GEN 102 Week 5 Quiz | Assignment Help | Ashford University
- ashford university / GEN 102
- 10 Dec 2020
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GEN 102 Week 5 Quiz | Assignment Help | Ashford University
Question 1
Steve wants to take
charge of his finances. To do so, he must track his income and expenditures. To
accurately calculate his take-home pay, Steve must use his __________.
o
weekly net income and multiply it by 48
o
monthly gross income and multiply it by
12
o
yearly gross income minus Social
Security taxes and divide the result by 12
o
yearly gross income minus all income
taxes and Social Security taxes and divide the result by 12
Question 2
Now that he is
employed, Martin wants to start making plans to purchase a new home. Martin’s
plan to save up for a down payment within 1 to 5 years is an example of a(n)
__________-term goal.
o
long
o
medium
o
short
o
average
Question 3
When was the Social
Security Act passed?
o
1927
o
1933
o
1935
o
1940
Question 4
Jackson wants to begin
saving for his retirement. He is considering enrolling in his company’s 401(k)
savings program. Which of the following is a good reason to do so?
o
He will not have to pay taxes on funds
he withdraws from it after age 55 or 59½.
o
Any contributions will be taken out of
his income after taxes.
o
It might put him in a higher tax bracket
once he retires.
o
His employer will match his
contributions up to a certain percentage.
Question 5
Alfred and his wife, Irma,
are working with a financial planner to learn how they can increase their
family’s net worth. Their financial planner suggests that they accumulate
assets that increase in value. Which of the following assets should Alfred and
Irma invest in?
o
clothing
o
cars
o
real estate
o
electronics
Question 6
Artulio is pursuing a
degree in social work at Ashford, but he hopes to work for the Peace Corps AmeriCorps after his graduation. Which of
the following would be something for him to think about when considering the
option of taking out a government subsidized loan?
o
He might be eligible for a forgiveness
program.
o
He might be able to lengthen the time to
repay his loan.
o
He might be able to extend the loan
deferment time.
o
He might be able to negotiate a better
interest rate on his loan.
Question 7
Keisha wants to
purchase a new motorcycle, without borrowing any money, and she plans to save
up the money over a 2-year period. Her first step toward her goal is to decide
exactly what kind of motorcycle she wants to buy and how much it will cost in
2[KJ4] years. After doing the research,
she settles on a used Harley Davidson Dyna. Which step of the SMART goal
process does this example demonstrate?
o
measurable
o
action-oriented
o
realistic[KJ5]
o
specific
Question 8
Janice recently
received her college degree and is looking for a job. She is worried that since
she just finished school, she will be required to repay her Perkins and Direct
Subsidized loans immediately. Janice pulls out the paperwork she signed and
reviews it again for repayment information. After reading all of the
information, Janice discovers that __________.
o
her loans become due 2 weeks after
graduation
o
her loan does not require repayment for
a period of 5 years
o
there is no indication of when repayment
is required to begin
o
there is a grace period after graduation
before repayment is required to begin
Question 9
Shaunta borrowed
$50,000 to pay for her education and living expenses during the time she attended
college. She chose not to work part-time
during her school years to help pay the costs.
As a result of starting a family after graduation, she can only afford a
$250 monthly loan payment. Her total
payments when she completes paying for the loan will be $107,500. How many years will it take her to pay her
debt?
o
15 years
o
20 years
o
35 years
o
More than 35 years
Question 10
Which of the following
agencies is NOT one of the three agencies authorized by federal law to provide
a free credit report every 12 months?
o
Equifax
o
Transperiax
o
Experian
o
Transunion
USA 
India