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WorksheetsConsumer Final Review FA24
Total questions: 39
Worksheet time: 20mins
Decisions about what to produce, how and for whom are decided by a central government
Command Economy
Traditional Economy
Market Economy
Mixed Economy
An advantage to this type of economy is the profit incentive
Command Economy
Traditional Economy
Market Economy
Mixed Economy
Most countries have this type of economy
Command Economy
Traditional Economy
Market Economy
Mixed Economy
The underlying problem of economics: limited resources, unlimited wants
Surplus
Shortage
Scarcity
Equilibrium
What is equilibrium price on the graph?
25
50
62.50
80
At a price of $100, there would be a:
Surplus
Shortage
Equilibrium
Deficit
Which of these is an example of fiscal policy?
Raise or lower the discount rate
Raise or lower reserve requirement
Raise or lower taxes
Open Market Operations
What will help slow down an economy that is expanding too quickly?
Lower Taxes
Raise Taxes
Increase Government Spending
Decrease Government Spending
All of these are major purposes of taxation EXCEPT:
Fund private corporations
Redistribution of income
Provide public goods & services
Influence behavior
A higher income taxed at a higher rate, while a lower income gets taxed at a lower rate is a:
Progressive Tax
Regressive Tax
Proportional/Flat Tax
Free Tax
Form that summarizes a person’s income and tax withholding for a year:
W2
W4
1040
1099INT
Form that is filled out by the taxpayer to file taxes:
W2
W4
1040
1099INT
A budget in which revenue is higher than expenses
Budget Deficit
Balanced Budget
Budget Surplus
Bad Budget
What does FICA cover?
Employee's health insurance
Employee's retirement plans
Social Security and Medicare
Unemployment and worker's compensation
What is NOT a required withholding from a paycheck?
Federal Income Tax
FICA
401K
State Income Tax
The amount of income earned prior to any deductions
Gross Pay
Net Pay
Balanced Pay
Wages
Which of the following is an example of a FIXED expense?
Clothing
Food
Rent
Entertainment
What insures your bank account up to $250,000?
FICA
Liability insurance
Federal Reserve
FDIC
If you choose to have your paycheck directly deposited - Will you still need to record the deposit for your own records?
Yes
No
Maybe
Only if it's a large amount
Card that is directly tied to your checking account; money withdrawn immediately on a purchase
Credit Card
Private Purpose Card
Debit Card
Gift Card
All of these are ways to build good credit EXCEPT
Open multiple credit cards and max them out
Put a telephone bill in your name
Paying your bills on time
Open a savings and or checking account and deposit money
How long does bankruptcy stay on your record?
7 years
10 years
15 years
20 years
What is NOT a 3 C of credit?
Character
Credentials
Capacity
Capital
Credit bureaus decide if you will receive a loan or not.
True
False
All of these are factors to consider when choosing a credit card EXCEPT:
Annual Percentage Rate (APR)
Design on the card
Annual Fee
Rewards
Which is the riskiest type of investment?
Single Stock
Money Market Account
Mutual Fund
Bonds
An advantage of this investment is the automatic diversification it provides:
Single Stock
Money Market Account
Mutual Fund
Bonds
This type of account locks up your money for a specific time period for higher interest:
Certificate of Deposit (CD)
Money Market Account
Traditional Savings Account
Checking Account
If you BUY 10 shares of stock for $10 each and SELL them for $5 each, your gain/loss is:
$100 loss
$100 gain
$50 loss
$50 gain
What are the TWO ways to make money in the stock market?
Capital Gains
Dividend Payments
Buy high, sell low
Capital Loss
Your WITHDRAWALS on this type of retirement account are tax FREE:
401(K)
Roth IRA
Traditional IRA
403(b)
When should you start investing?
When you get married
When you have kids
When you are ready to retire
As soon as possible
The amount of money you pay monthly in return for insurance coverage
Premium
Claim
Deductible
Policy
With insurance, as your premium increases, your deductible:
Increases
Decreases
Stays the same
Changes each month
This type of coverage covers damage to your own vehicle in an accident.
Liability - Property Damage
Collision
Liability - Bodily Injury
Comprehensive Physical Damage
This type of coverage covers injury to other people in an accident that is your fault.
Liability - Property Damage
Collision
Liability - Bodily Injury
Comprehensive Physical Damage
Money paid to a landlord at the beginning of a lease to cover damages by the tenant.
Security Deposit
Rent
Mortgage
Lease
Price that a car dealer is asking for a car:
MSRP
Base Price
True Market Value
Sticker Price
Which is NOT an advantage of owning a home?
Ability to easily move
Ability to change the home as you wish
Tax Advantage
Investment Opportunity
