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School
Baruch College, CUNY *
*We aren’t endorsed by this school
Course
3100
Subject
Finance
Date
Jan 9, 2024
Type
Pages
8
Uploaded by aki77
QUESTION
1
Which
is
the
correct
website
for
reporting
and
recovering
from
identity
theft?
O
a.www.fraudalert.com
O
b.www.ldentityFraud.gov
O
c.www.crimestoppers.com
.
www.|dentity
Theft.gov
QUESTION
2
What
does
the
minimum
payment
warning
on
credit
card
statements
show?
(O
a.How
long
it
will
take
to
pay
off
your
current
credit
card
balance
if
only
minimum
payments
are
made
(O
b.The
total
interest
that
you
will
pay
if
you
only
make
the
minimum
payments
until
payoff
O
¢
The
additional
payment
amount
you
need
to
make
in
order
to
pay
off
the
current
balance
in
three
years
d.All
of
the
above
QUESTION
3
What
is
debt
consolidation?
.
Paying
off
high
interest
debt
using
money
borrowed
at
a
lower
rate
of
interest
(O
b.Making
one
payment
to
cover
several
bills
(O
.
Taking
out
another
credit
card
to
lower
your
credit
utilization
ratio
(O
d.None
of
the
above
QUESTION
4
Paying
as
much
as
you
can
afford
against
your
most
expensive
debt
(highest
interest
rate)
and
paying
minimum
amounts
against
all
other
debts
until
that
first
debt
balance
is
paid
off,
then
paying
off
each
debt
in
order
until
you
are
debt
free
is
called?
O
a.Debt
consolidation
O
b.
Effective
budgeting
O
c.The
credit
utilization
ratio
.
The
"Avalanche
Method"
of
debt
repayment
QUESTION
5
Which
of
the
following
is
an
example
of
consumer
debt
not
secured
by
an
asset?
(O
a.Home
mortgage
()
b.Boat
loan
O
c.Carloan
@
d.
Credit card debt
QUESTION
6
Which
is
the
correct
formula
for
calculating
Debt
to
Income
Ratio
(DTI)?
.
Divide
the
sum
of
all
of
your
monthly
debts
by
your
monthly
gross
income
and
convert
to
a
percentage
(©
b.Add
your
student
loans
and
credit
card
debts
together
then
divide
by
your
last
paycheck
amount
O
c.Divide
your
annual
income
by
your
total
amount
of
debt
and
convert
to
a
percentage
()
d.Divide
your
credit
card
balance
by
your
biweekly
paycheck
amount
QUESTION
6
Which
is
the
correct
formula
for
calculating
Debt
to
Income
Ratio
(DTI)?
a.Divide
the
sum
of
all
of
your
monthly
debts
by
your
monthly
gross
income
and
convert
to
a
percentage
(O
b.Add
your
student
loans
and
credit
card
debts
together
then
divide
by
your
last
paycheck
amount
)
.
Divide
your
annual
income
by
your
total
amount
of
debt
and
convert
to
a
percentage
(O
d.Divide
your
credit
card
balance
by
your
biweekly
paycheck
amount
QUESTION
7
What
is
the
maximum
percentage
of
monthly
take
home
pay
that
an
individual
or
family
should
spend
on
housing
costs
(rent
or
mortgage+insurance+property
taxes)
in
order
to
be
able
to
afford
other
living
expenses.
If
you
go
over
this
percentage,
you
are
considered
"housing
constrained"
or
"housing
burdened"
and
have
a
higher
risk
of
going
into
credit
card
debt.
(O
a.Roughly
75%
spent
on
housing
costs
)
b.At
least
50%
spent
on
housing
costs
c.No
more
than
30%
spent
on
housing
costs
O
d.The
percentage
does
not
matter
QUESTION
8
Home
buyers
who
cannot
afford
to
make
a
down
payment
of
at
least
20%
are
usually
required
to
purchase
and
to
apply
for
their
mortgage
through
the
O
a.Life
insurance;
mortgage
broker
b.
Private
Mortgage
Insurance
(PMI);
Federal
Housing
Administration
(FHA)
O
c.Title
insurance;
mortgage
banker
O
d.Adjustable
rate
mortgage
(ARM);
federal
credit
union
QUESTION
9
Amoritzation
is
paying
off
debt over
time
in
equal
installments.
Part
of
each
payment
goes
toward
the
loan
principal
and
part
goes
toward
interest.
As
a
fixed
rate
mortgage
loan
amortizes,
the
amount
going
toward
principal
starts
out
and gradually
grows
month
by
month.
@®
a.Small;
larger
O
b.Even;
proportionally
O
c.Negative;
modestly
©
d.Large;
smaller
QUESTION
10
Accounts
in
good
standing
appear
in
what
part
of
an
individual's
credit
report?
s
O
a.ln
the
Credit
Inquiries
section
(O
b.The
back,
behind
the
list
of
credit
inquiries
(O
c.
