WorksheetsEconomics Final Exam Review
Total questions: 65
Worksheet time: 34mins
Which definition fits this picture.
The science of choice, exploring the choices made by individuals and organizations
The study of how many human beings coordinate their wants and desires, given the decision-making mechanism, social customs, and political realities of the society.
The study of choices when there is scarcity
The study of how to get people to do things they are not wild about and not to do things they are wild about.
All of them
When there is a (a) in jobs, society sees a higher percentage of unemployment.
What does this picture represent?
Choose all the factors of production
Which one of these is not an economic model.
Studying Texas' unemployment is microeconomics. Studying the European Union is (a) .
You get your haircut
Good
Service
You buy a book from a garage sale
Good
Service
You pay your sister $5 to clean your messy bedroom
Good
Service
You buy an ice cream cone from an ice cream truck
Good
Service
things purchased by consumers
goods
consumer
producer
supply
A person who purchases a good or service
consumer
taxes
supply
good
Basic things humans need to survive
need
want
import
demand
how much of a good or service consumers want
demand
spending
producer
scarcity
The amount available
supply
demand
import
natural resource
What is the definition of a want?
Something you would like too have but will be okay without it.
Something you truly can't live without.
None of the above
what is Human Capital?
Money Assets of a Company
Immigration of people into America
Treating yourself to a nice dinner
A worker's skill, knowledge, and experience
This mean of production can be defined as tool or base of knowledge used to make other goods or services
natural resource
human resource
capital resource
Which of the following means the study of people making choices with scarce resources, and the production, distribution, and consumption of goods and services?
producer
market price
economics
opportunity cost
Which of the following means what you have to give up in order to make or get something else?
producer
market price
consumer
opportunity cost
Factors that cause the supply or demand to change, like surpluses, gaining resources, wars, disasters, pandemics are called?
equilibrium
shifter
demand
producer
The point where supply and demand are balanced is (where we tried to figure out the best prices of coffee?
product
demand
surplus
equilibrium
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
The state government
The Federal government
Local Businesses
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
By claiming "exempt" on the W-4 form...
You are paying all income taxes upfront at the START of the year.
You are requesting an extension to file your taxes
You will NOT have income taxes withheld from your paycheck.
You are paying all income taxes at the END of the calendar year.
Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
April 15th
October 15th
December 31st
January 1st of the next year
True or False: All wages, tips, and bonuses are taxable unless specifically excluded.
True
False
Which is the best definition of personal financial planning?
spending, saving, and investing money to enjoy life and achieve financial security.
Listing ways to achieve your short-term and long-term financial goals.
thinking about your attitudes toward money.
using available sources of financial information.
Which term refers to the general increase in the cost of goods and services?
inflation
interest rate
liquidity
income
Which term refers to a plan for using your income in a way that best meets your wants and needs?
opportunity cost
a variable expense
a budget
a budget variance
Which term refers to money taken out of your pay before you receive your paycheck?
income
deductions
gross pay
expenses
Liquidity in Economics can be defined as...
the ability of how quickly something can be converted to cash or money
how the market changes in flux
how money is converted into international currency
A person who is associated with starting a business is know as
Merchant
Entrepreneur
Salesman
Businessman
A legally established maximum price for a good or service, like a max price for insulin is...
Price Ceiling
Price Floor
Price Control
Minimum Wage
A legally established minimum price for a good or service, like minimum wage.
Price Ceiling
Price Floor
Price Control
Minimum Wage
Based on co-operation, Adam Smith believed that the economy would fix itself through the
free-market and the invisible hand
socialism
communism
Equilibrium is where
The supply and demand curves intersect each other
The supply and demand curves never cross
The supply and demand curve are parallel, or next to each other.
This type of investment or asset pools your savings with Government and Business securities over time.
Stock investment
Money market mutual fund
Bond
the uncertain chance of a possible loss
invest
risk
loss
bankrupt
professional that makes stock trades for their investor
dividend
asset
stockbroker
stockholder
to use money in hopes of making a profit
risk
invest
dividend
asset
financial gain, a return on your money
loss
profit
risk
asset
a resource/item with value owned by an individual or company
index
asset
stock
profit
When a company earns a profit, sometimes those profits are distributed to the company’s shareholders. This means those shareholders are paid a _________________.
dividend
asset
stock
bankrupt
Companies like Blockbuster have gone __________, losing all worth of their stock.
dividend
asset
stock
bankrupt
Usually, when there is high demand (want) for ownership of a particular company or a product made by that company, what happens to the price of that company’s stock?
goes up
goes down
stays the same
Which of the following is an example of expansionary policy allowing more expendable consumer income?
Increasing taxes
Cutting Taxes
Decrease government spending
Forms of investing online through programs like Robinhood are examples of ________, which is risky and volatile, but can have significant short term changes and returns.
Credit
Day trading
Bond
Mutual market fund
Which occurs or may occur when the
government pursues a contradictory economic policy?
Economic growth may be reduced
Taxes may be raised
Government spending may be reduced
All of the above
_________, spreading out investments to reduce risk and losses, and you should do it for savings and your portfolio.
Financial intermediary
Prospectus
Diversification
_______________is a market that has a steady rise and growth over time.
Bull Market
Bear Market
Weak Market
Free Market
