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WorksheetsEconomics Final Assessment Review #2
Total questions: 25
Worksheet time: 14mins
One way to increase your creditworthiness is to do what?
Pay the minimum on your credit cards
Have more than two credit cards
Paying for everything with cash
Paying off your credit balance every month
Disadvantages of credit are...
credit costs money
the temptation is to buy more than you can afford
if you fail to repay the credit you use, you will lose your good credit and lenders will stop giving you credit
you may also lose some of your income and property, which may be taken from you in order to repay your debts.
the smallest amount you can pay and remain a borrower in good standing
expected payment
minimum monthly payment
interest
finance charges
Bankruptcy _______.
May cause the loss of car, house, and furniture
is the first step to take when a person has financial troubles
is a free court process for consumers
clears from a credit record after one year
A consumer would be best defined as...
A person who purchases goods and services for personal use
A business that consumes other businesses
A business or person who creates a product to sell
A person who purchases goods in order to resell them.
A __________ is work people do for consumers.
Service
Goods
Durable goods
Consumers
What is a good?
work performed for someone
A baseball game
Things people do for money
Things that people make or grow
What are the types of taxes a person might pay?
Check all that apply.
Sales tax
Natural tax
Income tax
Property tax
Birth tax
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)
Earned is how much you make from a job
Earned is any money you make in interest, dividends, etc.
Unearned is any money you make in interest, dividends, etc
Unearned is how much you make from a job
Money being taxed comes from
Net Pay
Gross Pay
Take Home Pay
Pay Day...the candybar
Who pays taxes
everybody
only those who invest in stocks
only those who watch Saturday morning cartoons
only those who earn $20,000
An economist might say that higher interest rates would make people do what?
Postpone the purchase of a new home
Buy a used car instead of buying a new car
Save more money in the bank
All of the Above
What do you think should be part of building your financial plan?
Wants
Needs
Income
Both Wants & Needs
When considering a financial plan, you would want to include everyday expenses. What is something else you might want to include in your plans?
Savings
Vacation
Emergency fund
All of the above
A savings account is a hedge against a recession because ________.
Your savings account can disappear if the bank closes.
Your savings account can go up or down in value.
Your savings account provides no protection against an economic downturn.
Your savings account is insured and you cannot lose your savings.
