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Economics Final Review

Total questions: 92

Worksheet time: 2hrs 32mins

Name
Class
Date
1.
a)
need
b)
want
2.
a)
need
b)
want
3.
a)
need
b)
want
4.
a)
need
b)
want
5.
There are four types of economic systems.  Most economies are _____. 
a)
Traditional 
b)
Command 
c)
Market 
d)
Mixed
6.
Someone who buys or uses a good or service is called a _____.
a)
producer
b)
clerk
c)
consumer
7.
Someone who makes goods or provides a service is called a _______.
a)
producer 
b)
clerk
c)
consumer
8.
A person who owns a business is called....
a)
an entrepreneur 
b)
a representative
c)
an educator
9.
What is a laissez faire capitalist approach to govt
a)
hand off (left alone)
b)
Extreme Control
c)
Trusting the govt
d)
A mix of control and hands off
10.
What is Free enterprise
a)
Individual control the resources and decides how to use them
b)
Gov control the resources and decides how to use them
c)
Military control the resources 
d)
No one control the resources 
11.
What is socialism/Marxist 
a)
Gov control the resources and decides how to use them
b)
Individual control the resources and decides how to use them
c)
Military control the resources 
d)
No one control the resources 
12.
A command economy is when the government is in control.
a)
True
b)
False
13.
Which of the following is an economic system in which economic decisions are made according to social roles & culture?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
14.
In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors.  This is what kind of economy? 
a)
Traditional 
b)
Market 
c)
Command 
d)
Centrally planned 
15.
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
a)
Traditional 
b)
Market 
c)
Command 
d)
Centrally Planned 
16.
GDP is calculated by
a)
adding up the cost of goods used in producing the item
b)
subtracting all costs from total revenue
c)
adding consumption + investment +government spending+ (exports sold - imports bought)
17.
What does Per Capita Mean?
a)
Per Household
b)
Per Object
c)
Per Worker
d)
Per Person
18.

GDP per capita is found by dividing a country's GDP by it's

a)

population.

b)

average birth rates.

c)

number of households.

19.
You get a hair cut. 
a)
Good
b)
Service
20.
You buy a book from a garage sale.
a)
Good
b)
Service
21.
You hire someone to cut your lawn.
a)
Good
b)
Service
22.
You visit the doctor for a checkup.
a)
Good
b)
Service
23.
You pay your sister $5 to clean your messy bedroom.
a)
Good
b)
Service
24.
House: Goods or Service?
a)
Goods
b)
Service
25.

Which of these explains a want, not a need?

a)

Shelter: If you don't have this you could possibly die in cold weather

b)

Chocolate: People like to eat this as a sweet treat, some may think it's delicious.

c)

Protein: This is important for having good health. It provides valuable nutrients.

d)

Clothes: You wear these to stay warm and out of jail.

26.

The definition of a need is: Something that is essential for life and ________ to __________.

a)

necessary, survive

b)

essential, life

c)

necessary, essential

d)

essential, survive

27.

A want is: Something that makes life more happy and _________ but not _________ to survive.

a)

necessary, comfortable

b)

essential, necessary

c)

happy, comfortable

d)

comfortable, necessary

28.

Is this type of shelter a need or want?

a)

Need

b)

Want

29.

Which items should you pay for before buying any of your wants?

a)

Rent

b)

Utilities

c)

Groceries

d)

All of the above

30.

Which is a need?

a)

iPhone

b)

Medication

c)

Backpack

d)

Sunglasses

31.

Elizabeth has a $25 budget to spend at the store. Which items should she buy first before she buys anything else?

a)

soda, bottled water, grapes

b)

bread, candy, chips

c)

milk, ice cream, pasta

d)

eggs, oranges, soup

32.

Which of the following reasons best describe why you NEED a new book?

a)

There's a movie version of the book coming out.

b)

Your friend told you that you should read the book.

c)

Your English teacher is requiring you to read the book.

d)

Many people at school have recommended it.

33.

If you asked for a new bike, which of the following reasons would you tell your parents that it's a NEED?

a)

You need it so you can go to your friends house whenever you want.

b)

You need it because your friend just got a new bike and you want to be like them.

c)

You need it so you can get fresh air and exercise during the summer.

d)

You need it because the one that you have now isn't as nice looking anymore.

34.
which one is money ?
a)
cash
b)
cheque
c)
draft
d)
all the above
35.

