NEW
Font size
S
M
L
XL
WorksheetsEcon Review
Total questions: 14
Worksheet time: 13mins
Name
Class
Date
1.
Which type of credit can not be discharged with bankruptcy?
a)
unsecured loans
b)
medical bills
c)
student loans
2.
What role does government play in the circular flow model?
a)
purchases goods and services in the product market
b)
collects taxes from businesses and individuals
c)
purchases resources in the factor market
d)
all of the above
3.
Which one is an advantage of buying an affordable home rather than renting an apartment?
a)
it's cheaper
b)
it builds equity
c)
can avoid bankruptcy
4.
Lines of credit, credit cards, and a credit limit are examples of
a)
open ended loans
b)
mortgage loans
c)
close ended loans
5.
Comparing your own financial records with those of the bank is known as:
a)
a waste of time
b)
reconciling a bank account
c)
closed banking
6.
What is the best way to get rid of credit card debt?
a)
file for bankruptcy
b)
get loans to pay them off
c)
make the minimum payment each month on all of the cards until they are paid off
d)
pay off those with the highest interest rate first
7.
FICA, Medicare, Income, and Social Security taxes are examples of:
a)
National taxes
b)
Local taxes
c)
state taxes
8.
An advantage of a subsidized Stafford Loan is that the government will
a)
pay it off if you graduate in the top 10%
b)
make the loan interest free
c)
pay the interest as long as you are enrolled half time during your grace period
9.
The form to fill out to apply for college financial aid from the Federal Government is the:
a)
TCA-The Common Application
b)
FAFSA-Free Application for Federal Student Aid
c)
GCAF-Government College Aid Form
10.
Which of these would be considered a benefit of renting a home?
a)
limitations on home improvements
b)
paying a security deposit
c)
no maintenance or upkeep costs on the property
d)
not investing in the equity or value of property
11.
What is the best way to start building credit history?
a)
get and use a store credit card or major credit card, and pay off the amount due each month
b)
move in with someone already leasing an apartment
c)
continue using your debit card responsibly
12.
The difference between grants and scholarships is:
a)
grants need to be repaid; scholarships do not
b)
scholarships are private aid; grants are awarded by the government
c)
grants are based on need; scholarships are almost always based on merit
d)
scholarships are based on need; grants are based on merit
13.
One advantage of buying an affordable home over renting an apartment is:
a)
you have fixed insurance needs
b)
you have a lower debt to credit ratio
c)
you can avoid bankruptcy
d)
you build equity
14.
Which of these best describes the Fed's Board of Governors?
a)
There are 7 members, chosen by the President and Congress to serve 14 year terms
b)
There are 14 members, elected by popular vote every 4 years
c)
There are 14 members, chosen by the President and Congress to 7 year terms
Reset
