GFL Final Review

The law of supply states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied

• True

• False

The law of demand states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.

• True

• False

When supply is low, demand goes

• down

• up

• no where

What is a 529 plan?

• Retirement investment in IRA

• Tax-advantage investment for college savings

• Bank savings plan offering 5% interest

• Stock savings plan for college costs

What does FDIC stand for?

• Family Damage Insurance Company

• Fast Draft Inflow Company

• Federal Draft Increasing Corporations

• Federal Deposit Insurance Corporation

What does FDIC mean?

• The bank will pay you money

• Insures the checking and savings accounts at institutions that are FDIC insured. Up to $250,000.

• Insures stock, bonds, money market accounts etc.

The Federal Reserve helps with reducing panic in financial crisis situations by insuring your money in the bank, regulating banks, and setting monetary policies.

• True

• False

Which of the following will ruin your credit score?

• Maxed out credit cards

• Paying bills late or missing payments

• Applying for too many credit cards

• All of the above

Which of the following is an example of Social Security

• Money taken from taxes for insurance

• Money taken from taxes for the support of the poor

• Money taken from taxes for education

• Money taken from taxes for retirement

What do Federal taxes cover?

• Education, road construction, fire and police protection

• Make a Wish, Breast Cancer Research, Ronald McDonald House

• War, Medicare/Medicaid, Social Security