Econ Review 1 Flashcards | StudBud
  • 17
    If your car is broken into and needs new windows, what kind of coverage must you have for the insurance company to cover
    • Comprehensive
    • Collision coverage
    • No-fault insurance
    • Personal injury protection
  • 18
    Which of the following statements is correct about secured loans?
    • You don't have to pay them back
    • They usually have higher interest rates
    • They require collateral
    • They are an example of a credit card.
  • 19
    Which of these represents a potential consequence of neglecting to pay your credit card or loan debts?
    • Lose your job.
    • Collection agencies visiting your friends and family to collect your debt.
    • Wages or tax refunds can be garnished.
    • Lender can file bankruptcy on your behalf.
  • 20
    The most fundamental features of a market economy include all of these except
    • Private ownership of property
    • Evenly distributed property ownership
    • Competition
    • Private businesses
  • 21
    An example of a fixed expense is
    • an electric bill
    • clothing
    • money for lunch
    • auto insurance
  • 22
    What is the best advice to prevent identity theft?
    • Don't buy anything online
    • Secure your passwords and account numbers
    • Use a debit card instead of credit card
    • Check your credit report
  • 23
    Tax taken out of your paycheck
    • Income/Social Security/Medicare
    • Tariff
    • Excise
    • Sales
  • 24
    How frequently can you request a free copy of your credit reports?
    • Once every 12 months
    • Once a week
    • Once every 18 months
    • Once every 3 months
  • 25
    What are the two most important factors in calculating your credit score?
    • Payment history and types of accounts.
    • Amounts owed and length of credit history.
    • Payment history and amounts owed.
    • Length of credit history and new credit inquiries.
  • 26
    Bob buys gloves that cost $10.00. At the register he pays $10.80. What type of tax did he pay?
    • excise
    • income
    • property
    • sales