Economics CIA 3 Review

Front

What is 'Money'? Options: Medium of Exchange, Store of value, and a standard of value, An imaginary concept with no practical use, A type of digital currency only, A decorative item with no financial significance

Back

Medium of Exchange, Store of value, and a standard of value

Front

Name 2 things that would have a negative impact on your ability to get a loan.

Back

Applying multiple loans at once.

Front

What must be done for someone to receive 'Capital Gains'?

Back

make more money selling your stock that you originally paid

Front

What type of tax is a 'sales tax'?

Back

Regressive tax

Front

If you have a credit card, what type of debt does it represent?

Back

Revolving credit loan

Front

What type of debt is represented by a car or home loan that requires you to pay the same amount over a long period of time?

Back

Installment Loan

Front

If a financial institution offers a variety of services (loans, checking, savings account, etc.), it is most likely what type?

Back

Commercial Bank

Front

When saving money, what type of 'interest' causes the value of your savings to grow faster?

Back

Compound interest

Front

What is the difference between 'gross pay' and 'net pay' on your pay stub?

Back

Gross pay is the amount before taxes, Net pay is the amount after all taxes have been taken out.

Front

What type of 'number' is used to determine your 'credit worthiness'?

Back

credit score