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WorksheetsEconomics Test Review
Total questions: 66
Worksheet time: 33mins
tangible items that result from production
complements
goods
services
supplements
nonphysical results of production
complements
goods
services
supplements
products that are often used or consumer in combination with one another
complements
goods
services
supplements
products that can replace one another
complements
goods
services
supplements
the study of how productive resources are used to provide the goods and services that satisfy human wants
economics
opportunity cost
scarcity
trade-off
the basic economic problem - we can't have everything we want
economics
opportunity cost
scarcity
trade-off
you must give up something if you want to get something (this is what every choice involves)
economics
opportunity cost
scarcity
trade-off
when making a choice, the next best alternative (what you give up when you make a decision)
economics
opportunity cost
scarcity
trade-off
inputs used to produce goods and services
capital resources
human resources
natural resources
productive resources
things that occur naturally in nature that make production possible
capital resources
human resources
natural resources
productive resources
man-made physical resources used in production
capital resources
human resources
natural resources
productive resources
the physical and mental work effort that is expended in production
capital resources
human resources
natural resources
productive resources
deciding how to spend your money before you actually spend it
budget
debt
expense
income
anything that you spend money on
budget
debt
expense
income
money earned through work
budget
debt
expense
income
the amount you owe on a loan
budget
debt
expense
income
the physical form of money, such as coins or paper money
balance
cash
credit
interest
turning your money over to a financial institution for safekeeping
balance
cash
credit
deposit
obtaining something you want with the understanding that you'll pay for it later
cash
credit
deposit
interest
a percentage charged when you borrow money; it can also be an amount earned for saving money in a savings account
credit
balance
cash
interest
an amount available or owed on an account
balance
cash
credit
deposit
a bank account that allows quick access to money for everyday expenses
checking account
debit
double-entry accounting
transfer
moving money from one account to another
checking account
debit
double-entry accounting
transfer
a budgeting method where you record your earnings twice: once in your account and once in your budget
checking account
debit
double-entry accounting
transfer
an amount removed from your bank account to pay for something
checking account
debit
double-entry accounting
transfer
a document that comes with your paycheck, showing how much you were paid and how much was withheld for taxes
accounts
cleared
copay
pay stub
the time it takes for money to move from one account to another
cleared
copay
net pay
pay stub
a record or statement of financial expenditures or receipts, often related to a bank or credit union
accounts
copay
net pay
pay stub
the amount of money left on your paycheck after taxes have been withheld
accounts
cleared
copay
net pay
the amount you pay to a healthcare provider before your insurance takes the claim, usually paid before you receive the service
cleared
copay
net pay
pay stub
amount of money placed into a savings or checking account
deposit
overdraft
statement
withdrawal
occurs when withdrawals have gone over the available limit
cleared check
deposit
overdraft
statement
a check that has been honored and processed
cleared check
deposit
overdraft
withdrawal
an amount removed from savings or checking accounts
deposit
overdraft
statement
withdrawal
document published by your bank that details your transactions
deposit
overdraft
statement
withdrawal
What is a budget?
the same thing as a savings account
a sum of money to be used for a particular purpose
a list of things you want
the same thing as a checking account
What is a debit card?
It's like a credit card, but it takes money directly from your checking account.
It's a card that lets you buy goods and services based on a promise to pay later.
It's a card which you can only use to make online purchases.
What is a credit card?
a card that lets you buy goods and services based on a promise to pay later
a card that charges monthly interest if the balance is not paid in full
both of the other answers
neither of the other answers
What is a checking account?
a sum of money to be used for a particular purpose
the same thing as a savings account
a share in a corporation that gives you a stake in the company and its profit
an account where the depositor can write checks
What is a savings account?
an account where money is stored and returns a low interest rate
the same thing as a checking account
an account that allows you to borrow money at a rate of interest
the same thing as having a credit card
You just received $500! What is the best way to keep up with it?
budget it by splitting it among your current and future expenses
stick it under your bed for safekeeping
put it in your savings account
spend it because you only live once!
