WorksheetsECON : 2nd 9-Weeks
Total questions: 60
Worksheet time: 48mins
Name
Class
Date
1.
A bank can only lend out it's
a)
required reserves
b)
total checkable deposits
c)
excess reserves
d)
actual reserves
2.
In the Money Market graph, the
a)
demand for money is perfectly elastic
b)
supply of money is perfectly inelastic
c)
the price axis is labeled real interest rate
d)
the supply curve is leaning
3.
Young Metro begins trusting banks and he deposits $10,000 in his. The reserve requirement is 20%. How much can his bank now lend out?
a)
$10,000
b)
$2,000
c)
$8,000
d)
$0
4.
Each of the following FED actions will contract the money supply except
a)
raise the reserve ratio
b)
raise the discount rate
c)
raise the Federal Funds rate
d)
buy bonds
5.
Kim K. deposits $200 in her checking account. Later that day Kanye gets a loan for $3,000 from the same bank. What happens to the money supply
a)
increases by $200.
b)
increases by $2800.
c)
decreases by $3000.
d)
increases by $3000.
6.
A bond will increase in value if
a)
interest rates decrease.
b)
interest rates increase.
c)
the company files bankruptcy.
d)
the government increases it's debt.
7.
Bartering is when you pay money for an item.
a)
True
b)
False
8.
Money is anything that is generally accepted as a means of payment.
a)
True
b)
False
9.
Which credit score is best?
a)
415
b)
720
c)
564
d)
813
10.
What is a benefit of saving?
a)
Higher Interest Rates
b)
Lower Credit Score
c)
Can Reinvest Earned Money
d)
Won't Have Interest on Loans
11.
How do banks make money?
a)
Refinancing
b)
Savings Deposit
c)
Interest on Loans
d)
Debit Card
12.
A debit card uses borrowed money.
a)
True
b)
False
13.
When investing, which is typically correct?
a)
Greater Risk, Greater Return
b)
None of the Above
c)
Greater Risk, Less Return
d)
Lower Risk, More Return
14.
What word fits the following definition best? A plan for spending and saving, based on one's income and estimated expenses.
a)
Social Security
b)
Liquidity
c)
Budget
d)
Company Retirement
15.
When James received his paycheck, he planned to cash it at a check cashing store. You advise him to cash it at his own bank if possible. Why?
a)
A. They typically require a two day waiting period before giving cash
b)
B. They typically charge high fees
c)
C. There is likely to be a ceiling on the size of the check he can cash
d)
D. They generally require a co-signor
16.
The _______________ is a United States government corporation operating as an independent agency created by the Banking Act of 1933. As of August 2014, it provides deposit insurance guaranteeing the safety of a depositor's accounts in member banks up to $250,000 for each deposit ownership category in each insured bank.
a)
FICA
b)
EEOC
c)
FAA
d)
FDIC
17.
___________________ is the amount of wages earned by an employee before the appropriate taxes and deductions are taken out.
a)
Net Income
b)
Gross Income
c)
Complete Income
d)
Incomplete Income
18.
__________________ is a portion of a salary or wages that an employee actually gets (takes home) after paying all deductions and taxes
a)
Net Income
b)
Gross Income
c)
Complete Income
d)
Incomplete Income
19.
______________________ are expenses that change depending on your use of products or services. For example, painting the garage or replacing the car battery.
a)
Fixed Expenses
b)
Final Expenses
c)
Variable Expenses
d)
Prices
20.
___________________ is a charge for borrowed money generally a percentage of the amount borrowed.
a)
Debit
b)
Price
c)
Extension
d)
Interest
21.
____________________ is a contract between a client and a provider whereby the client makes monthly payments, called premiums, in exchange for the promise that the provider will pay for certain expenses.
a)
Loan
b)
Insurance
c)
Credit
d)
Investment
22.
Fiat Money
a)
Money deposited in a bank that can be withdrawn at anytime by presenting a check
b)
Mutual savings banks, savings and loan institutions, and credit unions
c)
Money that has value because a government fiat, or order has established it as acceptable for payment of debts
d)
System of putting onto computers all the various banking functions that in the past were handled on paper
23.
Money
a)
Anything customarily used as a medium of exchange, a unit of accounting, or a store of value
b)
Money that has value because a government fiat, or order has established it as acceptable for payment of debts
c)
Exchange of goods and services for other goods and services
d)
Card used to make cashless purchases
24.
"Bull Market"
a)
A period of time during which stock prices are falling
b)
A period of time during which stock prices are rising
c)
The network of structures that allows for the transfer of money between savers and investors
d)
Making high-risk investments with borrowed money
25.
"Speculation"
a)
A period of time during which stock prices are falling
b)
A period of time during which stock prices are rising
c)
The network of structures that allows for the transfer of money between savers and investors
d)
Making high-risk investments with borrowed money
26.
"Stockbroker"
a)
A person who manages the buying and selling of stocks
b)
A market where stocks can be bought and sold
c)
The range of investments held by a person or organization
d)
A report that describes a company's financial history
27.
