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WorksheetsEcon Personal Finance 15
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
______is the quantity that is both demanded and supplied at the equilibrium price.
a)
Market prices
b)
Equilibrium prices
c)
Equilibrium quantity
d)
None of the above
2.
Suppose the price of jeans increases. As a result, the quantity demanded of jeans by consumers decreases. This illustrates the
a)
Law of demand
b)
Demand
c)
Quantity demanded
d)
Change in demand
3.
What type of economic system allows government and private businesses to make economic decisions?
a)
Market
b)
Mixed
c)
Traditional
d)
Command
4.
Which of the following resources would economists classify as "capital"?
a)
Raw bauxite in a South African mine
b)
Trees used to make paper
c)
A worker hired to repair engines
d)
A hammer
5.
Medicines are very likely to exhibit which type of elasticity?
a)
Unit elastic
b)
Elastic
c)
Inelastic
d)
Negative elasticity
6.
Not all employers offer a retirement plan or pension as a benefit.
a)
True
b)
False
7.
Who benefits from the money dispersed from Social Security?
a)
People with certain disabilities
b)
People who have reached retirement age
c)
Children who have lost a parent
d)
All of the above
8.
How does your employer know how much money to deduct from your pay towards Federal Income Tax, State Income Tax, Social Security, and Medicare?
a)
Information on your W4 form
b)
Information on your W2 form
c)
Information from your previous tax return
d)
All of the agove
9.
Celeste's family has always struggled financially due to her parents' leaving high school before graduating and working lower-paying jobs to support the family. Her parents don't want her to make the same mistake and are encouraging her to apply for scholarships and any type of student aid she might qualify for. Which application will determine which type of need-based aid she will qualify for?
a)
Perkins Federal Loan Application
b)
FAFSA (Free Application Federal Student Aid)
c)
Direct subsidizes Stafford Loan Application
d)
Federal work-study Application
10.
In which type of business ownership are shares of stock sold to raise money?
a)
Corporation
b)
Franchise
c)
Cooperative
d)
Partnership
11.
Communist countries have what type of economnic system?
a)
Market
b)
Traditional
c)
Command
d)
Mixed
12.
What is the overtime pay RATE for someone who makes $11.50 per hour? __
a)
13.00
b)
22.00
c)
14.38
d)
17.25
13.
Overtime pay is computed as 1 1/2 times your hourly rate.
a)
True
b)
False
14.
The largest deduction from your paycheck is Medicare.
a)
True
b)
False
15.
All employers must pay for Workman's Compensation at no cost to you. This covers your medical expenses should you be hurt on the job.
a)
True
b)
False
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