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ACE Competition Questions - Economics/Law

Total questions: 55

Worksheet time: 28mins

Name
Class
Date
1.

The accused arsonist Shifty LeGrew arranged with a bondsman for funds that would allow him to be released from jail until the day of his trial. But Shifty failed to show up for his trial and jumped what?

a)

parole

b)

sentence

c)

bail

d)

bond

2.

The cent is a fractional unit of what currency used in Andorra, Slovenia, Vatican City, Cyprus, and Belgium?

a)

franc

b)

euro

c)

pound

d)

lira

3.

At the end of each month, you get a statement from the bank. When you check to make sure your checkbook register and the statement match up, what is that process called?

a)

posting

b)

balancing it

c)

auditing

d)

forecasting

4.

Sometimes when officials believe a volcanic eruption, a hurricane, or some other calamity appears probable, they will order all people to vacate an area as a protective measure. What is the term for such a general withdrawal from a region?

a)

migration

b)

exodus

c)

evacuation

d)

relocation

5.

What currency that is the world's foremost reserve currency is also most used in international transactions?

a)

pound sterling

b)

euro

c)

yen

d)

U.S. dollar

6.

If your house is worth 350,000andyoustillowethebank350,000 and you still owe the bank 300,000, what is your equity?

a)

$75,000

b)

$100,000

c)

$50,000

d)

$25,000

7.

In how many years would the value of a new $10,000 asset depreciated at 20% per year no longer have a book value for your company?

a)

3 years

b)

6 years

c)

5 years

d)

4 years

8.

In the game of Monopoly, originally Marvin Gardens was worth 250butnowits250 but now it's 7,750, and St. Charles Place was worth 170butnowits170 but now it's 4000. What basic economic concept relating to a persistent increase in price accounts for this?

a)

deflation

b)

inflation

c)

stagflation

d)

indexing

9.

Aruban florins, Bahraini dinars, British pounds, Indian rupees, and European euros are examples of what?

a)

accounts

b)

commodities

c)

currencies

d)

securities

10.

In what part of a check might you write things like this? - lawn mowing - federal taxes for 2018 - service on Jeep - groceries

a)

payee box

b)

endorsement

c)

memo (lower left)

d)

routing line

11.

What did these people purchase? The guitarist for the Rolling Stones had a finger covered for 1.5million.BruceSpringsteencoveredhisvoicefor1.5 million. Bruce Springsteen covered his voice for 6 million. Betty Davis had each of her legs covered for $1 million each.

a)

warranties

b)

insurance

c)

annuities

d)

surety bonds

12.

What is the term for goods or services produced in one country and sold to another country?

a)

imports

b)

exports

c)

tariffs

d)

quotas

13.

A company that began making camping tents has developed such that now it also produces backpacks, sleeping bags, cots, and outdoor clothing. Name this business strategy of not "putting all your eggs in one basket".

a)

consolidation

b)

integration

c)

specialization

d)

diversification

14.

What is the term for anything purchased with the hope that it will become more valuable at a future date?

a)

donation

b)

investment

c)

consumption

d)

inventory

15.

In 1999, for the first time since Charlemagne's reign in the 9th century, Europe became largely united with the debut of what common currency?

a)

lira

b)

franc

c)

euro

d)

pound

16.

What is the dollar value of the U.S. currency nicknamed "Benjamins"?

a)

$500

b)

$20

c)

$50

d)

$100

17.

What is the term for getting the most out of the resources available in the production of a product?

a)

optimization

b)

utilization

c)

efficiency

d)

productivity

18.

If there are a total of 1 million shares of Aukco stock, how many shares would you have to own to have the controlling interest in the corporation?

a)

750,001

b)

400,001

c)

500,001

d)

600,001

19.

In what kind of sale might you hear these words? Who will bid 5? I hear 5. How about 10 - 10? There's a 10. Now how about 15?

a)

garage

b)

estate

c)

auction

d)

clearance

20.

The invention of money gave birth to what crime?

a)

embezzlement

b)

robbery

c)

forgery (counterfeiting)

d)

blackmail

21.

In the American Old West, what kind of citizen groups often took the law into their own hands?

a)

posses of cattlemen

b)

town councils

c)

vigilantes (vigilance committees)

d)

frontier sheriffs

22.

A resident of which Mideast country visiting Germany would likely exchange shekels for euros?

a)

Jordan

b)

Israel

c)

Turkey

d)

Lebanon

23.

These acts—public intoxication, trespass, reckless driving, discharging a firearm within city limits, disorderly conduct, vandalism—are examples of what broad category of criminal offenses?

a)

civil violations

b)

misdemeanors

c)

infractions

d)

felonies

24.

A kopek is a fractional unit of what currency?

a)

yen

b)

peso

c)

euro

d)

ruble (Russian ruble)

25.

Your company sends you to Japan for six months. What currency will you use there?

a)

yuan

b)

yen

c)

ringgit

d)

won

26.

When firearms production specialized so different people made stocks, locks, and barrels, this was called division of what?

a)

materials

b)

labor

c)

capital

d)

technology

27.

What crime involves altering writing, producing fake art claimed to be genuine, or fabricating documents to defraud?

a)

embezzlement

b)

forgery

c)

blackmail

d)

perjury

28.

