Term
| Mr. Carroll's employer offers great benefits. If he works for the company a minimum of 20 years, the company will continue to pay him some of his pay after he stops working. What benefit is being described? |
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Definition
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Term
| After her house was damaged by a tornado, Cindy paid $500 to her insurance company. Then the insurance company paid her the remaining cost of the damage. What is the amount Cindy paid after her house was damaged? |
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Definition
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Term
| If a person needs to contact one of the three major credit bureaus, what would be the best ways? (Choose all that apply.) |
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Definition
| 7953163:B. Company website,7953165:D. Phone |
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Term
| You accepted a major retailer's credit offer to buy home gym equipment without having to pay principal or interest until next year. You didn't think about the impact on your montly budget because a full year seemed so far away, and you even hoped to have a better paying job by then. When the year is up, and the bills start arriving for the equipment, you don't make payments on the principal or interest. What do you think will happen? |
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Definition
7952999:C. You will be held legally responsible for making payments.
,7953000:D. You will have difficulty getting different kinds of credit in the future. |
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Term
| What do you think would happen if a person donated a couch that was so used that it smelled and sank in the middle? Choose all that apply. |
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Definition
Your Answer
7953838:B. Any charitable organization would have to dispose of it. ,7953840:D. The government would NOT view this as a legitimate tax deduction. |
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Term
| Which of the following can qualify as charitable tax deductions? |
|
Definition
| 7953845:A. Gift-in-kind ,7953847:C. Monetary gift |
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Term
| Shari just finished paying all of her monthly bills. She has $350.00 left over. Which of the following best describes Shari's left over money? |
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Definition
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Term
| Neil believes that the more credit cards you have in your wallet, the more credit worthy you appear to others. If you were Neil's credit counselor, which of the following statements would you share with him? |
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Definition
| B. It is more important to take good care of 1 or 2 loans or credit cards, than it is to show you have several. |
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Term
| Which of the following is defined as a payment made to Americans of a certain age in order to help compensate them after they stop working? |
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Definition
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Term
| A major retailer is offering you credit to buy a stove and refrigerator, which you need for your new apartment. The retailer's loan offer includes deferred interest for six months. The principal repayment will begin one month from purchase. In which of the following situations would it be wise to accept this credit? |
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Definition
| C. If you earned enough money to pay back the full loan within the loan term |
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Term
| Up to what amount does the FDIC insure checking accounts? |
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Definition
|
|
Term
| Which of the following statements best defines the term economics? |
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Definition
| A. Economics is the study of the production and distribution of goods and services. |
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Term
| Cassie owns a home in Missouri. Patrice owns a home in Colorado. Both houses are approximately the same size, in the same condition, built the same year, and in the same type of neighborhood. However, Patrice's home is much more expensive. More than likely, which of the following caused the price difference? |
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Definition
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Term
| What is an entrepreneur's income based on ? |
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Definition
|
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Term
| Isaiah filed bankruptcy. He knows that this has an adverse effect on his credit rating. How long can he expect this decision to remain on his credit report? |
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Definition
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Term
| Jacquelin's weekly income is $750. If she saves 25% of her weekly income, how much money does she set aside for her weekly expenses? |
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Definition
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Term
| The company Marlene works for offers a matching incentive with all retirement plans. For every pre-tax dollar Marlene contributes to her retirement plan the company will match that amount up to a certain point. Which of the following is Marlene participating in? |
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Definition
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Term
| What is the limit a person 60 or over can deposit in his or her Roth IRA? |
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Definition
|
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Term
| Calculate the amount of interest you'll pay on the following loan. Borrowed: $3500 APR: 21% Term: 12 months |
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Definition
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Term
| Mikayla wants to establish good credit. Which of the following is a wise way to do that? |
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Definition
| 7952993:A. Ask for a low credit card limit so she is not tempted to spend beyond her means,7952996:D. Use a credit card to purchase items that she can afford to pay back before interest is added to her payments |
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Term
|
Definition
| D. Money given to a borrower |
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Term