The
front,
just
after
the
biographical
information
section
d.
Before
the
biographical
information
like
name,
address,
DOB
and
SSN
QUESTION
11
Credit
"piggy-backing”
refers
to
which
of
the
following
practices:
(O
a.Locking
in
a
low
rate
on
a
30
year
fixed
rate
conventional
mortgage
O
b.
Transferring
a
credit
card
balance
to
a
0%
interest
credit
card
in
order
to
pay
it
off
quicker
(O
c.Not
using
more
than
30%
of
your
credit
limit
in
order
to
raise
your
credit
score
over
time
d.Being
added
as
an
authorized
user
to
a
credit
card
held
by
someone
with
excellent
credit
QUESTION
12
Credit
card
debt
is
considered
debt,
meaning
that
the
amount
owed
can
vary
month
to
month.
@
a.Revolving
debt
)
b.Uncollectable
debt-—-beyond
the
statute
of
limitations
for
debt
collection
O
c.Defaulted
debt
*)
d.Installment
debt
QUESTION
13
According
to
the
credit
utlization
ratio,
using
less
than,
%
of
one's
available
credit
will
O)
a.75%;
have
no
impact
on
b.30%;
raise
D
¢.10%;
lower
0
d.50%;
raise
QUESTION
14
The
following
steps
should
be
followed
in
order
to
raise
one's
credit
score
over
time:
_)
a.Pay
bills
on
time
O
b.Use
less
than
30%
of
available
credit
limit
on
each
credit
card
O
c.Correct
mistakes
on
one's
credit
report(s)
@®
d.All
of
the
above.
QUESTION
15
one's
credit
score
over
time,
even
if
the
credit
card
balance
is
paid
in
full
each
month
to
avoid
interest
charges.
How
does
applying
for
new
credit
(10%
of
credit
score)
impact
the
length
of
credit
history
(15%
of
credit
score)?
()
a.
These
things
are
not
related
to
credit
scores
@®
b.
Since
the
length
of
credit
history
is
the
average
age
of
one's
credit
accounts,
new
credit
cards
or
loans
will
lower
this
average
age, resulting
in
a
temporary
dip
in
one's
credit
score.
O
c.
Applying
for
new
credit
will
mmediately
improve
one's
credit
score
O
d.
Applying
for
new
credit
will
have
zero
impact
on
length
of
credit
history
QUESTION
16
Gross
income
refers
to:
@®
a.Income
from
all
sources,
before
taxes
are
withheld
_)
b.What
the
IRS
expects
you
to
pay
income
tax
on
O
c.Income
that
is
paid
in
cash
O
d.
The
net
amount
of
your
biweekly
paycheck
after
taxes
and
other
deductions
QUESTION
17
What
tax
preparer’s
refer
to
as
"above
the
line"
adjustments
to
income
to
derive
Adjusted
Gross
Income
(AGI)
can
include:
O
a.Very
complicated
calculations
that
may
require
a
tax
filing
extension
7
b.All
deductions
from
gross
income
to
derive
net
income
in
an
individual's
paycheck
@
O
d.Quarterly
estimated
tax
payments
for
certain
tax
filers
)
c.
Adding
additional
income
like
gambling
winnings
or
unemployment
compensation
and
deducting
certain
items,
like
pretax
IRA
contributions
or
Health
Savings
Account
contributions
on
Schedule
1
of
IRS
Form
1040.
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QUESTION
17
What
tax
preparer’s
refer
to
as
"above
the
line"
adjustments
to
income
to
derive
Adjusted
Gross
Income
(AGI)
can
include:
(O
a.Very
complicated
calculations
that
may
require
a
tax
filing
extension
(O
b.All
deductions
from
gross
income
to
derive
net
income
in
an
individual's
paycheck
®
c.Adding
additional
income
like
gambling
winnings
or
unemployment
compensation
and
deducting
certain
items,
like
pretax
IRA
contributions
or
Health
Savings
Account
contributions
on
Schedule
1
of
IRS
Form
1040.
(O
d.Quarterly
estimated
tax
payments
for
certain
tax
filers
QUESTION
18
Which
of
the
following
use
Adjusted
Gross
Income
(AGI)
in
determining
eligibility
for
income-related
benefits?
(O
a.Eligibility
for
the
Eamned
Income
Tax
Credit
O
b.Eligibility
for
Medicaid
coverage
O
c.Eligibility
to
deduct
student
loan
interest
on
Schedule
1
of
your
IRS
1040
tax
return
d.All
of
the
above
QUESTION
19
Which
of
the
following
are
examples
of
pre-tax
contributions
that
can
lower
your
taxable
income?
(O
a.Student
loan
interest
payments
O
b.Schedule
C
business
income
(O
c.Online
gambling
losses
d.
