WorksheetsOCS Economics Personal Finance Final Exam Review part 2
Total questions: 30
Worksheet time: 30mins
The best estimate of revenue and expenditures to help guide financial choices in a future period of time is called a .
Trade
Insurance
Brochure
is the setting aside for a purchase in the near future through savings accounts, money market accounts, or certificates of deposit.
Checking
Loan
Grant
Shares in the ownership of a company are called
401 K
Mutual fund
Credit
The amount of money you have left over after you list your assets and subtract your debt.
Wealth
Loan
Benefit
Investing
What name is given to people who are experts in a certain field or craft that use social media to educate other people?
Telemarketers
Influencers
Consumers
Scammers
What is the name of the publication that is put out by a nonprofit organization that evaluates products, services, and even insurance and puts the findings out for everyone to see?
Better Business Bureau
Consumer Reports
Telemarketing
Consumer Financial Protection Bureau
What type of crime is described when a person uses your personal or financial information without your permission?
Ponzi Scheme
Telemarketing
Skimming
Identity Theft
What is a common form of marketing that companies use to connect with potential customers of their products or services by making telephone calls to existing or potential customers?
Social Media
Influencers
Telemarketing
Scammers
What are two examples of retirement savings accounts that provide for potential investment growth, offer tax advantages, and opportunities to build your wealth?
Certificate of Deposits and Checking Accounts
401(k) and IRA
Savings Bonds and Savings Accounts
Mr. Smith is a 75 year old retiree who lives alone. One day he receives a phone call threatening him that his power will be cut off if he doesn’t buy a gift card, call back, and use the card to pay his bill. What do you recommend that Mr. Smith do first?
Hang up and call the power company
Go to Wal-Mart and get a gift card
Hang up and call 9-1-1
What type of scam involves sending emails to a consumer trying to obtain a social security number or other personal information?
Phishing
Telemarketing scheme
College admissions fraud
Businesses losing customers, experiencing profit losses, and potentially claiming bankruptcy, and then shutting down and closing is caused by __________
Bad reviews
High employee satisfaction
Effective marketing strategies
Strong customer loyalty
A _________ is when making a decision leads to gaining one thing while losing another.
Want
Need
Service
Trade-off
What type of economy does the United States have?
Traditional
Command
Mixed
The weekend is almost here and you are deciding how to spend your time. If you spend time and money going to a movie, you can’t spend that time at home reading a book, and you can’t spend the money on something else later this month. You are making a __________ decision.
Opportunity Cost
Capital
Scarcity
What are the expenses that are the same no matter how much or how little a business produces?
Cost-Benefit Analysis
Opportunity Costs
Fixed Costs
Variable Costs
What are the expenses that change when the number of items produced changes?
Fixed Costs
Variable Costs
Resource
Capital
In economics, what is an individual who starts a new business or invents a new product called?
Banker
Communist
Entrepreneur
Investor
What are the factors of production?
Land, labor, capital, entrepreneurship
Labor, money, expenses, people
Capital, Land, Labor, Technology
Which of the following represents the percentage of people searching for full time employment but can’t find jobs?
Unemployment rate
Employment rate
Interest rate
Standard of living
The central bank of the United States is the .
Credit Union
Bank
Federal Deposit Insurance Company (FDIC)
_________ are taxes on an individual's salary, as _________ are taxes on the value of property owned by a person.
Income taxes & property taxes
Excise taxes & estate taxes
Income taxes & capital gains taxes
Estate taxes & property taxes
The money collected by the government is called
Capital Gains
Expenditures
Deficits
________ is buying goods from another country; _________ is selling goods to another country.
Import - Export
Export - Import
Tariff - Embargo
Excise - Deficit
Taxes that the government places on imported goods are called
Budget
Excises
Exports
For which of the following might you be charged a fine?
A marriage license
A hunting license
A traffic violation or ticket
Using toll roads
What does the federal government spend the most money on?
Education
Benefits payments to the poor, disabled, and elderly
National defense
Payments on debt
What does Gross Domestic Product (GDP) measure?
Surplus of final goods and services produced in a country annually
Quantity of final goods and services produced in a country annually
Quality of final goods and services produced in a country annually
Dollar value of final goods and services produced in a country annually
Which of the following is one of the main functions of money?
Provided people with a place to live
To compare the values of goods and services
A part of human capital
Easy to keep safe
Which of the following best defines what collateral is?
The actual property needed or used to secure a loan
The amount that one earns from selling their stock
The amount of interest that you’ve earned over a set period of time
The amount of money needed to buy an item
