WorksheetsBusiness Economics Final Review GAME
Total questions: 79
Worksheet time: 40mins
Name
Class
Date
1.
You should always do research about the company you're applying for a job at or interviewing with.
a)
A. True
b)
B. False
2.
An entrepreneur is someone who ______.
a)
A. Works an entry level job at a large business
b)
B. Starts and runs their own business
c)
C. Gets hired to work for their dream company
d)
D. Starts and runs someone else’s business
3.
The very best investment you can make is in _____.
a)
A. Yourself
b)
B. The stock market
c)
C. Real estate
d)
D.A new car
4.
Job shadowing is a great way to gain experience in a career field.
a)
A. True
b)
B. False
5.
_____ skills are things you learn in school or receive special training on.
a)
A. Soft
b)
B. Hard
6.
_____ is an example of a soft skill.
a)
A. Computer programming
b)
B. Analytics
c)
C. Being a team player
d)
D. Building a house
7.
What is the key to failure?
a)
A. Never embracing it
b)
B. Avoiding it
c)
C. Talking about it
d)
D. Learning from it
8.
Mentors are people who can guide, encourage, and hold you accountable as you make the climb to your dream job.
a)
A. True
b)
B. False
9.
Employers consider soft skills as important as hard skills.
a)
A. True
b)
B. False
10.
Many employers will research job candidates' social media posts.
a)
A. True
b)
B. False
11.
A bank can help you_____ your money and keep it____ .
a)
A. Manage; safe
b)
B. Find; growing
c)
C. Deposit; budgeted
d)
D. Budget; available
12.
The Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) keep your money in the bank insured up to________ per account.
a)
A. $250
b)
B. $2,500
c)
C. $25,000
d)
D. $250,000
13.
If you see "pending" on an account charge, that means . . .
a)
A. You need to make a deposit before it is paid
b)
B. The payment was declined
c)
C. It hasn't been fully processed yet
d)
D. It is suspected of being a fraudulent charge
14.
A debit card, ATM access, payroll direct deposit, and checks are basic features of__________ .
a)
A. A money market account
b)
B. Online banking
c)
C. A savings account
d)
D.A checking account
15.
With certificates of deposit (CDs), you have to pay a penalty for _________.
a)
A. Withdrawing your money early
b)
B. Depositing money into the account
c)
C. Creating a savings account
d)
D. Using an ATM
16.
When deciding on the right bank for you, you should first identify what type of bank you want, the features that matter most to you, and ________.
a)
A. What kind of accounts you want
b)
B. What type of home you want to own someday
c)
C. How large your savings account is
d)
D. If you want to go to an Ivy League or community college
17.
As the owner of your account, managing your money is________ responsibility.
a)
A. Not your
b)
B. Your
c)
C. Your parent's
d)
D. The banks
18.
Overdrafting your account is a sign of diligence and responsibility.
a)
True
b)
False
19.
You need to track everything that involves money, including . . .
a)
A. Your clothing budget for the month
b)
B. Debit card purchases, third-party app transactions, and ATM withdrawals
c)
C. All of the sales that are currently happening
d)
D. The latest retail store credit card offers
20.
Insurance helps you transfer the______ from your bank account to the insurance company.
a)
A. Risk
b)
B. Money
c)
C. Insurance
d)
D. Health
21.
In return for paying the insurance company a fee, they will . . .
a)
A. Pay for certain expenses or damages
b)
B. Give you a paycheck every month
c)
C. Manage your money for you
d)
D. Create your monthly budget
22.
Comprehensive coverage pays for loss or damage to your car caused by______.
a)
A. Anything other than a collision
b)
B. Accidents that happen on the road
c)
C. A collision
d)
D. Personal injuries
23.
If you're unable to live in your home while it's being repaired_______, coverage will cover those additional living expenses.
a)
A. Renters insurance
b)
B. Loss of use
c)
C. Personal property coverage
d)
D. Dwelling insurance
24.
Through the Affordable Care Act, you can stay on your parents' health insurance until . . .
a)
A. You turn 26 years old
b)
B. You turn 18 years old
c)
C. You get married
d)
D. You move out of the house
25.
The amount of money the insurance company agrees to pay for an incident is called_____ .
a)
A. Co-pay
b)
B. Deductible
c)
C. Claim
d)
D. Coverage
26.
What type of insurance pays for the treatment of injuries and losses to the driver and passengers?
a)
A. Collision insurance
b)
B. Personal injury protection
c)
C. Uninsured motorist protection
d)
D. Liability insurance
27.
Most insurance companies allow a_______ , during which you can pay your premium before you lose your coverage.
a)
A. Grace period
b)
B. Out-of-pocket maximum
c)
C. Long-term disability insurance
d)
D. Claim
28.
______will cover you if someone steals your personal information.
a)
A. Long-term care insurance
b)
B. Identity theft protection
c)
C. Supplemental insurance
d)
D. Short-term disability
29.
