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Economics Final Kjer Econ LPHS

Total questions: 105

Worksheet time: 50mins

Name
Class
Date
1.

A system for allocating resources to meet people's needs and wants.

a)

Bartering

b)

sharing

c)

Economy

d)

Legislature

2.

Physical objects that are produced bought and sold

a)

services

b)

goods

c)

assets

d)

deficiencies

3.

Actions that one person pays another person to do for them.

a)

Good

b)

Bartering

c)

Services

d)

Sacrificial Giving

4.

Economy type based on a combination of Market and Planned economies.

a)

Command Economy

b)

Free Market Economy

c)

Traditional Economy

d)

Mixed Economy

5.

Economy type based on Government control of market decisions. Government decides what goods to be made, what price to be sold at and who gets the profits.

a)

Command Economy

b)

Free Market Economy

c)

Traditional Economy

d)

Mixed Economy

6.

Economy type based on freedom of choice by consumers and competition between businesses.

a)

Command Economy

b)

Free Market Economy

c)

Traditional Economy

d)

Mixed Economy

7.

What type of economy does the United States have?

a)

Command Economy

b)

Free Market Economy

c)

Traditional Economy

d)

Mixed Economy

8.

Where does the government get most of its money?

a)

it prints money

b)

It sells land

c)

taxes

d)

it produces products to sell

9.

What is something that Federal Taxes pay for?

a)

Schools

b)

police

c)

Teachers

d)

Military

e)

Fire Department

10.

What type of tax do you pay when you own a home?

a)

Income Tax

b)

Property tax

c)

Sales tax

d)

Social Security Tax

e)

Medicare tax

11.

What type of tax do you pay at the store?

a)

Income Tax

b)

Property tax

c)

Sales tax

d)

Social Security Tax

e)

Medicare tax

12.

When will you be charged credit card interest?

a)

Whenever you make a purchase

b)

whenever you clear your balance

c)

If you make a cash advance

d)

Make a balance transfer

e)

If you don't pay your balance off in full.

13.

A Yearly Fee charged just to have a type of credit card? (American Express)

a)

Early withdrawl Fee

b)

non sanctioned balance transfer fee

c)

Late payment fee

d)

Annual Fee

14.

When you transfer the balance of one credit card over to the balance of another. You are usually charged a fee.

a)

Balance Transfer

b)

Balance Removal

c)

Balancing Act

d)

Negotiated balance interpretation

15.

What two things happen when you pay your credit card bill late?

a)

Balance transfer fee

b)

late fees

c)

Annual fee

d)

your credit score will go down.

e)

you will have to make security deposit for the balance.

16.

Amount of money in your account is....

a)

Line of Credit

b)

debit limit

c)

Balance

d)

Payment Network

17.

What does a credit card do?

a)

allows you to access a line of credit

b)

Allows you to access your funds from your checking account

c)

allows you to access money preloaded onto a card

d)

Shows the Credits to your banking account

18.

What does a debit card do?

a)

allows you to access a line of credit

b)

Allows you to access your funds from your checking account

c)

allows you to access money preloaded onto a card

d)

Shows the Credits to your banking account

19.

maximum you can borrow on a credit account?

a)

line of Credit

b)

Cash back card

c)

Debit LImit

d)

Credit Limit

20.

What is the worst way to make credit card payments.

a)

Pay in full

b)

Pay Minimum payment and carry a balance

c)

Pay in between Full and Minimum

21.

What is wrong with making a minimum payment?

a)

no rewards

b)

Huge interest charges

c)

nothing, it's free money.

d)

you get marked down on your credit Score

22.

Companies that prepare Credit Reports

a)

Credit Association

b)

Federal Bureau of Credit Card Loan

c)

Freddy "the Mule" Montefalco, he works down on 6th and Broadway.

d)

Credit Bureau

23.

3 Digit number that shows how reisky it would be to lend someone money.

a)

Debit Score

b)

Credit Report

c)

Credit Score

d)

Debit Talley

24.

what type of Card affects your Credit Score?

a)

Prepaid Debit

b)

American Express

c)

Credit Card

d)

Debit cards

25.

What is a "Cash Back Card"?

a)

Card with money loaded onto it.

b)

Card that can only be used if you have cash also

c)

Card that can be purchased for people with bad credit

d)

card that gives the user money for using the card

26.

what is a type of Rewards card? (click all that apply)

a)

Airline Card

b)

Hotel Card

c)

Debit Rewards card

d)

International Hot-Air Balloon Society Visa

e)

Store Rewards Card (Nordstrom, Sears, JCPenney ect. )

27.