| D'acari took out a $1000 loan for one year with a 10% APR. What would be the accrued interest on this loan after four months? |
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Definition
|
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Term
| Which of the following is true if you move to another state that has a higher cost of living, but your salary and bills remain the same? |
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Definition
| D. You will have less discretionary income. |
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Term
| According to the economic theories promoted by Thomas Malthus, providing charity to those in need would |
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Definition
| B. be beneficial to the betterment of society. |
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Term
| Which of the following would an economist say motivates a man who builds chairs and sells them to the public? |
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Definition
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Term
| Mitch's car loan is a 60 month loan. What is this amount of time called? |
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Definition
|
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Term
| What do you think would happen if a person donated a bag of clothes with rips and stains on them? |
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Definition
| 7953834:B. Any charitable organization would have to dispose of them.,7953836:D. The government would not view this as a legitimate tax deduction. |
|
|
Term
| The study of economics involves looking at |
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Definition
| D. unlimited wants and limited resources |
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Term
| If Melody's monthly income is $3,250, what is the minimum she should have in her emergency fund? |
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Definition
|
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Term
| Calculate the amount of interest you'll pay on the following loan. Borrowed: $1500 APR: 17% Term: six months |
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Definition
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Term
Question Text
Which of the following is characteristic of insurance? |
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Definition
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Term
| Luke's family received a lump sum from the insurance company after Luke died. What is Luke's family? |
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Definition
|
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Term
| Which of the following loans will have the lowest interest rate? |
|
Definition
| A. 7 percent compounded annually |
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|
Term
| What was the Federal Deposit Insurance Corporation created to insure? |
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Definition
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Term
| Susie has been paying installments of $50 per month for homeowner's insurance. Her house was robbed, and $7,500 of her property was stolen. Susie paid $500 before her insurance company paid the remaining balance of $7,000. What is the amount of $50? |
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Definition
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Term
| Mr. Harris and his 16-year-old son were discussing the differences in minimum wage from when he was 16 until now. Mr. Harris said that he only made $4.00 an hour when he was 16. His son makes $7.25 an hour. Which of the following can be attributed to the change in minimum wage? |
|
Definition
| A. Cost of living changes |
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Term
| Some banks charge a fee to have a checking account. Sometimes this is based on a minimum balance. What is the fee called? |
|
Definition
|
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Term
| Which of the following transaction adds money to your checking account? |
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Definition
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Term
| Julie doesn't have any money for a house downpayment. How should she expect this to affect the cost of her credit? |
|
Definition
| 7952990:B. She will pay more interest over the loan term.,7952992:D. She will pay more principal over the loan term. |
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Term
| What type of checking account is designed for people that intend to do all or most of their banking electronically? |
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Definition
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Term
| Miko is currently renting an apartment, but would love to own her own home in the near future. Which of the following does she need to add to her savings plan to assist her in buying a home? |
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Definition
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Term
| Fredrich makes $275 a week. He has decided to save 15% of his weekly income. How much will he save in 1 month? |
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Definition
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Term
| Which of the following is a benefit of a 401(k) plan? |
|
Definition
| C. You pay less taxes now since your investment is taken out of your paycheck before taxes are calculated on your pay. |
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Term
| Ann would like to know how much she should have in her emergency fund if she makes $2,625 a month. Select the amount range she should have at a minimum. |
|
Definition
| A. $7,875.00 to $15,750.00 |
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Term
| Janel wants to know how a person maintains a good credit rating. How would you answer her question? |
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Definition
| A. Good credit comes from paying your bills on time and borrowing what you need and can afford. |
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Term
| How often is it recommended that you check your credit report? |
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Definition
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Term
| Kyle has been paying installments of $100 per month for medical insurance. He broke his arm, incurring $2,500 of doctor expenses. He paid $250 before his insurance company paid the remaining balance of $2,250. What is the amount of $250? |
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Definition
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Term
