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Economics and Personal Finance Review Flashcards | StudBud
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Economics and Personal Finance Review
Economics and Personal Finance Review
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1
What is an economic system?
The way the government files taxes.
The process used to make shoes.
How we get cable.
Organized way of providing for the wants & needs of people.
2
What deductions are subtracted from your net pay?
insurance
all of these
retirement
savings
3
What is gross pay?
the total money earned before deductions
the money you have left over after taxes
the money used to pay your car note
the amount of money used to pay taxes
4
What
is a price floor?
the lowest price allowed for goods or services
when quaintly supplied is more thanquantity demanded
maximum price that can legally be charged for a good/service
nquantitysupplied and quantity demanded are not equal
5
What is liability?
when you don't have enough money to pay for your transaction
none of these
something owed to another person
when you borrow money
6
What does a human capital consist of?
skill
training
education
experience
7
What is an example of an earned income?
salary
wages
all of these
tips
8
What is a type of electronic banking?
direct deposit
all of the above
ATMs
online investments
9
People with _ education and skills tend to earn _ _ than uneducated and unskilled workers.
sense; better rewards
less; lower incomes
less; different prizes
more; higher incomes
10
What is one reason that the demand curve slopes downward?
diminish marginal utility
surplus
opportunity cost
supply and demand
11
What is interest?
its just a code name for "paying taxes"
working overtime
the amount is the amount earned on the principle overtime.
earning extra money
12
How often is simple interest paid?
daily
weekly
annually
monthly
13
Why does the supply curve slope upward?
elasticity
inelasticity
equilibrium
cost and profit
14
What are the 3 basic questions of all economic systems?
how are you doing today?
what to produce?
what are economic systems?
what's 9+10?
15
What is risk?
being a daredevil
uncertainty of achieving adesired result.
spending money that you don't have
breaking the law
16
What is the law of supply?
more for sale at higher prices and less at lower prices
a supply schedule
a demand schedule
the output of one producer in the market
17
When does a
shortage
occur?
during tax season
when pigs fly
when supply is greater than demand
when the price is less than the equilibrium price
18
What is equilibrium?
shortage
none of these
surplus
quantity supplied = quantity demanded
19
What is not a benefit of banking?
easier to pay bills
saving loans
free food
debit cards
20
People who have earned degrees have showntheir ability in an ________.
educational setting
training session
childcare setting
customer service area
