WorksheetsPersonal and Family Finance: Final Review
Total questions: 25
Worksheet time: 13mins
In a pure market economy, the government controls most actions
True
False
An example of a planned economy is
A mixed economy
A capitalist economy
A socialist economy
A laissez-faire economy
If supply is high and demand is low, prices should
drop
rise
stay the same
The good and tools used to make products are referred to as
capital
labor
resources
entrepreneurial ability
Capitalism is characterized by (select all that apply)
Profits
A market economy
Privately owned businesses
Government ownership of businesses
Competition
Individuals greatly impact the economy.
True
False
An economy where more money is being collected than is being spent is known as having a(n)
expansionary stance
contractionary stance
neutral stance
capitalist stance
A share of ownership in a company is known as a
stock
investment
bond
tariff
Free or "freebie" items present costs only for the company that gives them away.
True
False
In economic terms, what is another word for "marginal"?
Outside
Boundaries
Additional
Exceptional
About what percentage of lottery winners end up with financial troubles?
85
15
50
70
How often should you revisit your financial goals?
Annually
Every 5 to 10 years
Every 2 to 3 years
A few times a year
Shared decision making is always a positive strategy to take.
True
False
To reach your financial goals, you need to either (select two):
Increase your savings
Decrease your spending
Decrease your savings
Increase your spending
The rise or fall in the price of an item is an example of
Inflation Risk
Interest Rate Risk
Time value of money
Opportunity cost
401k accounts are an example of __________ accounts.
Mortgage
Bond
Retirement
Loan
Which of the following is an example of a nondepository financial institution? (Select all that apply)
Commercial Bank
Credit Union
Brokerage Firm
Life Insurance Company
Web-Only Institution
Check cashing businesses do not require that an individual be an account holder; they will cash any valid check.
True
False
Up to what amount does the FDIC in the U.S. insure some financial accounts?
150,000
50,000
250,000
500,000
Certificates of deposit offer lower interest rates than a savings account.
True
False
Progressive tax systems charge everyone the exact same percentage, amount, or proportion in taxes.
True
False
On a tax return, the total of all sources of income minus specific deductions is known as your
gross income
adjusted gross income
taxable income
minimum income
Who typically uses "estimated payments" when paying taxes?
Someone who has taxes withheld on their paychecks
Someone who hopes to get a large tax refund at the end of the year
Someone who is self-employed, has investments, or where employer withholding does not apply
In the United States, federal taxes are due on which day?
April 15
March 20
July 4
November 2
What is a federal and/or state tax on specific goods such as gasoline, tires, airfare, or cigarrettes?
Estate tax
Ad valorem tax
Excise tax
Goods tax