| What are some important features of the Keating-Owen Act of 1916? |
|
Definition
| Child labor laws are enacted. |
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Term
| Which of the following was known as the father of economics? |
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Definition
|
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Term
| Which of the following cannot be shown on a production possibilities graph? |
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Definition
|
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Term
| A business chooses to build army tanks rather than butter-making machines. What is this called? |
|
Definition
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Term
| The cost of an economic decision that is the most attractive option that is given up because one choice was made over another. What is this called? |
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Definition
|
|
Term
| All economic questions and problems arise from |
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Definition
|
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Term
Question Text
Which of the following terms did Adam Smith use to discuss the motivations of producers in the market place? |
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Definition
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Term
| If you were trying to start a railroad, but were unable to because the other railroad in town controlled all the goods and services, which would you ask the Supreme Court to consider? |
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Definition
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Term
| All of the other options that are given up when a business makes one choice over another are called |
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Definition
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Term
| The local ice company controls all the supply and distribution of ice in your city. What would this situation be called? |
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Definition
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Term
| In 1819, what did the Supreme Court rule about the nature of corporations? |
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Definition
| B. Corporations have the same rights as natural persons. |
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Term
| What is the main reason people make economic choices? |
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Definition
| C. Their resources are limited. |
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Term
| A new Japanese restaurant opens two blocks from your home. The owner, Reiko, is a personal friend of yours. You don't particularly like Japanese food, but you decide to go anyway; there is nothing on the menu that sounds appealing. Unfortunately, it turns out that most of the people in your town don't like Japanese cuisine either. Reiko confides that business is not good, but she isn't sure what to do from an economic standpoint. Which of the following would most likely describe Adam Smith's perspective on this problem? |
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Definition
| C. Reiko should add other ethnic foods to the menu and offer discounts to attract more people to her restaurant. |
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Term
| What were the results of the Supreme Court ruling in Dartmouth College v. Woodward? |
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Definition
| Corporations have the the same rights as a natural person. |
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Term
| The law of __________ is defined as the willingness of producers to produce or supply more of a good as the price of the good increases. |
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Definition
|
|
Term
| Which Supreme Court decision paved the way for the Citizens United decision that allowed businesses to make political contributions? |
|
Definition
| A. Dartmouth College v. Woodward |
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Term
| Adam Smith developed an important economic theory that does what? |
|
Definition
| D. links unintended consequences and their impact on how society functions. |
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Term
| Which of the following statements describes the economic goal of efficiency? |
|
Definition
| B. A country understands how to best utilize its resources to reach maximum output. |
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Term
| How would the government of a mixed economy put money back into the economy? |
|
Definition
| D. Through the purchase of goods and services that are needed in the society |
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|
Term
| Which of the following is NOT an advantage of a free market economy? |
|
Definition
|
|
Term
| Which goal of the U.S. economy seeks to assure that the number of available jobs increases as the population increases? |
|
Definition
|
|
Term
| Which of the following is a disadvantage of free market economies? |
|
Definition
| C. Some consumers are not paid fairly and equally. |
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Term
| Which goal of the U.S. economy seeks to compensate workers appropriately for the tasks they perform? |
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Definition
|
|
Term
| What does the term "laissez-faire" mean? |
|
Definition
|
|
Term
| If the scarcity of a resource causes its price to increase, what will happen to the price of products made from that resource? |
|
Definition
|
|
Term
| Which of the following is NOT considered a market? |
|
Definition
| B. Standing in an unemployment line. |
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Term
| Which goal of the U.S. economy makes people feel protected by ensuring the availability of staple products? |
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Definition
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Term
| Which of the following ensures that consumers will be able to purchase products at the lowest possible price? |
|
Definition
|
|
Term
| Which economic system combines traditional and free markets with limited government involvement? |
|
Definition
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Term
| A country decides to produce wool. Which of the following key economic questions does this decision address? |
|
Definition
| A. What should be produced? |
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Term
| Which of the following is NOT one of the three key economic questions? |
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Definition
