SSEPF1-3

Which one of the following terms is an organized spending plan for one's money?
SSEPF1b

• Cost System Analysis
• Bankruptcy
• Budget
• Profit and Loss Statement

Financial institution licensed to receive deposits and make loans.
SSEPF2a

• bank
• credit union
• savings house
• credit house

Expending money with the expectation of achieving a profit.

• profiting
• budgeting
• debiting
• investing

Why do members of a community have to pay taxes?
SSEPF3c

• To pay for services provided by the government
• So that people do not have to pay for their family's groceries
• To pay for everything people want
• So that people can buy a new car

In Cost/Benefit Analysis, when does adding an additional unit pays off?

• Marginal benefits exceed marginal costs.
• Marginal costs exceed marginal benefits.
• Marginal costs equal marginal benefits.
• None of the above.

The opportunity cost of collecting money for savings in a jar is the

• ability to use the money

• time spent counting the money

• Interest the money could have earned

• cost of the jar

The BEST example of a progressive tax in the United States is

• Federal Personal Income Tax

• Social Security Tax

• State Sales Tax

• Federal excise tax on gasoline

Julia makes $50k & Chase makes $30k. Julia pays more taxes than Chase. What tax system is used

• Progressive

• Regressive

• Proportional

• Marginal

How do commercial banks make a profit?

• commercial banks are non-profit institutions.

• charge borrowers and depositors the same interest rate

• pay depositors a lower interest rate than they charge borrowers

• charge borrowers a lower interest rate than they charge depositors

Most economists believe that a sales tax increase affects which group the most?

• salaried workers

• people with low income

• people with the highest range of income

• pensioned workers