EPF Final Exam Review Part 2 Spring 2025(Telenko)

A 1040 form is used

If you want to avoid interest charges on a credit card, you should pay 1/2 the monthly balance each month.

The U.S. government has enacted a 20% tariff on foreign made goods. Which of the below would the tariff apply to?

If Jorge gets married, he should request a new W-4 from his employer.

If a country's economic decisions are based on customs, what type of economic system do they have?

In order to complete your 1040 form, you need your tax return from the previous year.

If there is a surplus of a product, which of the below is likely to happen?

You buy cake mix at the store to make a birthday cake for your best friend. This would be included in GDP.

Serena is late several times with her credit card payments. How long will this information stay on her credit report?

If a monopoly is broken up into several companies, we would see an increase in production and a decrease in prices.

The price of video games increases. What effect will this have on the market for propane gas?

When a country exports more than it imports, it has

Social security is an example of

A text indicating that your bank balance is below $100 is most likely phishing.

The term for the decline in the Business cycle is

All scams are so different today, there are no common red flags.

You will need to complete a W-4 when you start a new job.

Why do people invest?

Which of the following is a red flag that an email may be a scam?

A risk with accepting a low-interest credit card promotion is that the interest rate is likely to increase.

An embargo is a trade restriction, typically adopted as an economic sanction.

Gross pay is your take-home pay.

Lisha sleeps an extra hour instead of getting up early and studying for her Math 4 Exam. There is no opportunity cost.

The study of how individuals and nations handle scarcity is microeconomics.

A person who regularly checks their account balance & checks their credit report is an ideal identity theft victim.

Which of the following is used to compare the economic well being of different countries?

Your car payment would be an example of a fixed expense.

The Truth-in-Lending Act helps consumers by allowing them to get info about how much a credit purchase will really cost.

If the government spends more money than it collects in taxes for a given year, which of the following occurs?

Gross pay is

An adult serving a prison sentence would not be part of the unemployment rate.

You should accept financial aid that you do not have to repay before taking out any loans.

A regressive tax is

An advantage of renting a house or apartment is mobility.

According to the law of demand, increased prices lead to a decrease in quantity demanded.

Which of the following exists to help workers get better pay and better working conditions?

The purpose of a tariff is to close borders to all foreign trade.

The Fed increasing the discount rate is an example of

What is the basic problem of economics?

Local businesses are the primary user of our tax money.

If you are offered a job working 25 hours a week for $11.75 an hour, what should you consider?

In which type of economic system does both the government and consumers make economic decisions?

Freezing your credit is a proactive way to protect yourself from identity theft.

In marginal tax rates, a person is taxed only at the highest rate that applies to their income.

A tax that collects a greater share of income from those with high incomes than from those with lower incomes is