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WorksheetsACE Competition Questions - Economics/Law
Total questions: 55
Worksheet time: 28mins
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?
parole
sentence
bail
bond
The cent is a fractional unit of what currency used in Andorra, Slovenia, Vatican City, Cyprus, and Belgium?
franc
euro
pound
lira
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?
posting
balancing it
auditing
forecasting
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?
migration
exodus
evacuation
relocation
What currency that is the world's foremost reserve currency is also most used in international transactions?
pound sterling
euro
yen
U.S. dollar
If your house is worth 350,000andyoustillowethebank 300,000, what is your equity?
$75,000
$100,000
$50,000
$25,000
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?
3 years
6 years
5 years
4 years
In the game of Monopoly, originally Marvin Gardens was worth 250butnowit′s 7,750, and St. Charles Place was worth 170butnowit′s 4000. What basic economic concept relating to a persistent increase in price accounts for this?
deflation
inflation
stagflation
indexing
Aruban florins, Bahraini dinars, British pounds, Indian rupees, and European euros are examples of what?
accounts
commodities
currencies
securities
In what part of a check might you write things like this? - lawn mowing - federal taxes for 2018 - service on Jeep - groceries
payee box
endorsement
memo (lower left)
routing line
What did these people purchase? The guitarist for the Rolling Stones had a finger covered for 1.5million.BruceSpringsteencoveredhisvoicefor 6 million. Betty Davis had each of her legs covered for $1 million each.
warranties
insurance
annuities
surety bonds
What is the term for goods or services produced in one country and sold to another country?
imports
exports
tariffs
quotas
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".
consolidation
integration
specialization
diversification
What is the term for anything purchased with the hope that it will become more valuable at a future date?
donation
investment
consumption
inventory
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?
lira
franc
euro
pound
What is the dollar value of the U.S. currency nicknamed "Benjamins"?
$500
$20
$50
$100
What is the term for getting the most out of the resources available in the production of a product?
optimization
utilization
efficiency
productivity
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?
750,001
400,001
500,001
600,001
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?
garage
estate
auction
clearance
The invention of money gave birth to what crime?
embezzlement
robbery
forgery (counterfeiting)
blackmail
In the American Old West, what kind of citizen groups often took the law into their own hands?
posses of cattlemen
town councils
vigilantes (vigilance committees)
frontier sheriffs
A resident of which Mideast country visiting Germany would likely exchange shekels for euros?
Jordan
Israel
Turkey
Lebanon
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?
civil violations
misdemeanors
infractions
felonies
A kopek is a fractional unit of what currency?
yen
peso
euro
ruble (Russian ruble)
Your company sends you to Japan for six months. What currency will you use there?
yuan
yen
ringgit
won
When firearms production specialized so different people made stocks, locks, and barrels, this was called division of what?
materials
labor
capital
technology
What crime involves altering writing, producing fake art claimed to be genuine, or fabricating documents to defraud?
embezzlement
forgery
blackmail
perjury
What is the least competitive market type where a single firm controls output and pricing?
oligopoly
monopoly
perfect competition
monopolistic competition
Early in a mortgage, most monthly payments go to interest. By the end of the loan, most payments go toward what?
the principal
insurance
fees
taxes
Name the special kind of loan used to buy a house.
auto loan
student loan
mortgage
personal loan
Economists call things like medical care, teaching, accounting, and babysitting what?
inputs
services
resources
goods
By which system was the value of a currency defined in terms of the element abbreviated "Au"?
silver standard
fiat money
barter system
gold standard
What is the collective name for institutions like Salvation Army, YMCA, Boys and Girls Club, United Way, Goodwill, and Wounded Warrior Project?
charities
foundations
agencies
nonprofits
Installing video cameras throughout an apartment to capture activity without consent is an invasion of what?
privacy
copyright
property
security
The euphemism "undocumented workers" commonly refers to whom?
temporary contractors
foreign exchange students
illegal workers (illegal immigrants)
part-time staff
Which uniformed U.S. service enforces maritime law, conducts coastal defense, search and rescue, and regulates maritime industries?
Air Force
Coast Guard
Marine Corps
Navy
If the supply of a product decreases while demand stays the same, what happens to the price?
The price stays flat.
The price goes down.
The price goes up.
The price becomes unstable.
If the supply stays the same but demand decreases, what happens to the price?
The price will go up.
The price will fluctuate wildly.
The price will remain fixed.
The price will go down.
Aside from special accounts like CDs, money market, and retirement accounts, what two main types of accounts do people regularly maintain at a bank?
mortgage and escrow
brokerage and savings
savings and checking accounts
credit and debit accounts
The two main parts of a mortgage are the principal and what else?
the premium
the fees
the interest
the escrow
There are 100 centavos in what unit of Mexican currency?
peso (Mexican peso)
real (Brazilian real)
sol (Peruvian sol)
bolivar (Venezuelan bolivar)
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.
classified ads
display banners
radio spots
internet pop-ups
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?
statute
peace
trust
contract
A Lincoln penny with an "S" displayed below the date means that this coin was produced in what American city?
St. Louis
Sacramento
Seattle
San Francisco
In what part of your checkbook do you record events such as the checks you've written, cash withdrawals, and deposits made?
register
ledger
stub
balance
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?
parole
bail
pardon
probation
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?
installment
barter
credit
loan
What is a synonym for counterfeiting?
burglary
perjury
embezzlement
forgery
In what European country are these located? Columbus Monument, Aqueduct of Segovia, Puerto de Toledo, Velasquez Statue, Plaza de Toros
Spain
Italy
France
Portugal
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?
integration
competition
monopoly
collusion
What is the term for the mass refusal of employees of a business or service to work?
walkout
lockout
boycott
strike
The money backed by the government of any country is called legal what?
reserve
tender
currency
note
If you are going back to square one, you are going back to what board?
the bulletin board
the message board
the drawing board
the keyboard
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?
$140
$115
$100
$130
Since the police came across a guy breaking into a shop, the guy was caught in the what?
crime
wrong
act
break