An economic system where businesses are privately owned and run by the people rather than the Government.

a)

Communism

b)

Utopian Socialism

c)

Socialism

d)

Capitalism

28.

Another name for Capitalism

a)

Democratic Socialism

b)

Free Market Economy

c)

Lassez Faire Economics

d)

Command and Control

29.

In a Free Market System:(Check all that apply)

a)

Business decide what to make and how much to charge

b)

Government sets many of the prices for goods and services

c)

People have to pay the price set by the Government

d)

People decide on their own what product or service they want and what price they will pay.

e)

Supply and Demand is what sets the price for a given product or service.

30.

According to Adam Smith, what will keep the pricing of products in control?

a)

Government Regulations

b)

The government not interfering with business and competition

c)

the government helping to stabilize factors of production and competition

d)

Dumb Luck.

31.

The Government takes an active role in stabilizing the economy and providing regulations to protect the public.

a)

Mixed Economy

b)

Free Market Economy

c)

Traditional Economy

d)

Command Economy

e)

South American Socialism

32.

Things that government regulates in a Mixed Economy. ( Check all that Apply.)

a)

Safe workplaces

b)

No Monopolies

c)

Discrimination

d)

Protection of Enviroment

e)

Social Security for the Elderly

33.

Advantages/Pro's of Capitalism

a)

competition forces companies to compete and give better prices

b)

greater technical Advances

c)

Government less power, Greater political freedom

d)

Higher standard of living

e)

Everyone gets an equal share

34.

This type of economy provides some government protection and some free market positive characteristics.

a)

Traditional

b)

Democratic Socialism

c)

Communism

d)

Mixed System of Capitalism

35.

True/False: No Country is really purely Capitalist.

a)

True

b)

False

36.

Which Economic System believes in the right to own property?

a)

Communism

b)

Free Market Capitalist

37.

Who is the Father of Communism?

a)

Karl Marx

b)

Vladimir Lenin

c)

Joseph Stalin

d)

Fidel Castro

e)

Mao Zedong

38.

True or False: Communist countries generally have no freedom of the press or freedom of speech.

a)

true

b)

False

39.

What happened at Tianamen Square in 1989

a)

The Berlin Wall fell

b)

Student protesters for democracy were massacred by the Chinese Government

c)

Chinese Communism was overthrown

d)

Chairman Mao died

40.

Each "Share" of these is a certain percentage of a Company. If you have one You are part owner of that company.

a)

Market

b)

Stock

c)

dividend

d)

Loan

41.

Why do Companies sell stock?

a)

to avoid taxes

b)

to raise money in order to expand

c)

to raise money without taking out a loan and having to pay interest

d)

to gain the confidence of the public

42.

Place where Stocks are bought and sold?

a)

Stock Emporium

b)

Congress

c)

Legislature

d)

Stock Exchange

e)

Stock Market

43.

Returns tend to be higher but so is the risk?

a)

Bank, Savings account

b)

Bank, CD or Certificate of Deposit

c)

Stock Market,

d)

Personal Loan

44.

Returns are much lower, but your money is insured and guaranteed by the government.

a)

Bank, Savings Account

b)

CD, certificate of Deposit

c)

Stock Market, Mutual fund

d)

Personal loan from Grandma

45.

When stock values are falling and most people are fealing negative about the future of the Stock Market

a)

Bull Market

b)

Bear Market

c)

Investor's Market

d)

Murphy's First Law of Economics

46.

When stock values are rising and people are feeling optimistic about the future of the Stock Market

a)

Bull Market

b)

Bear Market

c)

Investor's Market

d)

Murphy's First Law of Economics

47.

Number used by many people to judge how well the overall stock market is doing.

a)

NISSEI Index

b)

Dow Jones Industrial Average

c)

Rhianna's Market Pickem' Parlay

d)

murciélago ciego índice de Tijuana

48.

Which is not one of the 4 largest Companies in the World?

a)

Microsoft

b)

Google

c)

Apple

d)

Exxon Mobile

e)

Capitol Records

49.

What is the Dow Jones Industrial Average based on:

a)

The opinions of Mr. Dow Jones, the greatest investment mind of the 20th Century

b)

Warren Buffet, Multi Billionaire Investor

c)

Stock Price of the Four Largest Companies in the US

d)

Stock price of the 30 largest companies in the USA

50.

