Consumer Economics Final Review Part 2

It is inappropriate to ask questions during an interview; that right is reserved only for the interviewer.

When planning a budget, it is important to keep in mind which of the following?

A plan for saving and spending your money

The amount of available income after taxes and necessary spending for food, clothing and shelter

Banks offer higher deposit rates & lower loan rates because they do not incur the costs of traditional “brick & mortar"

A financial institution that is owned by its depositors, who are all connected by a labor union would be an example of:

The best way to determine which of two savings accounts will earn the most money is to compare their:

What type of expenses are the easiest to cut down on a person’s budget?

The purpose of Form ______ is to specify the number of allowances you’re claiming.

Interest paid on both money deposited and on the prior interest earned

Branch of economics that examines economic decisions made by individual people and businesses

A consumer who is saving for emergencies is best served with a highly liquid account.

Which type of endorsement is most commonly used?

Which is a characteristic of a certificate of deposit or CD?

Economics examines how societies use resources to produce and distribute goods and services.

Everything offered for sale to the general public makes up the ….

Overtime consists of work in excess of _______ hours per week.

One purpose of taxation is to redistribute income.

When an employee chooses to leave a position due to another job opportunity, the employee:

Simple interest is paid on both the money deposited and on the prior interest earned

A person’s credit rating has no effect on the loan rate they receive.

Licenses, certifications, or degrees that indicate that a person is qualified to perform a certain service are called:

Which savings option is the least liquid?

A society’s economic resources include all of the following EXCEPT…

Writing a check is more secure than paying with cash because:

The money a landlord holds to pay for damages caused by a tenant is a (n):

An agreement that gives the seller the right to declare the whole balance due if the buyer misses 1 payment.

Someone who is supported by a taxpayer’s income is referred to as a:

Arbitration is when a third party assists 2 disagreeing parties in coming to an agreement through a non-binding dialogue

Illegal use of an individual’s personal information.

Contributions made to Social Security and Medicare appear as a deduction to __________ on a person’s paycheck.

The value of the best alternative given up when a resource is used one way rather than another

If your ATM card is lost, you should:

Process in which two parties try to resolve a dispute by “talking it out” with the help of a neutral third party

A claim upon property to satisfy a debt is a lien

A tax system is used for all of the following purposes EXCEPT…

Branch of economics that examines economic decisions made by governments rather than by individuals

All of the following are examples of typical benefits EXCEPT:

Borrowing money from a life insurance policy has several advantages and zero drawbacks.

A person with an established credit history who signs a credit contract along with a borrower

Economic systems develop in response to the problem of…

Legal paper that shows vehicle ownership is called a title

Those who sell directly to consumers are…

Debts owed to others are considered:

Which of the following credit scores is considered to be “good”?

The Federal Deposit Insurance Corporation will insure your money at a bank up to what amount?

The actions of consumers have little to no effect on what products are offered for sale in stores

A check from personal checking account that has been stamped by the bank to guarantee that there are sufficient funds

Following the maintenance schedule means:

It is the responsibility of the consumer to make sure that products are used according to directions.

The Fair Labor Standards Act protects only full-time workers

Trading a TV for a sum far below value to _, who later sells it back for a much higher price is costly way to get a loan

When you complete a credit application to assess whether you are a good credit risk, you are likely to be asked:

Deceitful conduct to manipulate someone for the perpetrator’s gain

Quantity of a particular good or service that consumers are willing and able to buy at a given price

How long does bankruptcy stay on a person’s record?

Dan is buying a new car for $35,000. He has a $10,000 down payment. What is the principal on the loan?

The recommended size of an emergency fund is ______ times your monthly net income.

A record of a particular customer’s payment pattern can be found on your credit report

At your request, banks can automatically perform which of the following services?