Contributions
to
a
Traditional
IRA
and/or
Health
Savings
Account
QUESTION
20
Which
offers
the
beggest
deduction
to
get
to
your
"taxable
income”,
the
Standard
Deduction
or
Itemized
Deductions?
(O
a.
There
is
no
difference
between
itemizing your
deductions
and
taking
the
standard
deduction
b.
It
depends
on
whether
your
itemized
deductions
add
up
to
more
than
the
standard
deduction
(O
c.Most
people
would
benefit
from
itemizing
their
deductions
(O
d.The
standard
deduction
is
always
higher
QUESTION
21
Tax
payers
can
deduct
contributions
to
charity
if:
(O
a.
They
are
rich
and can
afford
to
give
money
away
(O
b.They
contribute
cash
or
donated
items
c.
They
itemize
their
deductions
rather
than
take
the
standard
deduction
(©
d.They
keep
detailed receipts
QUESTION
22
Under
current
tax
law,
known
as
the
Tax
Cuts
and
Jobs
Act
(TCJA
2018),
tax
payers
can
deduct
how
much
state
and
local
income
tax,
sales
tax,
and/or
property
tax?
(O
a.This
is
a
benefit
for
taxpayers
who
are
over
age
65
@®
b.There
is
a
$10,000
cap
on
such
deductions,
known
as
the
SALT
cap
(O
c.
The
amount
depends
on
your
adjusted
gross
income
(O
d.No
such
cap
or limit
currently
exists
QUESTION
29
Certified
Financial
Planners™
and
Registered
Investment
Advisors
are
held
to
which
standard
of
customer
care?
(O
a.Equality--they
must
treat
all
of
their
clients
the
same
b.
Fiduciary--they
must
always
put the
interests
of
their
clients
before
their
own
)
¢.
Sustainability-—they
must ensure
that
their
practices
do
not
harm
the
environment
(O
d.
Suitability--their
recommendations
to
their
clients
must
be
suitable
to
the
objectives
and
financial
situations
of
their
clients
QUESTION
30
A
conservative
investment
portfolio
would
have
what
kind
of
investment
objective
and
what
kind
of
expected
rate
of
retum?
(O
a.Moderate
growth
with
a
steady
rate
of
return
O
b.
Volatility
based
on
the
S&P
500
Index
(O
c.Aggressive
growth
with
a
relatively
high
rate
of
return
@
d.
Preservation
of
principal
and
a
relatively
low
rate
of
return
on
the
invesments
in
the
portfolio
QUESTION
31
Reasons
that
investors
may
favor
Exchange
Traded
Funds
(ETFs)
over
actively
managed
mutual
funds
are:
O
a.
Superior
diversification
@®
b.Lower
expense
ratios
and
greater
tax
control
O
c.High
portfolio
turnover
O
d.
Stability
of
portolio
management
team
QUESTION
32
Growth,
Value
and Blend
refer
to:
(O
a.
The
investment
objective
of
a
mutual
fund
(O
b.The
sectors
that
the
mutual
fund invests
in
.
The
"style"
of
a
mutual
fund
(O
d.The
expense
ratio
of
a
mutual
fund
QUESTION
33
Bonds
issued
by
corporations,
the
U.S.
Treasury,
state
governments,
city
governments
and various
municipalities
are:
@®
a.Debt
contracts
that
pay
interest
to
investors
O
b.
Highly
diversified
(O
c.Equity
holdings
that
pay
dividends
to
investors
©
d.Tax-deferred
investments
QUESTION
34
can
help
you
understand
your
current
financial
situation
by
listing
your
assets
and
liabilities.
a.Net worth
statement
O
b.Cash
flow
statement
O
c.Income
statement
O
d.Monthly
budget
QUESTION
35
Over
time,
the
U.S.
economy
tends
to
be
,
usually
expanding
(growing)
but
sometimes
going
through
periods
of
contraction
referred
to
as
economic
recessions.
O
a.
Static
O
b.Volatile
@
c.Cyclical
O
d.Strong
QUESTION
36
Financial
goal
setting
organizes
goals
by:
@
a.
Timeframe
(short
term,
intermediate
and
long
term)
(©
b.Enjoyment
(most
fun
to
least
fun)
(O
c.Complexity
(easiest
to
hardest
to
achieve)
(O
d.Amount
(lowest
cost
to
highest
cost)
QUESTION
37
An
index
fund
is
a
mutual
fund
designed
to
mimic
the
performance
of
a
particular
group
or
list
of
stocks
or
bonds.
The
investment
performance
of
such
index
funds,
like
the
S&P
500
or
Russell
2000,
is
tracked
and
often
used
as
a
benchmark
to
measure
the
investment
returns
of
similarly
constructed
actively-managed
mutual
funds.
