Personal Finance - Unit 1 Review

In the U.S. transfer payments are intended as permanent help to get people back on their feet.

What is the current social security tax rate?

Which price setting method sets prices to recover research and development costs?

Reflection of how people think about their future and about the product being sold.

What type of degree is earned in a four-year college/university program?

Which price setting method sets prices based on what the market will bear?

An example of a consumption tax would be a(n)

Which is not a selling strategy used to meet consumer demand?

The current Medicare Tax rate is

This form indicates the different types of income received outside of one's regular salary.

When prices are rising so rapidly that they are out of control is known as __.

__ occurs when prices rise because of an increase in production costs.

The employer fills out all of this form.

Formal education involves

__ is a concept that says a dollar you receive in the future will be worth less than a dollar received today.

Which statement would be a unique quality of a public good?

Contributions to a pension plan are automatically deducted from an employee's paycheck.

Which would be a characteristic of a slowing economy?

Which would be an example of unearned income?

Soft skills can be learned through education and practice.

Law that requires warning labels appear on household products that are potentially dangerous to consumers.

Which stage of the business cycle is marked by people spending money and an increase in production?

This law protects the privacy of student education records.

Who is responsible for setting the federal minimum wage?

Some of the provisions of this law include a right to safety, right to choose and right to be heard.

Law that states clothing and fabrics must be labeled permanently with laundering and care instructions.

Which would be considered a hard skill?

During a recession you will get the best value because you have the cash to spend.

Agency that bans products that are dangerous and arranges recalls of consumer products

Buying things without thinking supports our __.