Personal Financial Literacy/Econ Semester Review

What is the yearly federal tax on a business's or person's earnings?

• Payroll Tax

• Income Tax

• Property Tax

• Sale Tax

Money that has value because the government says it does is called...

• Currency

• Credit

• Representative Money

• Flat Money

The total amount of money a worker earns before taxes and other deductions are withheld

• Gross Income

• Net Income

The total amount of money a worker takes home after taxes and other deductions

• Gross Income

• Net income

High levels of unemployment combined with high inflation could

indicate that the business cycle has entered into a...

• Investment

• Expansion

• Recession

• Stagflation

Which of the following is most characteristic of the U.S. free enterprise

system?

• Markets respond to consumer demand

• Government Price Control

• Nationalization of Energy Companies

• Public Ownership of the factors of production

A benefit of the U.S. free enterprise system is the..

• lack of a workers union

• equal distribution of goods and services

• guaranteed results on investments

• amount of choices for consumers

What statement is true about both credit and debit cards?

• Both can trap you in debt if you're not careful

• Both allow you to make purchases online & in store

• The interest rates on both is usually high

• Both require you to make monthly payments

What kind of card is issued by a bank that a user uses to pay for purchases from their checking account?

• Credit Card

• Library Card

• Debit Card

• Key Card

This card, issued by a bank, store, or other business, that is used to borrow money or buy goods and services on credit..

• Credit Card

• Check

• Money Order

• Debit Card