What is the least competitive market type where a single firm controls output and pricing?

a)

oligopoly

b)

monopoly

c)

perfect competition

d)

monopolistic competition

29.

Early in a mortgage, most monthly payments go to interest. By the end of the loan, most payments go toward what?

a)

the principal

b)

insurance

c)

fees

d)

taxes

30.

Name the special kind of loan used to buy a house.

a)

auto loan

b)

student loan

c)

mortgage

d)

personal loan

31.

Economists call things like medical care, teaching, accounting, and babysitting what?

a)

inputs

b)

services

c)

resources

d)

goods

32.

By which system was the value of a currency defined in terms of the element abbreviated "Au"?

a)

silver standard

b)

fiat money

c)

barter system

d)

gold standard

33.

What is the collective name for institutions like Salvation Army, YMCA, Boys and Girls Club, United Way, Goodwill, and Wounded Warrior Project?

a)

charities

b)

foundations

c)

agencies

d)

nonprofits

34.

Installing video cameras throughout an apartment to capture activity without consent is an invasion of what?

a)

privacy

b)

copyright

c)

property

d)

security

35.

The euphemism "undocumented workers" commonly refers to whom?

a)

temporary contractors

b)

foreign exchange students

c)

illegal workers (illegal immigrants)

d)

part-time staff

36.

Which uniformed U.S. service enforces maritime law, conducts coastal defense, search and rescue, and regulates maritime industries?

a)

Air Force

b)

Coast Guard

c)

Marine Corps

d)

Navy

37.

If the supply of a product decreases while demand stays the same, what happens to the price?

a)

The price stays flat.

b)

The price goes down.

c)

The price goes up.

d)

The price becomes unstable.

38.

If the supply stays the same but demand decreases, what happens to the price?

a)

The price will go up.

b)

The price will fluctuate wildly.

c)

The price will remain fixed.

d)

The price will go down.

39.

Aside from special accounts like CDs, money market, and retirement accounts, what two main types of accounts do people regularly maintain at a bank?

a)

mortgage and escrow

b)

brokerage and savings

c)

savings and checking accounts

d)

credit and debit accounts

40.

The two main parts of a mortgage are the principal and what else?

a)

the premium

b)

the fees

c)

the interest

d)

the escrow

41.

There are 100 centavos in what unit of Mexican currency?

a)

peso (Mexican peso)

b)

real (Brazilian real)

c)

sol (Peruvian sol)

d)

bolivar (Venezuelan bolivar)

42.

These are actual examples of what kind of ads? -American Flag: 60 stars and pole included. -Electric self-cleaning oven/stove. Needs good cleaning. -Circus going out of business. Small elephant free to good home. -Jack Russell terrorist puppies for sale.

a)

classified ads

b)

display banners

c)

radio spots

d)

internet pop-ups

43.

When Mort's favorite baseball team lost the World Series, he ran out onto Main Street yelling, swearing, and frightening passers-by. Such disorderly conduct can be called a breach of the what?

a)

statute

b)

peace

c)

trust

d)

contract

44.

A Lincoln penny with an "S" displayed below the date means that this coin was produced in what American city?

a)

St. Louis

b)

Sacramento

c)

Seattle

d)

San Francisco

45.

In what part of your checkbook do you record events such as the checks you've written, cash withdrawals, and deposits made?

a)

register

b)

ledger

c)

stub

d)

balance

46.

A convicted felon who has served much of his sentence and who has been released from jail under police supervision is said to be out on what?

a)

parole

b)

bail

c)

pardon

d)

probation

47.

You called in a roofer when your bakery business had a roof leak. The cost for the repair was to be $300 but the roofer agreed that if you would bake a superlative cake for his daughter's wedding, that would cover the repairs. This is an example of what kind of transaction?

a)

installment

b)

barter

c)

credit

d)

loan

48.

What is a synonym for counterfeiting?

a)

burglary

b)

perjury

c)

embezzlement

d)

forgery

49.

In what European country are these located? Columbus Monument, Aqueduct of Segovia, Puerto de Toledo, Velasquez Statue, Plaza de Toros

a)

Spain

b)

Italy

c)

France

d)

Portugal

50.

There are six ski rental businesses in a certain mountain town. What is the term for the rivalry between these businesses in striving to serve the same customer?

a)

integration

b)

competition

c)

monopoly

d)

collusion

51.

What is the term for the mass refusal of employees of a business or service to work?

a)

walkout

b)

lockout

c)

boycott

d)

strike

52.

The money backed by the government of any country is called legal what?

a)

reserve

b)

tender

c)

currency

d)

note

53.

If you are going back to square one, you are going back to what board?

a)

the bulletin board

b)

the message board

c)

the drawing board

d)

the keyboard

54.

You go to France and want to trade U.S. dollars for 100 euros. If the exchange rate is 1 euro for every 1.3 dollars, how many dollars would you have to turn in?

a)

$140

b)

$115

c)

$100

d)

$130

55.

Since the police came across a guy breaking into a shop, the guy was caught in the what?

a)

crime

b)

wrong

c)

act

d)

break