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GFL Term 1 Review Flashcards | StudBud
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GFL Term 1 Review
GFL Term 1 Review
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#financial #literacy
Flashcards
39 cards
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Practice quiz
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Questions
39
Answers
1
An increase in demand will result in
an increase in price
a decrease in price
a decrease in supply
an increase in supply
2
Which of the following is considered a need?
A new car
A steak dinner
A place to sleep
3
Which of the following commodity currencies have been used by human beings for the longest?
Oil
Gold
Cowrie shells
4
Samantha plans to make a $2000 down payment on a car in 10 months She should save _ each month.
$2000
$200
$20
5
A W-2 form ....
Is filled out before you start a new job
Determines if you are eligible to work
Requires proof of identification
Reports earnings to the IRS
6
A subsidy is
A government tax to discourage a behavior
A government payment to encourage a behavior
A government tariff to change behavior
7
AP classes will save you time and money, if you put the time in and pass them.
This is true
This is ABSOLUTELY true
8
Can everyone be rich?
No, because you couldn’t buy labor if everyone was rich.
Yes, because we have unlimited resources
Yes, because the government can just print money
9
What does SMART stand for when talking about goals?
Skilled, Margins, Absolutely, Reasonable, Time-Bound
Specific, Measurable, Attainable, Realistic, Time-Bound
Specific, Manageable, Available, Realistic, Teach
10
Commissions are
regular wages
dependent on sales
not liquid
returns on investment
11
Financial decisions can be influenced by
Values and habits
Peers
Peers and family
Values, habits, peers, and family
12
Typically, a Master’s degree will
Be a requirement for teaching and engineering jobs
Take 1-3 years to complete after a Bachelor’s degree
Result in less pay and fewer options than a Bachelor’s
13
A fixed cost
almost never changes
almost always changes
14
Which of the following is true about tips?
They are considered income but are not taxed like income
They are considered income and are taxed like income
They are not considered income and are not taxed like income
15
Which of the following is a short-term goal?
Start saving for a car
Pay off a mortgage
Retire comfortably
Graduate from college
16
If a $10,000 dollar debt accrues 10% interest, how much is owed in total?
$11,000
$10,100
$1,000
$10,010
17
Gasoline is considered to be a ______________ expense.
fixed
opportunity
variable
sunk
18
Bob researches all of the universities in Utah, and decides to go to the U for a premed degree.
This is a rational choice
This is an emotional choice
19
Rational decisions are usually ____ .
Bad in the short term
Good in the long term
A lot of fun
Bad in the long term
20
Gross income minus deductions is
Taxable
Already taxed
21
Why has gold been considered valuable for thousands of years?
It’s use in electronics
People want it
It currently backs paper currency
22
When you choose to do something, giving up the next best choice is the
opportunity cost
supply cost
social cost
emotional cost
23
Scarcity means that because of _____, we cannot have everything we want.
Excessive Debt
Limited Resources
Spending Habits
24
Social Security is _____
paid by all workers
paid by some workers
only paid by poor workers
only paid by rich workers
25
Is the following an example of a short-term cost or long-term cost? A hamburger costs $5
Long-term Cost
Short-term Cost
26
Which of the following is a want and not a need?
Car
Transportation
Food
Housing
27
Free trade agreements
Hurt everyone
Help everyone
Hurt consumers
Hurt manufacturers
28
Self-employment is generally ....
less risky, but they make less money
riskier, but they make more money
less risky, but they make more money
riskier, and they make less money
29
A mortgage is a loan to buy a
Car
Horse
Hose
House
30
A W2 form:
is filled out before you start a new job
Proves work eligibility
Reports income to the IRS
31
Student Loans
Have to be paid back before you graduate
Have better rates and conditions with a FAFSA application
Do not have to be paid back
Are the only way to finance post-secondary education
32
An I9 form:
Is a document that reports the taxes you owe
Is an employer document reporting wages paid to an employee
Proves work eligibility
33
A 1040 form:
Is an employer document reporting wages paid to an employee
Proves work eligibility
Is a document that reports the taxes you owe or return.
34
What is a mortgage?
a car loan
a tax plan
a board game
a house loan
35
Which state has the highest Cost of Living
Mississippi
Hawaii
Ohio
Alabama
36
A practical reason to make an expensive purchase would be:
Impulse
Need
Peer Pressure
37
FAFSA stands for
Free Application for Federal Student Aid
Fried Apples Fail Student Approval
Fred's Awesome Friday Stood Alone
Fat Accountants Find Santa Annoying
38
Choosing a University because they have lower tuition costs is an example of a __ .
Emotional Decision
Punitive Decision
Rational Decision
39
Buying something you don't want, because you think the price will go up is _______ .
Consideration
A good idea
A great idea
Speculation
