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WorksheetsConsumer Economics Final Exam Review
Total questions: 37
Worksheet time: 19mins
Name
Class
Date
1.
The U.S. has which type of economic system?
a)
Command
b)
Mixed
c)
Traditional
d)
Pure Market
2.
If a stay-at-home parent is NOT seeking employment, are they part of the unemployment rate?
a)
Yes
b)
No
3.
The amount of money the federal government owes is called the:
a)
Income Tax
b)
Budget Surplus
c)
National Debt
d)
Budget Deficit
4.
The change in the price of goods over time for specific groups of goods is called the:
a)
Balance of Trade
b)
Consumer Price Index
c)
Gross Domestic Product
d)
National Debt
5.
Inflation is:
a)
The rise in the level of prices of goods/services
b)
Uncertainty of the return on an investment
c)
Number of times your money doubles
d)
Projected value of investments
6.
A document that lists a person's income & expenses is called a(an):
a)
Balance Sheet
b)
Income Statement
c)
Income Evaluation
d)
Budget
7.
Car payments and mortgage payments are examples of :
a)
Fixed expenses
b)
Flexible expenses
8.
Cell phone & grocery bill would be examples of:
a)
Flexible expenses
b)
Fixed Expenses
9.
Rent & a boat payment would be examples of :
a)
Assets
b)
Loans
c)
Flexible Expenses
d)
Liabilities
10.
If you are single, have no dependents and make $30,000 per year, which form do you use?
a)
W2
b)
W4
c)
1040A
d)
1040EZ
11.
A married couple with 2 children should fill out which form?
a)
1040EZ
b)
1099-INT
c)
W2
d)
1040A
12.
FICA taxes include:
a)
Medicare & Sick Leave
b)
Medicare & Retirement
c)
Medicare & Vacation
d)
Medicare & Social Security
13.
Gross income is:
a)
Your "take home" pay
b)
Pay without taxes taken out
c)
Pay with taxes taken out
d)
Covers fixed expenses
14.
Which is not a fixed expense?
a)
Car Payments
b)
Homeowner's insurance
c)
Student Loan Payments
d)
Entertainment
15.
What must you do before cashing a check?
a)
Endorse it
b)
Attach a memo
c)
Contact the person who wrote it
d)
Liquidate the account
16.
What items do you need to reconcile your bank account?
a)
Debit card & Bank Acount
b)
Checkbook Register & Bank Statement
c)
Bank statement & Checks
d)
Debit Card & Credit Card
17.
To diversify your investment portfolio, you should invest in:
a)
Money Market Account
b)
Stock of your choice
c)
Savings Account
d)
Mutual Funds
18.
The relationship between risk & return when investing is:
a)
Higher risk = possible higher return
b)
Higher risk = lower return
c)
Lower risk = higher return
d)
No relationship exists
19.
A major benefit of having insurance is:
a)
Becoming better off financially
b)
Required by law
c)
Policy holder is no longer responsible for financial loss
d)
Provides a sense of security & peace
20.
A monthly payment made to purchase an insurance policy is called a:
a)
Premium
b)
Co-insurance
c)
Deductible
d)
Hazard
21.
Your medical bill is $1000.00 With a deductible of $500 and a 20% co-insurance, how much will you pay?
a)
$0- Co-insurance covers it
b)
$700
c)
$500
d)
$600
22.
Which type of health insurance is more restrictive on the health care providers you may see?
a)
HMO
b)
PPO
c)
POS
d)
EPO
23.
A managed care plan that gives a better price by staying in network, but doesn't require it is called:
a)
HMO
b)
PPO
c)
POS
d)
EPO
24.
Who is the beneficiary of a policy?
a)
Person who sold the policy
b)
Person who bought the policy
c)
Executor of a person's estate
d)
Person who receives the proceeds if the insured dies
25.
If you drive a car, you are required to have which types of insurance?
a)
Property Damage & Bodily Injury Liability
b)
Property Damage & Medical Payment
c)
Bodily Injury & Comprehensive
d)
Comprehensive & Collision
26.
When should you purchase renter's insurance?
a)
When you live in a college dorm
b)
When you pay rent to your parents and live in their house
c)
When you live in a rental property
d)
Only when you have a roommate
27.
When should you purchase life insurance?
a)
When you graduate from college
b)
When you get married
c)
When you get a job
d)
When you have dependents
28.
Who is a "co-signer"?
a)
Person applying for a loan
b)
Someone who makes major purchases with cash
c)
Someone who guarantees a loan for a borrower
d)
Someone who loans money to someone else
29.
Lemon laws protect people who:
a)
Buy new cars
b)
Buy used cars
c)
Buy multiple cars at one time
d)
Buy only foreign cars
30.
Document that is signed when renting a propert:
a)
Loan
b)
Security deposit
c)
Lease
d)
Mortgage
31.
What part of your credit report do lenders look at when deciding to extend credit or interest?
a)
Race & Capital
b)
FICO score & Capacity
c)
Religion & Capacity
d)
Religion & FICO score
32.
Which of the following is the best FICO score?
a)
550
b)
750
c)
660
d)
650
33.
If there are more suppliers in the oil market than buyers, the demand stays the same and the price would:
a)
Increase
b)
Decrease
c)
Stay the same
d)
Price is not affected
34.
Which of the following affects the price of a product?
a)
Cost of purchasing the product
b)
Supply of the product
c)
Demand of the product
d)
All of the above
35.
What document is used to determine a person's net worth?
a)
Asset report
b)
Budget
c)
Balance Sheet
d)
All of the above
36.
When must you use a 1040A instead of a 1040EZ?
a)
When a divided check is received
b)
If you make over $100,000 per year
c)
If you are married
d)
If you earned $500 in interest income
37.
A possible solution to the funding of social security is:
a)
Raising the retirement age
b)
Lowering the retirement age
c)
Decreasing the social security tax rate
d)
Increasing Social Security benefits
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