For
example,
the
S&P
500
is
used
as
the
yardstick
to
measure
the
returns
of
large
cap
growth mutual
funds---did
they
do
better
or
worse
than
the
index.
Investing
in
an
index
mutual
fund
is
called:
()
d.Active
investing-—-because
many
decisions
to
buy
and
sell
holdings
have
to
be
made
QUESTION
38
An
investment
policy
statement
(IPS)
provides
a
helpful
structured
framework
for
investment
planning.
The
first
part
of
an
IPS
lists:
()
a.Whether
the
investor
will
owe
taxes
b.
The
investor's
return
objective
and
risk
tolerance
or
risk
preference
O
c.The
available
investments
(O
d.The
investors
budget
and
cash
flows
QUESTION
39
Risk
is
measured
by
the
amount
of
volatility,
meaning
the
difference
between
actual
retums
and
average
(expected)
returns
of
a
benchmark,
like
the
S&P
500
Index.
This
difference
is
referred
to
as:
(O
a.
The
fund's
expense
ratio
b.The
fund's
standard
deviation
or
beta
O
c.Front
running
(O
d.The
fund's
risk
percentage
QUESTION
40
Investors
make
money
from
their
stock
and
bond
iinvestments
in
the
form
of:
O
a.
Tax
deductions
or
credits
O
b.
Inflation-adjusted
investment
returns
O
c.Market
volatility
d.
Capital
gains,
dividends
and
interest
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QUESTION
41
Investment
Risk
Tolerance
is
defined
by
the
investor's:
O
a.
Tax
filing
status—-single,
head
of
household,
married
filing
jointly,
qualfied
surving
spouse
O
b.
Credit
utiitization
ratio
O
c.Marginal
income
tax
bracket
@
d.Financial
situation
and
emotional
willingness
to
assume
the
risk
of
possible
loss
of
principal
invested
QUESTION
42
A
mutual
fund
is
an
investment
portfolio
consisting
of
securities
that
an
individual
can
invest
in
all
at
once
without
having
to
buy
each
investment
separately.
One
advantage
of
investing
in
a
mutual
fund over
investing
in
a
single
stock
investment
is:
@
a.Diversification—--mutual
fund
owners
own
a
piece
of
many
stocks
and/or
bonds
which
protects
them
from
the
risk
of
a
single
stock
or
bond
investment
losing
value
O
b.
Safety
of
principal
O
c.
Trading
efficiency
O
d.Guaranteed
returns
QUESTION
43
Federal
Student
Loans
will
appear
on
a
borrower's
credit
report
@
True
O
False
QUESTION
44
People
with
high
credit
scores
pay
higher
rates
of
interest
when
borrowing
money
in
the
form
of
loans
or
credit
card
interest.
O
True
@®
False
QUESTION
45
With
an
adjustable
rate
mortgage
(ARM)
the
borrower
can
change
the
interest
rate
at
any
time
O
True
@®
False
QUESTION
46
Conventional
home
mortgage
loans,
which
are
issued
by
private
lenders,
usually
require
that
borrowers
have
good
to
excellent
credit
scores
and
the
ability
to
make
a
20%
down
payment
on
a
home
purchase
@
True
O
False
QUESTION
47
Credit
card
companies
can
charge
both
a
late
fee
and
raise
the
interest
rate
on
your
card
balance
if
you
are
late
paying
your
bill.
O
False
QUESTION
48
Long
term
capital
gains
are
taxed
at
higher
rates
than
earned
income
O
True
@
False
QUESTION
44
People
with
high
credit
scores
pay
higher
rates
of
interest
when
borrowing
money
in
the
form
of
loans
or
credit
card
interest.
O
True
@
False
QUESTION
45
With
an
adjustable
rate
mortgage
(ARM)
the
borrower
can
change
the
interest
rate
at
any
time
O
True
False
QUESTION
46
Conventional
home
mortgage
loans,
which
are
issued
by
private
lenders,
usually
require
that
borrowers
have
good
to
excellent
credit
scores
and
the
ability
to
make
a
20%
down
payment
on
a
home
purchase
@
True
O
False
QUESTION
47
Credit
card
companies
can
charge
both
a
late
fee
and
raise
the
interest
rate
on
your
card
balance
if
you
are
late
paying
your
bill.
True
O
False
QUESTION
48
Long
term
capital
gains
are
taxed
at
higher
rates
than
eared
income
O
True
False
QUESTION
49
Refundable
tax
credits
can
result
in
a
tax
filer
receiving
a
tax
refund,
even
if
he
or
she
paid
little
or
no
income
tax
for
the
year
True
O
False
QUESTION
50
Tax
payers
are
obligated
to
pay
someone
to
prepare
their tax
returns
each
year.
There
are
no
free
options
available
even
if
you
don't
earn
a
lot
of
money.
O
True
False
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