What is a deductible?
a)
A. The amount of money the insurance company agrees to pay.
b)
B. The amount you have to pay before the insurance company will make a payment.
c)
C. When you report an incident and ask to be compensated for the cost.
d)
D. The amount of money you pay for your insurance policy every month.
30.
The cap on the total amount of benefits you can get from your insurance company is called_____.
a)
A. The deductible
b)
B. A Health Savings Account
c)
C. The lifetime limit
d)
D. Your premium
31.
Withholdings and deductions are . . .
a)
A. Examples of deficit spending
b)
B. Expenses that are taken out of your paycheck
c)
C. Categories of a good budget
d)
D. Money that the government gives back to you
32.
The money you earn hourly for your time and effort at work is called your____ .
a)
A. Wages
b)
B. Salary
c)
C. Minimum wage
d)
D. Income tax
33.
What does the Form W-4 estimate?
a)
A. How much tax you'll owe based on your personal situation.
b)
B. How much income you should be making.
c)
C. How much money you'll spend in that fiscal year.
d)
D. How many tax returns you need to submit.
34.
When you buy clothes or check out at the grocery store, you will pay_____.
a)
A. With your tax credit card
b)
B. Sales tax
c)
C. Excise tax
d)
D. Income tax
35.
A fixed, annual rate of pay that doesn't change by working more or fewer hours is called_____.
a)
A. Salary
b)
B. Hourly wages
c)
C. Passive income
d)
D. Commission
36.
When someone says they need to file their taxes, they're talking about filling out a _______.
a)
A. Federal tax return
b)
B. Form W-4
c)
C. Tax liability
d)
D. Tax bracket
37.
What is the main IRS form that most Americans use to file their taxes?
a)
A. Form 1040
b)
B. Form I-9
c)
C. Schedule C
d)
D. Form 1099-DIV
38.
There are two general types of taxes. Taxes on the money you_________ and taxes on the money you_____.
a)
A. Give; save
b)
B. Budget; don't budget
c)
C. Have; want
d)
D. Earn; spend
39.
Renting out property or selling content on a blog are examples of ______.
a)
A. Passive income
b)
B. Active income
c)
C. Salary
d)
D. Portfolio income
40.
The deadline for filing your income tax return usually falls on_____.
a)
A. April 15
b)
B. October 13
c)
C. August 15
d)
D. July 4
41.
Net income is also called your______.
a)
A. Gross income
b)
B. Fiscal year
c)
C. Discretionary spending
d)
D. Take-home pay
42.
When you're ready to buy a house, the best option is a ______.
a)
A. 20-year VA loan
b)
B. 15-year fixed-rate conventional mortgage
c)
C. 30-year equity loan
d)
D. 30-year fixed rate mortgage
43.
What does cost of living refer to?
a)
A. How much of your monthly income is budgeted specifically for your rent or mortgage
b)
B. The average cost of the basic goods and services needed to maintain a certain standard of living
c)
C. The level of wealth, comfort, material goods and necessities available to a group of people
d)
D. How wealthy or poor you are at the time of purchasing your first home
44.
You should rent until you are able to _____.
a)
A. Buy a home the right way
b)
B. Become a landlord someday
c)
C. Invest in stocks
d)
D. Buy amenities
45.
A house is an asset that typically will_______ value over time.
a)
A. Stay the same
b)
B. Decrease in
c)
C. Depreciate in
d)
D. Increase in
46.
It's important to read your leasing contract, because once you sign it, is enforceable by law.
a)
A. True
b)
B. False
47.
When someone spends so much of their income on the costs of homeownership that they struggle to reach their other financial goals, they are______ .
a)
A. Wealthy
b)
B. House poor
c)
C. Wise homeowners
d)
D. Rent poor
48.
A fixed-rate mortgage has a ______ mortgage rate for _____ years.
a)
A. Set; a set number of
b)
B. High; a large amount of
c)
C. 12%; 30
d)
D. Good; 15
49.
What is your mortgage principal?
a)
A. The largest amount of money you are legally allowed to borrow
b)
B. The down payment needed to get a mortgage
c)
C. The amount borrowed (that must be repaid) to purchase a home
d)
D. The first payment you make on your new home
50.
Equity is the difference between what you still owe on your home and what it is worth.
a)
A. True
b)
B. False
51.
What is The Fifth Foundation?
a)
A. Pay cash for your home
b)
B. Build wealth and give.
c)
C. Save for retirement.
d)
D. Pay cash for college.
52.
A security that represents part ownership of a company is called a(n)____.
a)
A. Stock
b)
B. Bond
c)
C. Certificate of Deposit
d)
D.Annuity
53.
Diversification reduces your_______ by using a mix of investment types in your portfolio.
a)
A. Income
b)
B. Retirement funds
c)
C. Risk
d)
D. Mutual funds
54.
Investing your money earns you more money because of . . .
a)
A. Checking accounts
b)
B. Mortgage payments
c)
C. Compound growth
d)
D. Short-term savings
55.
