ECON FINAL PT2

Tyler wants a car payment loan term that will cost him the least overall for the duration of the loan

Which loan term is best for him

• 24 months

• 48 months

• 36 months

• 60 months

Insurance plans are designed to

• Create a savings account

• Protect your identity

• Manage expenses

• Manages life's risk

Every decision made by an individual is made because we live in a world of scarcity. Scarcity is best described as

• limited wants, and limited resources

• A city with a whole lot of scars

• unlimited wants, and unlimited resources

• unlimited wants, but limited resources

A fixed expense is

• An expense that once was broken

• A bill that may fluctuate in cost every month

• A bill amount that stays the same in cost every month

• A utility bill, for example

Which of the following is not discretionary spending (a want)

• Health Care

• Travel

• Spotify Premium

• Eating Out

An example of a variable expense is/an

• Electric Bill

• Mortgage

• Car Payment

• All of the above

Whats is one of the fastest ways to fall into debt

• Lending money to Daena

• Maxing out you credit card

• Paying the most amount on your credit cards

• Paying the minimum amount on your credit cards

Kenneth wants a car payment loan term that will cost him the least amount for his monthly payment, which loan term would be best for him

• 24 months

• 36 months

• 48 months

• 60 months

Which of the following is NOT considered an expenditure

• Rent

• Food

• Salary

• Utilities

Interest is/can be

• The extra money you pay the loan

• Based on a APR

• The extra money you earn in a savings account

• All of the above