Economics and Personal Finance Final Study Guide

Front

Which economic concept refers to the absence of restrictions or barriers on the exchange of goods and services between countries?

Back

Free trade

Front

Which of the following are all examples of Trade Barriers? Import quota, Subsidies, Embargos; Tariffs, Comparative Advantage, Monetary Policy; Comparative Advantage, Fiscal Policy, Monetary Policy; EU, NAFTA, ASEAN

Back

Import quota, Subsidies, Embargos

Front

When a country's currency appreciates, how does it typically affect consumers?

Back

Increases purchasing power

Front

A credit score is used to assess an individual's:

Back

Ability to pay off debt

Front

Which type of investment generally carries the highest level of risk? Options: Individually Traded Stocks, Government Bonds, Cryptocurrency, Savings Accounts

Back

Cryptocurrency

Front

How is the primary function of insurance?

Back

protects against financial loss

Front

Which type of insurance typically covers funeral costs and estate final expenses? Options: Health insurance, Life insurance, Homeowner's insurance, Auto insurance

Back

Life insurance

Front

What is the charge associated with borrowing money from a bank or other lender?

Back

Interest

Front

What is the interest rate charged on a loan called?

Back

Annual percentage rate (APR)

Front

Which concept involves creating a plan for managing income and expenses?

Back

Budgeting