Consumer Economics Final Exam Review

The U.S. has which type of economic system?

• Command
• Mixed
• Traditional
• Pure Market

If a stay-at-home parent is NOT seeking employment, are they part of the unemployment rate?

• Yes
• No

The amount of money the federal government owes is called the:

• Income Tax
• Budget Surplus
• National Debt
• Budget Deficit

The change in the price of goods over time for specific groups of goods is called the:

• Balance of Trade
• Consumer Price Index
• Gross Domestic Product
• National Debt

Inflation is:

• The rise in the level of prices of goods/services
• Uncertainty of the return on an investment
• Number of times your money doubles
• Projected value of investments

A document that lists a person's income & expenses is called a(an):

• Balance Sheet
• Income Statement
• Income Evaluation
• Budget

Car payments and mortgage payments are examples of :

• Fixed expenses
• Flexible expenses

Cell phone & grocery bill would be examples of:

• Flexible expenses
• Fixed Expenses

Rent & a boat payment would be examples of :

• Assets
• Loans
• Flexible Expenses
• Liabilities

If you are single, have no dependents and make $30,000 per year, which form do you use?

• W2
• W4
• 1040A
• 1040EZ