Civics Pt B Unit 7 Post Test Review

True or False

The Clean Air Act outlines regulations to control air emissions from various sources, whether stationary or in motion.

• True

• False

True or False

The Sherman Act prevents monopolies and conspiracies from fixing prices, fixing bids, or dividing a market between competitors.

• True

• False

Which sentences highlight a unilateral contract?  

Group 1- Monique goes to a supermarket and picks up a shampoo. She then goes to the counter and pays for the shampoo.

Group 2- John offers a ride back home to Jack in exchange for his favorite music DVD for a day. Jack then gives John the DVD he wanted.

Group 3- Harriet and Lauren sign a written contract for selling a house.

• Group 1

• Group 2

• Group 3

How are interest rates calculated by financial institutions?

• Fluctuating & Terminal

• Divisional & Intermediate

• Simple & Compound

Which activity is a part of personal financial planning?

• setting municipal budgets

• investing in social security trust funds

• investing in disaster relief funds (DRFs)

• planning for retirement

• planning a vacation

Select the correct answer that completes the sentences.

 

Financial choices revolve around three primary decisions: spending, saving, and _____________.

• wasting

• refusing

• educating

• sharing

Crystal wants the latest limited edition of Vogue magazine, but she needs to buy food for her family. Crystal prioritizes her needs over her wants. What will she most likely do?

• Purchase the magazine, because it is a limited edition that she may not see again.

• Purchase the groceries, because that is her need.

• Purchase cheaper grocery items so she can still afford the magazine.

• Purchase neither groceries nor the magazine.

What is the first step in financial planning?

• maintaining a log of all your expenses

• attaching a goal cost to every goal

• attaching a time frame to every goal

• understanding what you want

Joshua wants to set certain mid-term goals for himself. What kind of time frame would his goals need to qualify as mid-term goals?

• Less than 1 year

• 1-5 years

• 5-8 years

• more than 10 years

Hidden fees for online and paper statements is a cost of what type of account?

• Basic Checking Account

• Interest-Bearing Checking Account