Econ Final Exam Review 2018-2019

Question 1

a type of loan where money is given to the government with the promise of repayment & interest

Accepted Answer

bond

Question 2

Apple releases a new iPhone

Accepted Answer

Demand Shift Right

Question 3

An investment plan that trades in diversified holdings and assets

Accepted Answer

mutual fund

Question 4

the government agency that controls monetary policy and sets interest rates

Accepted Answer

Federal Reserve Board

Question 5

When the total revenues equal the total outlays for a fiscal year, the federal budget is...

Accepted Answer

balanced budget

Question 6

The decline of labor unions is directly correlated to a decline of the middle class.

Accepted Answer

TRUE

Question 7

a tax that decreases as income increases

Accepted Answer

regressive tax

Question 8

the amount one must pay before the insurance company will pay

Accepted Answer

deductible

Question 9

A pizza shop is gifted extra jars of sauce for being a loyal customer

Accepted Answer

Supply shift to the right

Question 10

This office prepares the budget for the President

Accepted Answer

Office of Management and Budget

Question 11

The government makes most of its money from...

Accepted Answer

income taxes

Question 12

a retirement plan funded by employees and the employer with pretaxed income

Accepted Answer

401K

Question 13

A tax that increases as income increases

Accepted Answer

progressive tax

Question 14

A tax that is the same rate regardless of income

Accepted Answer

proportional tax

Question 15

The richest 400 Americans have LESS wealth than the bottom 150 million Americans combined.

Accepted Answer

FALSE

Question 16

a contract of insurance

Accepted Answer

policy

Question 17

fee incurred when a customer uses more money than is in the account

Accepted Answer

overdraft fee

Question 18

the cost of using credit

Accepted Answer

interest rate

Question 19

Your adjusted gross income minus all deductions is your...

Accepted Answer

taxable income

Question 20

the risks covered by an insurance policy

Accepted Answer

coverage

Question 21

a payment made monthly, twice a year, or yearly for an insurance policy

Accepted Answer

premium

Question 22

a formal request for insurance money by the policyholder after an accident

Accepted Answer

claim

Question 23

All of the following are HIGH RISK investments EXCEPT...

Accepted Answer

savings account

Question 24

The government begins regulating the chicken industry.

Accepted Answer

Supply Shift Left

Question 25

a savings plan for future education expenses

Accepted Answer

529 Savings Plan

Question 26

The distribution of income in the United States is similar to that of other Western countries

Accepted Answer

FALSE

Question 27

a card that allows users to make purchases with their checking account

Accepted Answer

debit card

Question 28

This program accounts for the MOST federal spending.

Accepted Answer

social security

Question 29

a card that allows you to make purchases on borrowed funds

Accepted Answer

credit card

Question 30

All of the following are DISCRETIONARY spending except...

Accepted Answer

medicare

Question 31

the body that regulates banks and insures deposits

Accepted Answer

FDIC

Question 32

A factor that reduces or eliminates a person's obligation to pay tax

Accepted Answer

tax exemption

Question 33

a savings certificate issued by a bank that will pay interest when it matures

Accepted Answer

CD

Question 34

Low risk investments include all of the following EXCEPT

Accepted Answer

gold

Question 35

The documentary Super Size Me is released. McDonald's experiences a...

Accepted Answer

Demand Shift Left

Question 36

Money owed by the government when a taxypayers total payments>total tax

Accepted Answer

Tax Return

Econ Final Exam Review 2018-2019

Questions 36

Econ Final Exam Review 2018-2019

Questions 36