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Unit 2 CFA Review Flashcards | StudBud
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Unit 2 CFA Review
Unit 2 CFA Review
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Questions
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Answers
1
compound interest
profit made from an investment
interest in an account causing money to grow at a rapid rate
tax refunds
home loan
2
Materials or substances such as minerals, forests, water, and fertile land that occur in nature and ca
Spending Power
Renewable Resource
Non-renewable Resource
Natural Resources
3
What happens when the supply is high and the demand is low?
The Prices tend to fall
The Prices tend to increase
You have the equlibram
Prices go crazy and have a party
4
What type of economy does the US have?
Pure Market
Traditional
Democratic
Market
5
Tariff
A tax to be paid on property.
A tax to be paid on private schools.
A tax to be paid on public parks.
A tax or duty to be paid on a particular class of imports or exports.
6
When supply increases, demand also increases
True
False
7
A person who buys goods or services.
producer
consumer
competition
market
8
Deflation occurs
When there's a sustained decrease in the overall price of a good/service
When there's an sustained increase in the overall price of a good/service
When the overall price of a good stays the same
9
What is a Market-Based Economy?
Most Economic Decisions made individual buyers and sellers.
Something money-related.
Holds resources amoung a community.
relies on traditions or customs
10
Supply
amount of a product that would be produced, grown, or acquired and sold
amount of a product that would be produced, grown and can not be sold
amount of a product unsold
11
Goods and services sold to other countries.
Infrastructure
Exports
Comparative advantage
Tariff
12
The consumer price index is used to
monitor changes in the stock market.
monitor changes in the level of real GDP over time.
monitor changes in the cost of living over time.
13
To build good credit, you should ____________________ .
borrow only what you can afford to repay
have steady income
all of the above
pay bills on time
14
What will competition typically do to a price?
Decrease
All of the above
None of the above
Increase
15
On the Stock Market...
Consumers buy companies
Consumers invest in a share of a business
Consumers buy products and services
Consumers sell products and services
16
Timber is an example of a renewable resource is
False
True
17
A Sole Proprietorship is............
one or more general partners & one or more limited partners
property being held and managed by the shareholders
someone who holds property for the benefit of another person
one individual or married couple in business alone
18
Account that allows you easy access to your money and allows the use of checks and debit cards.
Checking
Money Market
Certificate of Deposit
Savings
19
When the demand is greater than the supply
demand
supply
scarcity
opportunity cost
20
A surplus typically indicates that...
suppliers cannot meet the demand
the market is in equilibrium
gov't price controls are needed
the price is too high
21
Define unemployment
The number of people able/willing to work but unable to find a paying job
The number of people not actively looking for a job, but are able to work
The number of people unable to find a paying job
22
Goods and services bought from other countries.
Imports
Absolute advantage
Exports
Tariff
23
What is a partnership?
Business where people combine resources
Relationship between two people
Two + people are responsible for everything involved
Business that is operated individually
24
In tradition economy what are the decisions based on?
Culture or ethnic group.
Customs& beliefs.
Looks and language.
Food and shelter.
25
Paying for a haircut is an example of a good.
False
True
26
What is Inflation?
The rise in prices for goods
The fall of prices in goods
The fall in prices for consumer goods
The rise in prices for consumer goods
27
Define Scarcity
A fundamental problem in society.
A social science dealing with people's needs and wants.
A limited amount of resources compared to prices.
Needs and wants outweigh the amount of resources available.
28
An economy based on tradition is called: _______________________
Free Market Economy
Command Economy
Mixed Economy
Traditional Economy
29
Barter
a trading system where people trade indirectly using money
a trading system where people trade directly without using money
30
What does command economy mean?
Setting prices on goods
Earns all the money
Selling items for money
Controls levels of production
31
Indicate which of the following is an example of a non-renewable resource?
Soy Beans
Natural Gas
Crab
Dairy
32
What is the annual interest rate on this account?
C
D
A
B
33
What is a Corporation?
A business that has stockholders, but they do not own it.
A business not owned by stockholders.
A business owned by stockholders.
A business owned and run by.
