or a rainy day fund)?
To help you pay your bills if you lose your job
To purchase an iPhone if Apple comes out with a new model
To take the place of health insurance
To pay for a vacation - ANSWER-A
QUESTION: If you think you are the victim of credit card theft, the first thing you
should immediately do is:
Notify the police
Contact the Federal ReserveContact the Consumer Financial Protection
Agency
Contact your credit card issuer or its bank
Contact the Consumer Financial Protection Agency - ANSWER-C
QUESTION: Which most closely represents our classroom definition of a "millionaire"?
3
, Page 4 of 183
Someone who owns real estate with a market value of $1,000,000 Someone with a $1,000,000
savings account
Someone who can live their life without depending on financial help from a
governmental agency
Someone with no debts or interest to pay - ANSWER-C
Q; The most important factor in determining your FICO score is your:
A. Debt to credit ratio
B. Paying bills on time over time
C. Length of credit history
D. New accounts and recent applications for credit - ANSWER-B
QUESTION: The highest possible FICO score is:
750
700
None of the above
800 - ANSWER-C
4
