WorksheetsEconomic Concepts Quiz
Total questions: 15
Worksheet time: 8mins
Sources of income includes: Wages, Rentals, Interest, Capital, profits, Entrepreneurship
Wages, Rentals, Interest, Capital, profits, Entrepreneurship
Wages, Salaries, Dividends, Royalties, Entrepreneurship
Rentals, Interest, Dividends, Capital, Entrepreneurship
Wages, Interest, Royalties, Capital, Profits
Exemptions are also called _________________. How does exemptions work? Used to reduce amount of taxed income
Deductions
Credits
Allowances
Exclusions
The degree of ease in which assets can be sold _______________________
Liquidity
Volatility
Profitability
Stability
Discretionary Income is also known as _____________________. Discretionary income is not allocated for _____________ ________________
Disposable Income
Mandatory Expenses
Fixed Costs
Essential Spending
The US Currency has value even though it is not tied to a commodity because:
It is backed by gold reserves.
It is accepted as a medium of exchange and has trust.
It is tied to the value of oil.
It is printed in limited quantities.
Who is hurt the most with inflation?
Consumers with fixed incomes
Wealthy investors
Exporters
Government employees
Who is hurt the least with inflation?
Borrowers with fixed-rate loans
Savers with fixed interest accounts
People on fixed incomes
Workers with wages that do not increase
Determine/Formula to calculate Net-Worth
Assets - Liabilities
Income + Expenses
Assets + Liabilities
Income - Expenses
Liabilities are defined as:
Assets owned by a company
Financial obligations or debts
Revenue generated by a company
Equity held by shareholders
Your Pay rate is $12 an hour, What would your overtime rate be? _________
$18 an hour
$15 an hour
$20 an hour
$24 an hour
Distinguish between the following: Long term goals
Goals that are achieved in a short period
Goals that are achieved over an extended period
Goals that require no planning
Goals that are impossible to achieve
Fixed expenses are costs that do not change with the level of goods or services produced. Which of the following is an example of a fixed expense?
Rent
Utility bills
Raw materials
Sales commissions
What is Unanticipated Expense?
An expected cost
A planned expenditure
An unexpected cost
A regular payment
Personal Net-Worth Statement summarizes your financial health. It lists your assets (What you own) and your liabilities (what you owe). What does it summarize?
Your financial health
Your daily expenses
Your income sources
Your investment portfolio
_______________ is payment for work that is one and half times your regular hourly wage.
Overtime
Regular pay
Double time
Holiday pay
