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OCS Economics Personal Finance Final Exam Review part 2

Total questions: 30

Worksheet time: 30mins

Name
Class
Date
1.

The best estimate of revenue and expenditures to help guide financial choices in a future period of time is called a .

a)

Trade

b)

Insurance

c)
Budget
d)

Brochure

2.

is the setting aside for a purchase in the near future through savings accounts, money market accounts, or certificates of deposit.

a)

Checking

b)
Savings
c)

Loan

d)

Grant

3.

Shares in the ownership of a company are called

a)

401 K

b)

Mutual fund

c)
Stock
d)

Credit

4.

The amount of money you have left over after you list your assets and subtract your debt.

a)

Wealth

b)

Loan

c)

Benefit

d)

Investing

5.

What name is given to people who are experts in a certain field or craft that use social media to educate other people?

a)

Telemarketers

b)

Influencers

c)

Consumers

d)

Scammers

6.

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?

a)

Better Business Bureau

b)

Consumer Reports

c)

Telemarketing

d)

Consumer Financial Protection Bureau

7.

What type of crime is described when a person uses your personal or financial information without your permission?

a)

Ponzi Scheme

b)

Telemarketing

c)

Skimming

d)

Identity Theft

8.

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?

a)

Social Media

b)

Influencers

c)

Telemarketing

d)

Scammers

9.

What are two examples of retirement savings accounts that provide for potential investment growth, offer tax advantages, and opportunities to build your wealth?

a)

Certificate of Deposits and Checking Accounts

b)

401(k) and IRA

c)

Savings Bonds and Savings Accounts

10.

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?

a)

Hang up and call the power company

b)

Go to Wal-Mart and get a gift card

c)

Hang up and call 9-1-1

11.

What type of scam involves sending emails to a consumer trying to obtain a social security number or other personal information?

a)

Phishing

b)

Telemarketing scheme

c)

College admissions fraud

12.

Businesses losing customers, experiencing profit losses, and potentially claiming bankruptcy, and then shutting down and closing is caused by __________

a)

Bad reviews

b)

High employee satisfaction

c)

Effective marketing strategies

d)

Strong customer loyalty

13.

A _________ is when making a decision leads to gaining one thing while losing another.

a)

Want

b)

Need

c)

Service

d)

Trade-off

14.

What type of economy does the United States have?

a)

Traditional

b)

Command

c)

Mixed

15.

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.

a)

Opportunity Cost

b)

Capital

c)

Scarcity

16.

What are the expenses that are the same no matter how much or how little a business produces?

a)

Cost-Benefit Analysis

b)

Opportunity Costs

c)

Fixed Costs

d)

Variable Costs

17.

What are the expenses that change when the number of items produced changes?

a)

Fixed Costs

b)

Variable Costs

c)

Resource

d)

Capital

18.

In economics, what is an individual who starts a new business or invents a new product called?

a)

Banker

b)

Communist

c)

Entrepreneur

d)

Investor

19.

What are the factors of production?

a)

Land, labor, capital, entrepreneurship

b)

Labor, money, expenses, people

c)

Capital, Land, Labor, Technology

20.

Which of the following represents the percentage of people searching for full time employment but can’t find jobs?

a)

Unemployment rate

b)

Employment rate

c)

Interest rate

d)

Standard of living

21.

The central bank of the United States is the .

a)
Federal Reserve
b)

Credit Union

c)

Bank

d)

Federal Deposit Insurance Company (FDIC)

22.

_________ are taxes on an individual's salary, as _________ are taxes on the value of property owned by a person.

a)

Income taxes & property taxes

b)

Excise taxes & estate taxes

c)

Income taxes & capital gains taxes

d)

Estate taxes & property taxes

23.

The money collected by the government is called

a)
Revenue
b)

Capital Gains

c)

Expenditures

d)

Deficits

24.

________ is buying goods from another country; _________ is selling goods to another country.

a)

Import - Export

b)

Export - Import

c)

Tariff - Embargo

d)

Excise - Deficit

25.

Taxes that the government places on imported goods are called

a)

Budget

b)
Tariffs
c)

Excises

d)

Exports

26.

For which of the following might you be charged a fine?

a)

A marriage license

b)

A hunting license

c)

A traffic violation or ticket

d)

Using toll roads

27.

What does the federal government spend the most money on?

a)

Education

b)

Benefits payments to the poor, disabled, and elderly

c)

National defense

d)

Payments on debt

28.

What does Gross Domestic Product (GDP) measure?

a)

Surplus of final goods and services produced in a country annually

b)

Quantity of final goods and services produced in a country annually

c)

Quality of final goods and services produced in a country annually

d)

Dollar value of final goods and services produced in a country annually

29.

Which of the following is one of the main functions of money?

a)

Provided people with a place to live

b)

To compare the values of goods and services

c)

A part of human capital

d)

Easy to keep safe

30.

Which of the following best defines what collateral is?

a)

The actual property needed or used to secure a loan

b)

The amount that one earns from selling their stock

c)

The amount of interest that you’ve earned over a set period of time

d)

The amount of money needed to buy an item