a sum of money to be used for a particular purpose

the same thing as a savings account

the same thing as a checking account

What is a debit card?

It's like a credit card, but it takes money directly from your checking account.

It's a card that lets you buy goods and services based on a promise to pay later.

It's a card which you can only use to make online purchases.

What is a credit card?

a card that lets you buy goods and services based on a promise to pay later

a card that charges monthly interest if the balance is not paid in full

What is a checking account?

an account where the depositor can write checks

a sum of money to be used for a particular purpose

the same thing as a savings account

a share in a corporation that gives you a stake in the company and its profit

What is a savings account?

an account where money is stored and returns a low interest rate

the same thing as a checking account

an account that allows you to borrow money at a rate of interest

the same thing as having a credit card

You just received $500! What is the best way to keep up with it?

budget it by splitting it among your current and future expenses

stick it under your bed for safekeeping

spend it because you only live once!

Why open a checking account?

it's a safe place to store money

it makes it easy for you to pay others and for others to pay you

You are dying to see your favorite band in concert this summer. What's the best way to get a few tickets?

add "entertainment" to your budget and allocate some cash there each week

put it on your credit card now and pay later

take money from your other budget categories until you have enough

What is an overdraft fee?

a fee for maintaining your account

Why does your employer withhold money from you on each paycheck?

because she isn't a very nice person

to make up hours of work you missed

because you were overpaid last month

What happens if you try to use your credit card after you've already met your credit limit?

your banks or credit union will issue a "bad check" notice

the charge will go through anyway - you'll be responsible to pay it back whenever you can

nothing happens - the charge goes through

Which of the following are necessary costs of car ownership?

insurance, registration, tinting for windows

car payments, rims, registration

sweet tunes, sunglasses, fuzzy dice

Economics Test Review

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Social Studies

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7th Grade

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tangible items that result from production

nonphysical results of production

products that are often used or consumer in combination with one another

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the study of how productive resources are used to provide the goods and services that satisfy human wants

the basic economic problem - we can't have everything we want

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when making a choice, the next best alternative (what you give up when you make a decision)

inputs used to produce goods and services

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