The difference between representative money and fiat money is that

a)

representative money is worth more than fiat money.

b)

fiat money is counted in coins; representative money is counted in paper dollars.

c)

fiat money is more durable than representative money.

d)

representative money is backed by silver or gold, ; fiat money is not.

36.

What effect does inflation have on the purchasing power of money?

a)

Causes it to go down

b)

Causes it to go up

c)

None

d)

The effect varies depending on the time and place.

37.

During times of hyperinflation

a)

people often adopt something other than the official currency to use as money

b)

people hoard the official currency

c)

the purchasing power of the currency increases rapidly

d)

the money supply is decreasing

38.

Which of the following is not a characteristic of money?

a)

Divisibility

b)

Portability

c)

Acceptability

d)

Responsibility

39.
What is the Federal Reserve?
a)
Agency responsible for international trade
b)
Central credit union
c)
Agency responsible for collecting taxes
d)
Central bank of the U.S.
40.
Currently, what is U.S. money backed by?
a)
Frankincense
b)
Gold
c)
Silver
d)
Trust that it is worth something
41.
What is inflation?
a)
A fall in the general level of prices
b)
A rise in the general level of prices
c)
A rise in the GDP
42.
This characteristic of money refers to the ability to carry it with you---lightweight and easy to transport.
a)
portability
b)
uniformity
c)
acceptability
d)
stability
43.

Anything of value

a)

asset

b)

equity

c)

liability

d)

medium of exchange

44.

A cash obligation

a)

liquid asset

b)

owner's equity

c)

asset

d)

liability

45.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
46.

Your handshake should be

a)

loose

b)

firm

c)

tight

d)

wet

47.

You should arrive...

a)

late for the interview

b)

early for the interview

c)

when you get ready for the interview

48.

You should bring a copy of your...

a)

birth certificate

b)

resume

c)

picture

d)

test

49.

Money taken out of your pay for taxes are called

a)

deductions

b)

benefits

c)

vacation

50.

If you work more than your regular hours, this is called

a)

net pay

b)

gross pay

c)

overtime

51.

The amount you earn BEFORE money is taken out is called

a)

deductions

b)

benefits

c)

gross pay

52.

If the company pays for your dental bills, that is a

a)

benefit

b)

vacation

c)

rate

53.

Choose the best answer for this question “Why should we hire you?”

a)

I’d really love to bring my diverse skill set to your company.

b)

Nothing! I'm perfect!

c)

Says “hire me”.

d)

I am a professional in this way.

54.

Choose the best answer for this question

“What is your greatest strength?”

a)

My beauty.

b)

I am a skilled salesman with over ten years of experience.

c)

I known every secret in my previous company.

d)

I can eat as much as you think.

55.

An owner of a sole Proprietorship is personality liable for all assets

a)

True

b)

False

56.

A sole proprietorship has to share their profits with a partner

a)

True

b)

False

57.

Why should you cover your business with insurance?

a)

So that there is a lower chance of accidents happening

b)

It is required by the state

c)

To make your customers feel safer

d)

To prevent your business from being completely screwed if you get sued

58.

Unlimited liability means?

a)

The owner is personally liable to cover business debts and any costs the business can not cover

b)

The owner(s) do not have to cover all business costs personally in the case of them being sued or going into debt

c)

A corporation is not responsible for taking care of lawsuits

d)

A sole Proprietorship will have enough money and coverage to pay any and all debts

59.

Limited Liability applies to

a)

Sole Proprietorships

b)

small business owners

c)

Corporations and partnerships

d)

Only Corporations

60.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
61.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
62.

A business in which all partners share in both responsibility and liability

a)

Limited partnership

b)

Limited liability partnership

c)

General partnership

d)

Articles of partnership

63.

A business in which all partners are limited from personal liability in certain situations

a)

Limited partnership

b)

Limited liability partnership

c)

General partnership

d)

Articles of partnership

64.
What is the difference between a limited partnership and a limited liability partnership (LLP)?
a)
In a limited partnership, every partner is responsible for the company's actions
b)
In a limited partnership, partners cannot lose the money they have invested
c)
In a LLP, only one partner manages the business
d)
In a LLP, all partners are limited from liability in some situations
65.

The owner's financial liability is not limited to investments in the business.

a)

Limited liability

b)

Unlimited Liability

c)

Limited Liability Company

d)

Limited Liability Partnership

66.

