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Economics and Personal Finance Final Exam Review Flashcards | StudBud
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Economics and Personal Finance Final Exam Review
Economics and Personal Finance Final Exam Review
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Economics and Personal Finance Final Exam Review
Flashcards
64 cards
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Practice quiz
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Questions
64
Answers
1
Which two components of your credit score are each factored as 10%
amounts owed and payment history
new credit and payment history
types of credit and length of credit
new credit and types of credit
2
A withholding form completed by a new employee.
401(K)
W4
W2
403(b)
3
Federal government program that provides health insurance benefits in retirement
Medicaid
401(K)
IRA
Medicare
4
The study of economic behavior and decision making in a nation's whole economy
Macroeconomics
Production Possibilites
Guns and Butter
Microeconomics
5
Easy to get and use, builds credit, may cause impulse spending, interest rates and account fees
Check
Credit Card
Cash
Debit Card
6
Retirement savings account, deposited by employer, not taxed until withdrawn, employers match
Traditional IRA
ROTH IRA
CD
401(K)
7
Expenses that change every month are called
Discretionary income
flexible income
fixed expenses
Variable or flexible expenses
8
If bills are expenses, then taxes are
disposable income
expenses
deductions
income
9
Study of economic behavior and decision making for individuals, families, and businesses
Supply and Demand
Entrepreneurship
Microeconomics
Macroeconomics
10
What % of your credit score is based on amounts owed?
15%
10%
35%
30%
11
Debt instrument, return based on interest, guaranteed return
W2
Bond
W4
Stock
12
Chicken and beef, pen and pencil, coke and pepsi, book and nook
normal goods
generic goods
substitute goods
complementary goods
13
Mortgage, rent, auto loan payment
Fixed expenses
Variable expenses
Fixed income
Flexible expenses
14
Video games, designer clothes
Needs
Wants
15
Salary is an example of a
variable income
expense
flexible income
fixed income
16
Organizational abilities/willingness to take risks involved in starting a new business venture
President
Entrepreneurship
CEO
Director of Operations
17
Law of Supply: Price decreases
supply shifts to the right
quantity supplied decreases
quantity supplied stays the same
quantity supplied increases
18
Medicine, food, water, shelter
Needs
Wants
19
Covers costs associated with car accidents.
Car loan
Auto Insurance
Credit Score
Gas tax
20
What does FDIC stand for?
Fund Deduction Installment Commission
Financial Dependent Insurance Committee
Federal Deposit Insurance Corporation
Federal Decline Institution Corporation
21
A chart that shows money earned and money spent.
Supply Curve
Budget
Demand Schedule
PPC
22
Which of the following is NOT one of the 3 basic economic questions?
How to produce it?
What to produce?
For whom to produce it?
What NOT to produce?
23
Land, labor, physical and human capital are
represented on a Supply and Demand Curve
represented on a PPC
the Factors of Production
the keys to success
24
Consumers reaction to an increase in price by consuming less of that good, more of a substitute
Substitution Effect
Supply and Demand
Income Effect
Complementary Effect
25
If scarcity always exists, a shortage
is temporary
is more than enough
is permanent
always exists
26
The point of equilibrium on a supply and demand graph is
equal to a shortage
always where supply is greater than demand
always $0
the price where supply and demand are equal
27
The additional fee paid on a monthly basis to the lender is called
Interest
Down Payment
Loan Amount
Principal
28
Public assistance program for needy Americans of ALL ages.
Health Insurance
Medicaid
Medicare
Social Security
29
In finances, CD stands for
Certificate of Deposit
Compact Disk
Change in Deduction
Common Deposit
30
The alternatives that we give up when we choose one course of action over another
Scarcity
Trade-Offs
Time management
Missed opportunities
31
Minimum price that can be charged for a good/service
Clearance
Sale
Price Ceiling
Price Floor
32
Law of Supply: Price increases
quantity supplied decreases
supply curve shifts to the left
supply stays the same
quantity supplied increases
33
If a good/service has inelastic supply that means it
has many complements
has many substitutes
is responsive to price
is not very responsive to price
34
Goods that consumers demand less of when their income increases
inferior goods
substitute goods
normal goods
complementary goods
35
What % of your credit score is based on payment history?
30%
35%
15%
10%
36
Why do we pay taxes?
To help support national public services
To help support local public services
To help support national, state, and local public services
To help support state public services
37
15% of your credit score is based on
new credit
types of credit
length of credit
payment history
38
Credit reporting agency(ies)
Equifax
Experian
All are credit report agencies
TransUnion
39
Pay before taxes
Net Pay
Deductions
Gross Pay
Income
40
A table that lists the quantity of a good ALL consumers in a market will buy at various prices.
Market Demand Schedule
Market Demand Curve
Demand Curve
Demand Schedule
41
You can't spend what you don't have, accepted in most places but don't always have on hand.
CD
Credit Card
Debit Card
Cash
42
Maximum price that can be legally charged for a good/service
Price Floor
Price Ceiling
Price Equilibrium
Maximum price
43
Federal government program that provides financial benefits needed in retirement.
401(K)
IRA
Social Security
Medicare
44
What does IRA stand for?
Investment Retirement Account
Installment Retirement Act
Individual Returns Act
Individual Retirement Account
45
Law of demand: if price decreases
quantity demanded decreases
quantity stays the same
quantity demanded increases
demand shift to the left
46
If a good/service has elastic supply that means it
is responsive to price
shifts to the left
is not very responsive to price
shifts to the right
47
Salt and pepper, pencil and paper, peanut butter and jelly, hat and mittens
substitute goods
complementary goods
inferior goods
normal goods
48
Reasons that would cause a shift in supply
rising costs
technology
all would cause a shift in supply
number of suppliers
49
Pay after taxes
Deductions
Expenses
Net Pay
Gross Pay
50
A table that lists the quantity of a good a person will buy at various prices in a market
supply schedule
supply curve
demand curve
demand schedule
51
The amount of money you put down, usually 20%, to buy down the loan amount
Term
Interest
Down Payment
Principal
52
Graph that shows alternative ways to use an economy's productive resources
Opportunity Curve
PPC
Demand Curve
Supply Curve
53
Year end statement completed by employers showing total earnings and deductions for one year.
W2
W4
Pay Stub
403b
54
Minimizes financial risk related to medical expenses. Many employers offer benefit packages.
Life Insurance
Home Insurance
Health Insurance
Auto Insurance
55
The most desirable alternative given up as a result of a decision is called the
missed opportunity
PPC
opportunity cost
trade-off
56
How much more or less. The extra cost or added benefit of adding one more is
supply and demand
thinking at the margin
a surplus
a shortage
57
Equity instrument, returns based on dividends, no guarantee, voting rights in the company
Bond
IRA
Stock
CD
58
FDIC insures your deposits up to WHAT amount per depositor, per institution?
$250,000
$100,000
$375,000
$500,000
59
Principle that limited amounts of goods and services are available to meet unlimited wants
Surplus
Supply
Scarcity
Shortage
60
Protects a home by providing coverage in the event of damage/loss to the house/personal items
PMI
Mortgage
Social Security
Home Owners Insurance
61
Reasons that would cause a shift in demand
Population
Demographics
All would cause a shift in demand
Income
62
The change in consumption that results when a price increase causes real income to decline
Substitution Effect
Income Effect
Complementary Effect
Law of Supply
63
Transactions come directly from your checking. Can have overdraft fees.
Debit Card
Retail Credit Card
Credit Card
Cash
64
Law of Demand: if price increases
quantity demanded increases
demand is equal to supply
quantity demanded decreases
demand shifts to the right