What is the crime with the greatest property loss?

a)

Grand Theft Auto

b)

Larceny

c)

Mail Order fraud

d)

Identity Theft

51.

What is Identity Theft?

a)

When someone impersonates another person to gain recognition

b)

When one twin switches places with another person.

c)

When a thief uses someone's personal data to steal from them?

d)

None of the above

52.

What can you do to protect your identity online?

a)

Always use the same password for every account

b)

Create a unique password with special characters

c)

Be cautious of personal information you are sharing online

d)

Shop only on a secure site

53.

What is the unique number you must use to access an ATM.

a)

Bank Number

b)

Insurance

c)

Access Code

d)

A PIN Number

54.

A business that accepts and holds money for people?

a)

Stock Market

b)

Bank

c)

Credit Bureau

d)

House of Usury

e)

shylock

55.

Banks are important to the economy for what two reasons?

a)

they keep people's money safe

b)

They have great political power

c)

they use deposited money to loan to others to buy cars, houses or start businesses.

d)

they monitor the GDP and encourage investment in foreign corporations, thus spurring the World economy

56.

Money that people put into a bank?

a)

checks

b)

deposits

c)

withdrawls

d)

money orders

57.

You write these to someone you wish to give money to. It has the money you are going to pay, your signature and the date of the transaction. That person can take it to a bank and get that amount of money for it.. What is this called?

a)

checks

b)

deposits

c)

withdrawls

d)

money orders

58.

Money you take out of the bank?

a)

checks

b)

deposits

c)

withdrawls

d)

money orders

59.

A Bank Account with lesser services and access but offers higher interest and less fees.

a)

Individual retirement account (IRA)

b)

Checking account

c)

Money Market Account

d)

Savings Account

60.

A Bank Account that helps you save money once you get old and quit working?

a)

Individual retirement account (IRA)

b)

Checking account

c)

Money Market Account

d)

Savings Account

61.

A Bank Account that gives you easy access to your money in the bank, has two ways of paying for things?

a)

Individual retirement account (IRA)

b)

Checking account

c)

Money Market Account

d)

Savings Account

62.

A Bank Account that pays you higher interest, but makes you money less accessible? It usually requires a $1000 minimum.

a)

Individual retirement account (IRA)

b)

Checking account

c)

Money Market Account

d)

Savings Account

63.

Three ways you can make withdrawals from your Checking account?

a)

go to the bank and make a withdrawal. Get Money!

b)

IOU

c)

Summary of Charges certificate

d)

Write a check

e)

debit card

64.

What does ATM stand for?

a)

Automatic Transfer machine

b)

A True Money Machine

c)

Automated Teller Machine

d)

Automatic Tactile Money

65.

Where do debit card funds come from

a)

Credit company who charges you interest

b)

your bank account

c)

Your Money Market Account

d)

Your IRA

66.

How do banks make money?

a)

Make loans to people and businesses and charge higher interest than they pay on deposits

b)

they keep a share of deposits

c)

Government dividends`

d)

charging lower interest rates

67.

What happens if a bank goes broke or gets robbed?

a)

Tough, you lose, you should've buried it in the back yard.

b)

You will be given an IOU from the Government until the criminals are arrested and the money recovered.

c)

Almost all banks accounts are insured by the FBI

d)

Almost all bank accounts are insured by the FDIC

68.
Which of the following is an example of a need for most people?
a)
A place to live
b)
A nice car
c)
Designer jeans
69.
It's important to spend money on things you need before spending money on things you want.
a)
True
b)
False
70.
Which of the following is an example of a want for most people?
a)
A warm jacket
b)
Transportation
c)
Ice cream
71.
People who are paid by the hour earn a salary.
a)
True
b)
False
72.
People who earn paychecks pay income taxes to the government.
a)
True
b)
False
73.
Paying with a ______ _____ takes cash of your checking account.
a)
Credit card
b)
Debit Card
c)
Gift Card
74.
Having enough money to cover all your expenses mean you have ____
a)
Debt
b)
Balanced Budget
c)
Uneven Budget
75.
If you are buying groceries at the store and want to use the cash in your bank account, you should pay with your ______
a)
Debit card
b)
Credit Cart
c)
Gift Card
d)
Cash
76.
Paying for something with cash can help you avoid spending more money than you have.
a)
True
b)
False
77.
What is a good reason to save money?
a)
To have money to buy things
b)
To have money put aside for emergencies
c)
For a future purchase
d)
All choices
78.
What two things does a budget compare?
a)
Income and Expenses
b)
Savings and Interest
c)
Income and Investments
d)
Expenses and Expenditures
79.