Disadvantage of an LLP:

a)

Double taxation, where income taxes are paid on the same source of earned income

b)

Each partner is liable for the debts incurred by the actions of other partners

c)

A partner who wishes to transfer his ownership rights must obtain consents of all partners

d)

Each partner is 'jointly and severally' liable for the partnership's debts

67.
A legal agreement that set out each partner's rights and responsibilities in a particular partnership
a)
limited partnership
b)
general partnership
c)
Uniform Partnership Act
d)
Articles of Partnership
68.
How is a general partnership organized?
a)
Every partner shares equally in both responsibility and liability
b)
The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership
c)
No partner is responsible for the debts of the partnership beyond his or her investment
d)
Only one partner is responsible for the debts of the partnership
69.

A corporation is a business for which ownership is divided into shares or stocks that may be bought and sold through a stock exchange.

a)

True

b)

False

70.
Who owns a corporation?
a)
CEO
b)
CFO
c)
Stockholders
d)
Everyone
71.
What are bonds?
a)
Spies
b)
written statements that the borrower will repay the principal (amount of money borrowed) at some time in the future
c)
investors who own stock
d)
Men of mystery
72.
Do stockholders run the day-to-day operations of a corporation?
a)
Yes
b)
No
c)
Maybe so
d)
Sometimes
73.
Proof of ownership of part of a corporation
a)
Stock certificate
b)
Proxy
c)
Charter
d)
Capital funds
74.
You can access the money in your checking account by...
a)
Using the cash grandma gave you to pay at the grocery store
b)
Paying bills with a pre-paid debit card
c)
Transferring money though your online account
d)
Using your credit card to Venmo a friend
75.

Mobile or email alerts for your checking account can notify you of...

a)

Low balances

b)

Unusual activity

c)

Deposits

d)

Credit Card transactions

76.
What is the benefit of direct deposit?
a)
Any overdraft fees are waived
b)
You don't have to spend time and energy depositing a check
c)
The funds from your paycheck are usually available between 3-5 business days
d)
You get a tax benefit from the Federal government
77.
Your friend wants to open up a checking account. Which of the following items is NOT necessary to do so?
a)
His (or his parents') previous year's tax return
b)
Proof of address
c)
Identification
d)
Opening Depo
78.
What feature is LEAST important for a college student to look for in a checking account?
a)
Low minimum balance requirement
b)
Interest rate
c)
Fees
d)
ATM availability
79.

How can you protect your checking account when using online and mobile banking? (Two Answers)

a)

Use a strong password

b)

Sharing your pin # with only 1 person in case you forget it

c)

Connect to a secure WiFi network

d)

Opt-out of alerts to notify you of unusual activity

80.
Why is understanding a bank's fees particularly important for students or young adults?
a)
With less banking experience they may incur fees unknowingly
b)
They may have high balances in their account and are therefore likely to overdraft easily
c)
Banking is like insurance; being younger means higher fees
d)
Your credit score is heavily dependent on how well you bank
81.

account where checks may be written in order to pay expenses

a)

debit card

b)

register

c)

checking account

d)

balance

82.

the amount of money in a bank account

a)

register

b)

checking account

c)

balance

d)

ATM

83.

What fee might you pay if you spend money when you have insufficient funds in your account?

a)

ATM Fee

b)

Overdraft Fee

c)

Whoops Fee

d)

Minimum Balance Fee

84.

A check that has been paid by the bank

a)

Cancelled Check

b)

Bounced Check

85.

What does it mean to reconcile your bank statement?

a)

Compare your statement to your register

b)

To cancel your bank statement

c)

To record your bank statement

86.
The maximum amount you are allowed to carry as a balance on the card
a)
interest
b)
ARP
c)
credit limit
d)
all of these
87.

Name the artist

a)

Led Zeppelin

b)

Danzig

c)

Steppenwolf

d)

Def Leppard

88.

What's the genre you are listening to?

a)

rock

b)

pop

c)

techno

d)

country

89.

What kind of music is this?

a)

R&B

b)

reggae

c)

hip hop

d)

country

90.

What do you like or dislike about this song. be specific.

4 lines
91.

This guitar rock anthem has elements of funk and Southern Rock in it. What are they?

4 lines
92.
The maximum amount you are allowed to carry as a balance on the card
a)
interest
b)
ARP
c)
credit limit
d)
all of these

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