|
|
Term
| Which of the following is best described by this statement: "While the public technically owns the factors of production, it is the government that oversees (through planners) the allocation of resources and makes economic decisions. |
|
Definition
|
|
Term
| Which of the following is NOT an advantage of command economies? |
|
Definition
| B. Overall economic growth is small. |
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|
Term
| Which of the following is a priority in a command economy? |
|
Definition
|
|
Term
| Which of the following does NOT describe traditional economies? |
|
Definition
| D. They tend to be focused on individuals rather than family units. |
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|
Term
| Which of the following is a trait of communism? |
|
Definition
| C. The government makes all major economic decisions. |
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|
Term
| The study of the behavior of entire economies is called |
|
Definition
|
|
Term
| Which of the following benefits of the American Free Enterprise System allows producers to be very flexible? |
|
Definition
|
|
Term
| What is the main idea of the Commerce Clause in the U.S. Constitution? |
|
Definition
| A. Congress controls business between the United States and foreign countries. |
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Term
| Which type of taxes apply to products that are brought in from other countries? |
|
Definition
|
|
Term
| Which of the following is an example of a public good? |
|
Definition
|
|
Term
| The study of the economic behavior of small units (such as individuals, families, and businesses) is called |
|
Definition
|
|
Term
| Which of the following is NOT an example of a public good? |
|
Definition
|
|
Term
| Which entrepreneur invented the color television set? |
|
Definition
|
|
Term
| Which of the following is considered a market? |
|
Definition
| C. ordering a book from an Internet bookseller website |
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|
Term
| All of the following government-sponsored economic assistance programs are examples of cash transfers except |
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Definition
|
|
Term
| Which level of government usually funds police forces? |
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Definition
|
|
Term
| Which of the following is not one of the results of having a national debt? |
|
Definition
| C. There is more money to invest. |
|
|
Term
| Which of the following benefits of the American Free Enterprise System requires a great deal of government involvement? |
|
Definition
|
|
Term
| Monetary policy is best described by which of the following statements? |
|
Definition
| D. The collection of actions the Federal Reserve takes to manage the money supply. |
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|
Term
| Which program is funded by contributions from both employees and employers? |
|
Definition
|
|
Term
| What impact do low interest rates have on the economy? |
|
Definition
| D. They foster spending and investing |
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|
Term
| Who presents the final federal budget to Congress at the beginning of the calendar year? |
|
Definition
| D. the Office of Management and Budget |
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|
Term
| Which is NOT one of the key components of the Federal Reserve System? |
|
Definition
| Outside Investing Council |
|
|
Term
| What will happen to interest rates if the supply of money in an economy is high? |
|
Definition
|
|
Term
| Quantities listed in market demand schedules are ______________ those found in individual demand schedules. |
|
Definition
|
|
Term
| Which of the following statements best describes a product that is considered inelastic? |
|
Definition
| B. The demand for the product is not affected by an increase in price. |
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|
Term
| Which of the following statements is FALSE? |
|
Definition
Your Answer
D. Supply schedules take a variety of factors into account and assume that nothing stays the same. |
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|
Term
| As prices rise, producers will increase production of a product because |
|
Definition
| C. they want to obtain higher profits. |
|
|
Term
| The law of supply states that |
|
Definition
| B. producers will produce or supply more of a good as the price of the good increases. |
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|
Term
| Price ceilings are often established in order to |
|
Definition
| C. keep products affordable for consumers. |
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|
Term
| Which of the following will NOT cause a shortage? |
|
Definition
|
|
Term
| Angela loves to shop for clothes and receives a raise. Applying what you have learned about changes in demand, an individual demand curve will probably show which of the following? |
|
Definition
| D. Angela's demand for clothing will increase. |
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|
Term
| Which of the following statements is FALSE? |
|
Definition
| D. Excess demand is handled by decreasing prices. |
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|
Term
| The population of Barneyville decreases because a local plant has downsized and cut 200 jobs. A market demand curve for housing will probably show which of the following? |
|
Definition
| B. The demand for houses will decrease. |
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|
Term
| When someone is willing to continue to purchase a good even though its price rises dramatically, the demand for the good is said to be |
|
Definition
|
|
Term
| Which of the following involves government payments to suppliers? |
|
Definition
|
|
Term
| If demand decreases, producers will decrease prices to |
|
Definition
| A. get people to buy their goods. |
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|
Term
| Supply curves are created when the data from a |
|
Definition
| C. supply schedule is graphed. |
|
|
Term
Which of the following is described by this statement?
As the prices of some goods rise, consumers cut back on the amount of items that they normally purchase and demand for these goods decreases. |
|
Definition
|
|
Term
| Which of the following are factors that can cause a shift in quantity supplied? |
|
Definition
| D. production increases and establishment of new companies |
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|
Term
| Sole proprietorships are owned by |
|
Definition
|
|
Term
| Which of the following accounts for most of the businesses in the United States? |
|
Definition
|
|
Term