A ______ is something that is desired e.g. computer, holiday, car, cell phone

a)

Need

b)

Want

80.

A _____ is something that is necessary for humans to live a healthy life an example could be food, water, medical, housing, clothing

a)

Need

b)

Want

81.

Rent is a:

a)

Fixed expense

b)

Variable expense

c)

Discretionary Expense

d)

Intermittent expense

82.

Your monthly budget should include:

a)

expenses

b)

income

c)

all above

83.
What happens to the loan amount when you put down a larger down payment?
a)
Decreases
b)
Increases
c)
No change
84.
A special loan used to purchase homes.
a)
Mortgage
b)
Herbage
c)
SBA Loan
d)
Car Loan
85.
The price of money that the lender receives for giving a loan.  Usually shown as a %.
a)
Interest
b)
Disinterest
c)
$Texas
d)
Principle
86.
A holding account/service used to hold funds for a future use.
a)
Escrow
b)
Scarecrow
c)
Checking
d)
Escargot
87.
A type of loan where the interest rate never changes
a)
Fixed-Rate
b)
Adjustable Rate
c)
PG Rated
d)
Non Fixed Rate
88.
The normal _______ for a mortgage is 15 or 30 years
a)
Term
b)
Interest Rate
c)
Principle
d)
Loan
89.
The interest rate of this type of mortgage can change monthly.
a)
Fixed-Rate
b)
Adjustable Rate
c)
Super Chango Mortgage
d)
Keyboard Cat
90.
________ Costs are what you pay when you finalize your Mortgage.
a)
Closing
b)
Finishing
c)
Interest
d)
Mortgage
91.
You pay these taxes based on the value of home and the land it sits on.
a)
Property Taxes
b)
Land Taxes
c)
Home Taxes
d)
Income Taxes
92.
A governing body for your neighborhood or community that maintains common property and makes decisions for the well-being of the entire community
a)
Homeowners Association
b)
Soviet Russia
c)
Homeowners Senate
d)
Principal
93.

Why do people take out mortgages to buy a home?

a)

Not enough equity

b)

not enough money and homes are expensive.

c)

They interest rate is too high

d)

Government regulation

94.

How do banks make money on mortgages?

a)

Fees

b)

charging interest fees

c)

free advertising for the bank

d)

extortion

95.

click on three different types of mortgages.

a)

Free market low interest VA Loan

b)

Balloon

c)

Fixed

d)

adjustable

e)

Low Collateral

96.

This interest Rate starts low for a period of time then swells up at the end of the term.

a)

Fixed Rate

b)

Balloon Mortgage

c)

Adjustable

d)

Low Collateral, unsecured Mortgage

97.

APR stands for:

a)

Annual Personal Ratio

b)

Another Pretty Racoon

c)

Amount per receipt

d)

Annual Percentage Rate

e)

Anchovies, pepperoni and radish pizza

98.

Amount of the home that you own vs. what the bank owns? (Difference between what you owe and what you can sell your house for?)

a)

Interest

b)

Principal

c)

Equity

d)

Collateral

99.

Money payed to the bank for loaning you money is called

a)

Interest

b)

Principal

c)

Equity

d)

Collateral

100.

Money that was borrowed to buy a house is called

a)

Interest

b)

Principal

c)

Equity

d)

Collateral

101.

What is the average cost of a home in Los Angeles

a)

226,000

b)

$694,000

c)

$1,000,000

102.

What does your monthly payment also cover? (Click all)

a)

Taxes

b)

Home Insurance

c)

Principal and interest

d)

Private Mortgage Insurance (PMI)

e)

Real Estate commission

103.

What is the name given to the non-fighting war between the West and the Soviet Union to prevent the Spread of Communism.

a)

War of Words

b)

Spygate

c)

Cold war

d)

Vietnam

104.

True or False: Communist countries generally have no freedom of the press or freedom of speech.

a)

true

b)

False

105.

Where does the government get most of its money?

a)

it prints money

b)

It sells land

c)

taxes

d)

it produces products to sell

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