What is it called when you spend more than you have?
transfer
debt
withdrawal
debit card
Why open a checking account?
it's a safe place to store money
it lets you use a debit card
it makes it easy for you to pay others and for others to pay you
all of the above
You are dying to see your favorite band in concert this summer. What's the best way to get a few tickets?
put it on your credit card now and pay later
ask your parents for tickets
add "entertainment" to your budget and allocate some cash there each week
take money from your other budget categories until you have enough
You'd like to treat your friend to some lunch. Your total comes to $12.60. If you add on a 20% tip, what's lunch going to cost you?
$14.49
$20.15
$15.12
$17.43
You account statement arrived and you had a balance of -$43.25. After the $409.52 deposit from your job, what is your new account balance?
$366.27
$423.07
$321.18
$376.26
What is an overdraft fee?
a state tax
a federal tax
a fee for overspending
a fee for maintaining your account
Why does your employer withhold money from you on each paycheck?
because she isn't a very nice person
to pay federal and state taxes
to make up hours of work you missed
because you were overpaid last month
Which of the following would be an example of a utility cost?
your college savings fund
your electric and heating bill
your grocery budget
your cell phone
What happens if you try to use your credit card after you've already met your credit limit?
your card will get declined
your banks or credit union will issue a "bad check" notice
the charge will go through anyway - you'll be responsible to pay it back whenever you can
nothing happens - the charge goes through
Which of the following are necessary costs of car ownership?
gas, insurance, maintenance
insurance, registration, tinting for windows
car payments, rims, registration
sweet tunes, sunglasses, fuzzy dice
When unexpected payments come up (like having to pay a towing company when your car was parked illegally), you should take the unexpected expense from which budget?
entertainment
utilities
groceries
reserves
Which of the following can be considered an emergency expense?
You broke your arm. You can't work for a few days and you'll need to pay for your medical care.
Your favorite band is playing a secret show downtown.
You ran out of food and only have tuna and rice to get you through until payday tomorrow.
You forgot you borrowed money from a friend and he wants you to pay him back soon.
What could be said about emergency expenses?
They're totally not your fault and can't be helped.
Spending a little more to protect yourself now could mean spending less in the future.
They're the best time to break out that trusty credit card!
It's best to set money aside BEFORE emergencies happen.
If "net worth" refers to the amount of money you have (total), how does your budget measure it?
the amount of money you have in your savings account
the amount of money you have in all your accounts combined
the amount of money leftover after you've created a budget and allocated funds
the cost of a fishing net
What is the best way to pay for unplanned expenses?
hope your parents will make up the difference between what you have and what you need
keep an emergency fund
carry large sums of cash in your wallet, just in case
take money from other parts of your budget to pay for the expense
Which of the following is true about debt?
Eventually, your creditor will forget about it if you wait long enough.
Debt is a necessary part of any budget.
Debt is unavoidable for some expenses, like medical costs and school.
Debt negatively affects your net worth, regardless of what it's used for.
What's the point of a budget?
It's a way to track your spending and work toward your saving goals.
It's a replacement for opening checking and savings accounts at your bank.
It helps keep your parents off your back.
It helps you decide how much or how little you need to work.
What type of economy does that United States have?
market economy
command economy
traditional economy
global economy
Which of the following is an example of a good?
teaching
collecting trash
an apple
cell phone service
Which of the following is an example of a service?
book
rainfall
haircut
a television
Which of the following would be considered an example of complements?
ice cream and frozen yogurt
butter and margarine
peanut butter and jelly
pencils and pens
Which of the following would be considered an example of supplements?
shampoo and conditioner
butter and margarine
hamburgers and hamburger buns
football and a helmet
Buildings, tools, equipment, and factories are examples of what?
natural resources
capital resources
human resources
gross domestic product
Workers who cut trees or mine for iron ore, workers on an assembly line, and truck drivers who transport materials are all examples of which of the following
human resources
capital resources
natural resources
gross domestic product
Water, oil, trees, wood, iron, coal, land, and natural gas are all examples of which of the following?
natural resources
human resources
capital resources
gross domestic product