| The group of people that is elected by stockholders to run a corporation is called the |
|
Definition
|
|
Term
| Which of the following is considered a low-risk investment? |
|
Definition
| B. certificates of deposit |
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|
Term
| Money acts as a _________________ because it allows people to compare prices. |
|
Definition
|
|
Term
| Which of the following financial institutions is known as a cooperative association? |
|
Definition
|
|
Term
| When one firm is able to dominate the market and no other firm is able to enter the market, a(n) ______________ has formed. |
|
Definition
|
|
Term
| Which of the following is an example of an oligopoly? |
|
Definition
|
|
Term
| What is the name given to a company that dominates a market and is the only company that produces a particular item? |
|
Definition
|
|
Term
| Which of the following was an example of a monopoly that was forced by the government to break-up into smaller companies? |
|
Definition
|
|
Term
| Which of the following is NOT a characteristic of money? |
|
Definition
| C. It is able to be stretched. |
|
|
Term
| Which of the following is a service offered by financial institutions today? |
|
Definition
|
|
Term
| Which of the following is a characteristic of a general partnership? |
|
Definition
| C. Partners share responsibilities. |
|
|
Term
| A majority of all the financial institutions in the United States are |
|
Definition
|
|
Term
| Many companies depend on the sale of shares of stock when they |
|
Definition
|
|
Term
| The Federal Deposit Insurance insures deposits up to |
|
Definition
|
|
Term
| One of the drawbacks of investing in a savings account |
|
Definition
| C. The rate of interest is very low |
|
|
Term
| Which of the following financial institutions is known as a cooperative association? |
|
Definition
|
|
Term
| In order to have value, money must be |
|
Definition
|
|
Term
| Which of the following statements is FALSE? |
|
Definition
| C. Bonds are a high-risk type of investment. |
|
|
Term
| At which phase of the business cycle do GDP figures level off after a period of growth? |
|
Definition
|
|
Term
| Typically, the Stock Market will often _____________ before a recession occurs. |
|
Definition
|
|
Term
| Which of the following is NOT considered a leading indicator used by the Conference Board? |
|
Definition
| D. Social Security figures |
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|
Term
| When businesses have to compete for workers and raise wages, this can cause |
|
Definition
| A. an increase in prices. |
|
|
Term
| Which of the following is NOT a specific goal of U.S. economic policy? |
|
Definition
|
|
Term
| Which of the following is NOT one of the theories of the causes of inflation? |
|
Definition
|
|
Term
| Which of the following is NOT a factor that influences the business cycle? |
|
Definition
|
|
Term
| Which of the following statements best explains the term inflation? |
|
Definition
| C. Inflation is the increase of prices over time. |
|
|
Term
| Which of the following definitions most accurately defines the phrase "final goods and services"? |
|
Definition
| C. Those goods purchased by consumers. |
|
|
Term
| The Consumer Price Index is used to calculate how |
|
Definition
| A. prices have changed over the years. |
|
|
Term
| Adding up all of the income in an economy in a given year is one approach to calculating which of the following? |
|
Definition
| B. Gross Domestic Product |
|
|
Term
| What do we call GDP that uses constant, unchanging prices? |
|
Definition
|
|
Term
| What is it called when GDP figures decline but prices rise? |
|
Definition
|
|
Term
| In this phase of business cycle, real GDP figures level off. There is no further growth to the economy, but rather a steady ""status quo"". |
|
Definition
|
|
Term
| Sara decided to leave her teaching job because the commute was too long. What type of unemployment is this? |
|
Definition
| D. frictional unemployment |
|
|
Term
| Which of the following is the correct calculation for determining the unemployment rate? |
|
Definition
| B. The number of unemployed divided by the number of total labor force multiplied by 100. |
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|
Term
| An unemployment rate of _________ percent shows a healthy economy. |
|
Definition
|
|
Term
| The highest point in the business cycle is the |
|
Definition
|
|
Term
| Which of the following types of unemployment is due to a change in the business cycle? |
|
Definition
|
|
Term
| Which of the following statements about the United Nations Development Program is FALSE? |
|
Definition
| C. Its funding comes from required donations from UN member nations. |
|
|
Term
| When does foreign portfolio investment occur? |
|
Definition
| B. When a foreigner buys stocks or bonds to support a less developed country's economy. |
|
|
Term
| Which of the following is NOT considered in determining the level of development of a country? |
|
Definition
| D. number of social organizations |
|
|
Term
| Which of the following is NOT a major import of the United States? |
|
Definition
|
|
Term
| A(n) ______________ advantage is the ability of one person or nation to produce a particular good at a lower cost than another person or nation. |
|
Definition
|
|
Term
| Which of the following is a characteristic of a less developed country? |
|
Definition
|
|
Term
| Which of the following statements about the International Monetary Fund is FALSE? |
|
Definition
| A. It was developed by the United Nations |
|
|
Term
| Countries with traditional economies are often less developed because |
|
Definition
| A. people are resistant to change. |
|
|
Term
| Which of the following allowed Congress to grant Most Favored Nation status to U.S. trading partners? |
|
Definition
| B. Reciprocal Trade Agreement Act |
|
|
Term
| When does foreign direct investment occur? |
|
Definition
| B. When a foreigner buys stocks or bonds to support a less developed country's economy. |
|
|
Term
| Which of the following is a NOT a major U.S. import? |
|
Definition
|
|
Term
| Which of the following is a characteristic of a developed country? |
|
Definition
| C. high rates of industrialization |
|
|
Term
| A(n) ______________ advantage is the ability of one person or nation to produce a particular good at a lower cost than another person or nation. |
|
Definition
|
|
Term
| Which of the following is NOT a major benefit of international trade? |
|
Definition
| B. Countries earn revenues from tariffs that are placed on imported goods |
|
|
Term
| Flexible exchange rate systems are calculated according to |
|
Definition
|
|
Term
| Which of the following is NOT a major U.S. trading partner? |
|
Definition
|
|