Social Security benefits are meant to______ your income.
a)
A. Replace 40% of
b)
B. Tax 100% of
c)
C. Decrease
d)
D. Fully replace
56.
Certificates of deposit and money market accounts are both examples of investments with ______ risk and ____ return.
a)
A. Low; low
b)
B. Low; high
c)
C. High; high
d)
D. High; low
57.
Mutual funds are less risky and can outperform the stock market because . . .
a)
A. They're not diversified.
b)
B. They guarantee a high rate of return.
c)
C. They're fully liquid.
d)
D. They invest in several companies at once.
58.
The three components of compound growth are money, time and_____ .
a)
A. A large paycheck
b)
B. Investments
c)
C. Retirement
d)
D. Rate of return
59.
_____is key when it comes to compound growth.
a)
A. Time
b)
B. Money
c)
C. Attitude
d)
D. Roth IRA
60.
When you're retired, you'll still have to pay taxes.
a)
A. True
b)
B. False
61.
Economics is a study of consumer_____.
a)
A. Choices
b)
B. Availability
c)
C. Supply
d)
D. Demand
62.
The U.S. is mostly a . . .
a)
A. Focused economy
b)
B. Free market
c)
C. Demand
d)
D. GDP
63.
Economic interdependence . . .
a)
A. Describes how all the countries of the world handle their money
b)
B. Describes how many countries and companies around the world depend upon each other
c)
C. Means that we're all dependent upon the economy for our personal happiness
d)
D. Means that countries do not depend on each other for their economic well-being
64.
A _______economy is built on primary industries such as fishing and farming, and it generally has very little waste and very little surplus.
a)
A. Market
b)
B. Mixed
c)
C. Traditional
d)
D. Command
65.
What is specialization?
a)
A. It's when a person chooses to specialize in one career field but it ends up harming their economy.
b)
B. It's when a capitalist nation decides to focus its efforts on producing only 7 types of services.
c)
C. It's when a country focuses its efforts on producing a limited variety of goods or services.
d)
D. It's when an economy is completely self-sustaining.
66.
________is the science of the whole economy, while______ is the study of people, individual businesses, or markets.
a)
A. Global economics; microeconomics
b)
B. Macroeconomics; global economics
c)
C. Macroeconomics; microeconomics
d)
D. Microeconomics; macroeconomics
67.
A product that's sold to the global market is called ______ while a product that's bought from another country is called______ .
a)
A. An export; a demand
b)
B. A resources; an export
c)
C. An export; an import
d)
D.A GDP; an import
68.
Socialism is an example of a ______ economy where ______ the is/are at the center
a)
A. Market; people
b)
B. Free; monopoly
c)
C. Specialized; market
d)
D. Command; government
69.
Wind, water, and solar energy are examples of ______.
a)
A. Renewable resources
b)
B. Economic interdependence
c)
C. Nonrenewable resources
d)
D. Human capital
70.
The series of steps it takes to produce a product is called the . . .
a)
A. Chain of production
b)
B. Economic sectors
c)
C. Factors of production
d)
D. Market values
71.
______ never really works for an economy because there's little innovation and no reward for starting a business, as well as an unmotivated labor force because workers are often assigned jobs.
a)
A. Capitalism
b)
B. Socialism
c)
C. Market economy
d)
D. Monopoly
72.
_____ is an official ban on trade with a country.
a)
A. An embargo
b)
B. A quota
c)
C. Rationing
d)
D. Tariffs
73.
Inflation, deflation, the rate of economic growth, price levels, national income, changes in employment rates, and GDP are all called . . .
a)
A. Stock markets
b)
B. Global economy
c)
C. Developing countries
d)
D. Economic indicators
74.
A free enterprise market economy where businesses are free to determine what goods to produce and who to sell them to is called______ .
a)
A. Capitalism
b)
B. Socialism
c)
C. Mixed economy
d)
D. Specialization
75.
What is scarcity?
a)
A. It's a restriction placed on goods and services.
b)
B. It's something that occurs when there's greater demand for something than what's available.
c)
C. It's when the government controls the amount of goods or services being used.
d)
D. It happens when the government takes action to restrict international trade.
76.
An extreme result of free-market capitalism without government regulation is referred to as . . .
a)
A. A monopoly
b)
B. Capitalism
c)
C. Socialism
d)
D.A mixed economy
77.
If the government fears there may be a shortage of something, they may choose to _____ it.
a)
A. Capitalize on
b)
B. Quota
c)
C. Tariff
d)
D. Ration
78.
The total value of all the finished goods and services produced in a country for a specific period of time is called ________.
a)
A. Inflation
b)
B. Deflation
c)
C. Standard of living
d)
D. Gross domestic product (GDP)
79.
Equilibrium is . . .
a)
A. The point at which the economy reaches its maximum level of growth
b)
B. The lowest point in the business cycle, after a recession
c)
C. When the market supply and demand match each other, resulting in price stability
d)
D. When the availability of a product and how desired it is by consumers affect its price
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