Consumer Ed Mid Term Review

Who is an example of a person who works on behalf of the consumers?

A example of a human resource is a pilot.

An outstanding check is a check that has been cleared by the bank.

Long term goals are for items in the near future.

Government and people make decisions together.

What is the form that details your income and must be mailed by April 15?

What is one supplier?

When supply does not meet consumer demand?

Money is an example of a capital resource.

Only businesses use budgets.

Gas and electric bill are examples of fixed expenses.

The money you earn before taxes is called net pay.

Private property is the right to own or use as you want within legal requirements

Rent and car payments are variable expenses.

What is a form that you fill out prior to starting your job?

Water is an example of a natural resource.

What is the study of how we make use of our unlimited resources?

Banks are in business to serve the public out of the goodness of their heart.

When consumer demand does not meet existing supply?

How much a manufacturer has of a given product?

What is the consumer right that puts nutritional labels on products?

What do we give up in order to get something else?

What is the government that lets the people make all of the decisions on the economy?

A checking account with more than one person is known as a joint account.

Why do banks issue loans?

What is the tax form that summarizes your earnings for the year completed by your employer?

The right to make a profit is known as profit margin.

What is the current value of all goods and services produced in the country in one year?

What happens to the price as consumer demand decreases?

What type of endorsement has the signature and account number?

Defining the problem is the last step in the decision making model.

Communism is the original principle of America.

What type of endorsement is Pay to the Order of?

The money you earn after taxes is called gross pay.

Where do Supply and Demand meet?

How much consumers want of a given product?

Com Ed is an example of competition

Wants are items that are absolute for life itself.

What type of endorsement has more than one signature?

What is the consumer right that allows a tag to say do not use the blow dryer in the bathtub?

Your principles, the standards you judge what is right and wrong.

Which government agency is responsible for food safety and nutritional labeling?

A service contract is also known as a ______.

Review your decision is the first step in the decision making model.

Needs are things that are not absolute to life itself

What is not included in FICA (OASDI)?

Something you hope to achieve over a period of years in your life span.

FICA (OASDI) includes state, medicare and social security taxes.

What type of endorsement is For Deposit Only?

Nike vs Under Armour is an example of 

In regards to budgeting, what is the money you receive or earn called?

FDIC only insures accounts up to $150,000.

A budget is an item that allows you to plan your finances.

In budgeting, what is the money you spend each month?

Payroll taxes are collected by your employer.

Which government agency is responsible for the recall of toys and products?