"Portfolio"
a)
A person who manages the buying and selling of stocks
b)
A market where stocks can be bought and sold
c)
The range of investments held by a person or organization
d)
A report that describes a company's financial history
28.
A sole proprietorship is owned by...
a)
A single owner
b)
2 or more equal owners
c)
Stockholders
d)
The government
29.
A partnership is owned by...
a)
A single owner
b)
2 or more equal owners
c)
Stockholders
d)
The government
30.
A corporation is owned by...
a)
A single owner
b)
2 or more equal owners
c)
Stockholders
d)
The government
31.
What is one advantage of organizing your business as a corporation?
a)
Limited Liability
b)
Guaranteed Profits
c)
No risk
d)
No taxes
32.
What is one advantage of running your business as a sole proprietor?
a)
Unlimited liability
b)
Shared responsibility
c)
Guaranteed profits
d)
No corporate tax
33.
Which tends to be riskier, stocks or bonds?
a)
Stocks
b)
Bonds
c)
Neither are risky
d)
Both are equally risky
34.
What forces determine stock prices?
a)
Supply and Demand
b)
Corporations and Partnerships
c)
Government Regulations
d)
Gravity and Friction
35.
GDP is the total value of goods and services
a)
produced all over the world
b)
produced in one month
c)
produced within a nation's borders
d)
produced by a singl company
36.
The total amount of earnings before any deductions are taken out
a)
Gross Pay
b)
Net Pay
c)
After-tax Income
d)
Yucky Pay
37.
With-holdings from paychecks that go to provide income support for people who are unemployed, disabled, or over age 65
a)
401k
b)
Social Security
c)
Medicare
d)
Medicaid
38.
Which of the following are deducted directly from your paycheck?
a)
Federal Income Tax
b)
Social Security Tax
c)
Medicare Tax
d)
All of the above
39.
A transfer payment is when the government
a)
pays for trade with other countries
b)
buys something that get nothing in exchange for
c)
pays only for Medicare
d)
pays only for roads
40.
An example of expansionary fiscal policy would be
a)
cutting taxes.
b)
cutting government spending.
c)
cutting production of consumer goods.
d)
cutting prices of consumer goods.
41.
When the government spends more money than they take in each year is called a _________?
a)
Debt
b)
Deficit
c)
Surplus
d)
Expansionary
42.
The use of taxes and government spending to affect the economy
a)
Monetary Policy
b)
Fiscal Policy
c)
Contractionary Policy
d)
Expansionary Policy
43.
Certain types of taxes can be used to encourage or discourage certain types of behavior.
a)
True
b)
False
44.
Discretionary income
a)
amount of individual income that is left for spending
b)
The amount of money households have available for spending and saving after income taxes
c)
account set aside for an emergency
d)
a and b
45.
If the Federal Reserve wanted to stimulate the economy (make it grow), they might
a)
Sell Treasury bonds
b)
Buy Treasury bonds
c)
Spend more money
d)
Spend less money
46.
The group that is in charge of major decisions in the Federal Reserve is known as
a)
Board of Governors
b)
Federal Open Market Committee
c)
The Federal Reserve Banker
d)
None of the above
47.
Which of the following is not a goal of fiscal and monetary policy?
a)
Full employment
b)
Better education
c)
Economic Growth
d)
Price Stability
48.
Which of the following should not be stored in safe deposit box?
a)
Money
b)
Title to a Car
c)
Mortgage loan papers
d)
Jewelry
49.
The interest rate the Fed charges other banks
a)
discount rate
b)
monetarism
c)
prime rate
d)
open market operations
50.
One of the economic properties of money is
a)
divisibility
b)
durability
c)
scarcity
d)
uniformity
51.
Which one of the following is not a fringe benefit?
a)
health insurance
b)
life insurance
c)
vision coverage
d)
house insurance
52.
A ______________ worker is a person who works at a job for a limited time like six weeks.
a)
Part time
b)
Temporary
c)
Full time
d)
Transition
53.
A ________________ worker is a person who works twenty hours or less a week.
a)
temporary
b)
part time
c)
full time
d)
transition
54.
A ________________ worker is a person who usually works 32 or more hours per week.
a)
transition
b)
full time
c)
part time
d)
temporary
55.
A __________________ worker is a person with no training.
a)
unskilled
b)
semi-skilled
c)
skilled
d)
professional
56.
A ________________ worker is one with advanced education and specialized training.
a)
professional
b)
skilled
c)
semi-skilled
d)
unskilled
57.
A __________________ worker is one with some training.
a)
professional
b)
skilled
c)
semi-skilled
d)
unskilled
58.
A ___________________ worker is one with specialized training.
a)
professional
b)
semi-skilled
c)
skilled
d)
unskilled
59.
All of the following have faced wage discrimination except _________________.
a)
women
b)
blacks
c)
minorities
d)
men
60.
GDP per capita is calculated by dividing a country's GDP by its population.
a)
True
b)
False
100 %
