EPF Review

EPF Review

Assessment

Flashcard

Financial Education

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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54 questions

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1.

FLASHCARD QUESTION

Front

Which of the following answers below correctly define scarcity ?

Back

unlimited wants & needs with limited resources. The situation of not having enough resources to satisfy all one’s wants.

2.

FLASHCARD QUESTION

Front

Which of the following is a potential benefit of using a credit card? It allows you to avoid paying for purchases altogether., It provides instant cash, without the need to repay., It helps build a credit history, which can improve your credit score., It guarantees lower interest rates on all loans.

Back

It helps build a credit history, which can improve your credit score.

3.

FLASHCARD QUESTION

Front

In a traditional economy, how are the three economic questions (What to produce? How to produce? For whom to produce?) typically answered?

Back

Based on tradition, customs, and community practices.

4.

FLASHCARD QUESTION

Front

In a command economy, how are the three economic questions (What to produce? How to produce? For whom to produce?) typically answered?

Back

By government planners and central authorities.

5.

FLASHCARD QUESTION

Front

In a free market economy, how are the three economic questions (What to produce? How to produce? For whom to produce?) typically answered?

Back

Through the decisions of individual producers and consumers based on supply and demand.

6.

FLASHCARD QUESTION

Front

How does a debit card work?

Back

It lets you access your own money directly from your bank account to make purchases.

7.

FLASHCARD QUESTION

Front

How does a credit card work?

Back

It allows you to spend money you don’t have, with the agreement to repay the amount later.

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