Fundamentals

Question 1

Uber Is A Drunk Person’s Immediate Motor vehicle stands for?

Answer 1

1. Understanding
2. Implementing
3. Analyzing
4. Develop
5. Present
6. Implement
7. Monitor

Question 2

Depression and Recession. How many quarters each ?

Answer 2

Depression 6 consecutive quarters and recession 2 consecutive quarters

Question 3

How to measure inflation formula

Answer 3

[(New price - old price) \ Old price]

Question 4

What topics are covered in Bankruptcy protection laws

Answer 4

Homestead, life Insurance, qualified plans, rollover IRA, debts related to negligence, Bene Ira of Trust in name as owner, IRA and Roth up to $1,362,800

Question 5

Current Ratio

Answer 5

Current assets / Current Liabilities

Question 6

Emergency Fund Ratio

Answer 6

Current Assets / Monthly Non-discretionary Expenses

Question 7

Housing Ratio 28% and Housing Ratio 36%

Answer 7

28: monthly housing costs(P+I+T+I) / Monthly gross Income
36: monthly housing costs(P+I+T+I) +all other recurring debt / Monthly gross Income

Question 8

Savings Ratio

Answer 8

( Annual employee and Employer’s contribution) / Annual Gross Income

Question 9

What is ROI Ratio

Answer 9

(Ending Investments - Beginning Investments - Savings - Gift Received) / (Average Invested Assets)

Average Investment Assets = Beg Inv + End Inv) / 2

Question 10

Financial Aid Formula

Answer 10

Tuition or Cost of Attendance - Expected Family Contribution = Financial Need

Question 11

What kinda of Financial Aid offered by the Department of Education and type of need based or not

Answer 11

1. Federal Pell Grant - need
2. Stafford Loan - need subsidized
3. Stafford Loan Not Need - Unsubsidized
4. PLUS Loans - Not Need (parents)
5. Grad PLUS Loans- Not Need
6. Federal Perkins - Need (Discontinued)

Question 12

What’s te the repayment options for Federal Loans

Answer 12

1. IBR income Based Repayment (10-15% discretionary income. Forgive after 25) No Plus Loans parents
2. Pay as you go, for high debt-to-income. 10% discretionary. Only Staffford and PLUS student
3. Graduates Repayment
4. Extended Repayment better for entry-level jobs
5. Income contingent 20% discretionary or fixed pay over 12 years

Question 13

What rules are there when using the American opportunity Tax credit and Lifetime Learning tax y at the same time?

Answer 13

Do NOT claim both using same child
Do NOT claim both using the same amount
You Can use both claiming DIFFERENT amount