Econ final review

You come across an online ad for a fantastic birthday gift for your friend. However, before making a purchase, you want to verify the credibility of the company. Which organization can provide information about a business's rating and accreditation?

• Better Business Bureau

• Federal Trade Commission

• Consumer Financial Protection Bureau

• National Consumer League

What kind of mortgage did you get if the bank offered you a loan at 2.5% for the first five years, with rates currently at 3.5%, and the rate can't exceed 8%?

• Fixed-rate mortgage

• Adjustable-rate mortgage

• Interest-only mortgage

• Balloon mortgage

The Role Model is one of the 6 ways of influence advertisers use to draw people in.

• True

• False

What type of insurance should someone have when living in a rental property?

• Homeowner's Insurance

• Renter's Insurance

• Auto Insurance

• Life Insurance

How much of your monthly income should be devoted to housing?

• 10%

• 50%

• 30%

• 20%

What economic situation exists for you if you are spending more money than you are making?

• Surplus

• Deficit

• Equilibrium

• Profit

Your monthly water bill that varies would be put into what category?

• Fixed Expense

• Variable Expense

• Discretionary Expense

• Capital Expense

Community service is an example of donations.

• True

• False

Your house has been destroyed in an accidental fire. It was a freak electrical accident where no one was at fault. What are the first steps to get your home repaired?

• File a claim with your insurance company

• Ignore the damage and hope it fixes itself
• Start repairing the house immediately without consulting professionals
• Call the police, file a report, wait for their instructions

What document do you receive when you start working at a new job from your employer so that your employer can withhold the correct federal income tax from your pay?

• W-2 Form

• W-4 Form

• I-9 Form

• 1099 Form