M.A.P.S. Pretest

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What is a Debit Card?

Back

A debit card is a payment card that deducts money directly from a consumer's checking account to pay for a purchase.

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What is Opportunity Cost?

Back

Opportunity cost is the value of the next best alternative that is forgone when making a decision.

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What is a Negative Incentive?

Back

A negative incentive is a penalty or consequence that discourages a behavior, such as fines for late book returns.

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What does it mean to own stock in a company?

Back

Owning stock means you own a share of the company, which represents a claim on part of the company's assets and earnings.

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What should you save before renting an apartment?

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You should save enough to cover the first month's rent, the last month's rent, and the security deposit.

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What is a Credit Card?

Back

A credit card is a payment card that allows the cardholder to borrow funds from a pre-approved limit to pay for goods and services.

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What is a Price Incentive?

Back

A price incentive is a financial motivation to encourage a specific behavior, such as discounts or promotions.

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What is Scarcity?

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Scarcity refers to the limited availability of resources to meet unlimited wants and needs.

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What is an Asset?

Back

An asset is any resource owned by an individual or entity that has economic value.

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What is a Dividend?

Back

A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits.