Which statement is true of both debit AND credit cards?

Both allow you to make purchases in a store or online

The standard of value

property of money informs consumers how much good/service is actually worth

If you buy a $1000 bicycle with a credit card which of the following payoff strategy will result in paying the least?

Paying $250 per month until it’s paid off

Which best defines Communism?

economy where all property, land, factories and companies is held by govern

In the early repayment phase of an amortized loan, your monthly payment is _____.

mostly interest and a little principal

the ability of money to hold value over time.

What are three main types of economic systems?

Capitalism, socialism, communism

Which best defines economic recovery?

characterized by a sustained period of improving business activity

Which best defines Feudalism?

defined by inherited social ranks, each of which possessed inherent social

A high PE ratio indicates

The stock is expensive to invest in at this point in time

occurring in small numbers or quantities

the exchange of one good or service for another good or service; a trade.

sellers generally accept/buyers generally use to pay for a good/service.

Which best defines Capitalism?

an economic system in which a country's trade/industry - private owners

Which statement best describes a Schumer box?

standardized way of presenting the key terms of your credit card agreement

Which best defines economic recession?

temporary economic decline during which trade/industrial activity reduce

any asset that can be used to make a purchase.

includes currency, checkable deposits, traveler's checks, and other checkli

Which best defines Socialism?

economic system wherein most property/resources owned in common/by state

includes coins and paper money that serve as a medium of exchange.

How does increasing the size of your down payment impact your auto loan?

decreases size of your principal and decreases the total cost of the loan.

Which best defines economic depression?

a steep/ sustained drop in economic activity featuring high unemployment

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Economics Final Review

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Questions 39

Answers

1
What term describes the amount you must pay in order to be considered “up-to-date” with your credit card payments?
Interest rate
Minimum payment
APR
Closing balance
2
Which statement is true of both debit AND credit cards?
Both allow you to make purchases in a store or online
Both typically have interest rates between 10–30%
Both can trap you in an endless cycle of debt if you’re not careful
Both require you to pay a minimum monthly payment when your bill arrives
3
The standard of value
includes coins and paper money that serve as a medium of exchange.
any asset that can be used to make a purchase.
sellers generally accept/buyers generally use to pay for a good/service.
property of money informs consumers how much good/service is actually worth
4
If you buy a $1000 bicycle with a credit card which of the following payoff strategy will result in paying the least?
Paying $250 per month until it’s paid off
Paying the minimum monthly payment
Paying $100 per month for 10 months
Paying the required amount on your monthly statement until it’s paid off
5
Which best defines Communism?
economic system wherein most property/resources owned in common/by state
economy where all property, land, factories and companies is held by govern
an economic system in which a country's trade/industry - private owners
defined by inherited social ranks, each of which possessed inherent social
6
In the early repayment phase of an amortized loan, your monthly payment is _____.
all interest and no principal
mostly interest and a little principal
mostly principal and a little interest
evenly split between interest and principal
7
The store of value
the ability of money to hold value over time.
property: good that can be broken into smaller amounts withoutlosing value
occurring in small numbers or quantities
M1 + savings deposits, small denomination time deposits, and money market
8
What are three main types of economic systems?
Democracy, feudalism, and monarchy
Capitalism, socialism, communism
Oligarchy, theocracy, and democracy
9
Which best defines economic recovery?
Big Sad =/
characterized by a sustained period of improving business activity
a steep/ sustained drop in economic activity featuring high unemployment
temporary economic decline during which trade/industrial activity reduce
10
Which best defines Feudalism?
an economic system in which a country's trade/industry - private owners
economic system wherein most property/resources owned in common/by state
defined by inherited social ranks, each of which possessed inherent social
economy where all property, land, factories and companies is held by govern
11
A high PE ratio indicates
The amount of interest paid on a stock
The stock is cheap to invest in at this point in time
The stock is expensive to invest in at this point in time
The amount of profit a company is making
12
The portion of a profit that is paid to a stock owner is the
PE ratio
Volume
Dividend
Yield
13
What is the largest stock exchange in the U.S.?
New York Stock Exchange
NASDAQ Exchange
Chicago Board of Trade
AMEX Exchange
14
Which of the following can best be described as a communist state today?
China
Afghanistan
Russia
USA
15
When applying for credit, is it preferable to receive a low interest rate or a high interest rate?
High interest rate
Low interest rate
16
Scarce
property: good that can be broken into smaller amounts withoutlosing value
M1 + savings deposits, small denomination time deposits, and money market
the ability of money to hold value over time.
occurring in small numbers or quantities
17
If your credit card limit is 800 and your blancie is 725, houw much can you charge that card in the upcoming month
725
800
0
75
18
Each of the following is an example of an amortized loan EXCEPT:
Apartment rent
Student loan
Home mortgage
Auto loan
19
Which of the following is the term for the financial value of assets?
Equities
Capital
Securities
20
Barter
includes currency, checkable deposits, traveler's checks, and other checkli
objects such as money is easy to transfer from one person to another
money supply
the exchange of one good or service for another good or service; a trade.
21
Which of the following is the term for a market in which prices are falling?
Bad market
Bull market
Bear market
22
Medium of exchange
sellers generally accept/buyers generally use to pay for a good/service.
includes coins and paper money that serve as a medium of exchange.
property of money informs consumers how much good/service is actually worth
any asset that can be used to make a purchase.
23
Which of the following is the term for all securities held by an investor?
Prospectus
Assets
Capital
Portfolio
24
Which best defines Capitalism?
economic system wherein most property/resources owned in common/by state
defined by inherited social ranks, each of which possessed inherent social
an economic system in which a country's trade/industry - private owners
economy where all property, land, factories and companies is held by govern
25
Which statement best describes a Schumer box?
standardized way of presenting the key terms of your credit card agreement
A legal document stating that you’re behind on your credit card payments
final calculation of how much you owe on your credit card bill each month
outstanding balance on your card once you’ve made your recent payment
26
Which best defines economic recession?
Big Sad =/
characterized by a sustained period of improving business activity
a steep/ sustained drop in economic activity featuring high unemployment
temporary economic decline during which trade/industrial activity reduce
27
Money
any asset that can be used to make a purchase.
sellers generally accept/buyers generally use to pay for a good/service.
property of money informs consumers how much good/service is actually worth
includes coins and paper money that serve as a medium of exchange.
28
The United States economic system is best described as
Democratic-Republic
Purely Socialist
Social-Capitalist
Purely Capitalist
29
money supply
money supply
the exchange of one good or service for another good or service; a trade.
objects such as money is easy to transfer from one person to another
includes currency, checkable deposits, traveler's checks, and other checkli
30
What caused the 08 financial crisis?
All of the above
Increased borrowing by banks and investors
Sub Prime Mortgage Loans
The Community Reinvestment Act
31
Which best defines Socialism?
an economic system in which a country's trade/industry - private owners
economic system wherein most property/resources owned in common/by state
economy where all property, land, factories and companies is held by govern
defined by inherited social ranks, each of which possessed inherent social
32
What are the benefits of capitalism?
All of the above
Social programs & funding
Government oversight
Economic growth
33
Currency
sellers generally accept/buyers generally use to pay for a good/service.
includes coins and paper money that serve as a medium of exchange.
any asset that can be used to make a purchase.
property of money informs consumers how much good/service is actually worth
34
How does increasing the size of your down payment impact your auto loan?
decreases size of your principal and decreases the total cost of the loan.
decreases size of your principal and increases the total cost of the loan.
increases size of your principal and increases the total cost of the loan.
increases size of your principal and decreases the total cost of the loan.
35
Which of the following indicates the percent interest the individual stock is paying?
PE Ratio
Volume
Yield
Dividend
36
The United States economic system is best described as
Democratic-Republic
Purely Socialist
Social-Capitalist
Purely Capitalist
37
Which best defines economic depression?
Big Sad =/
a steep/ sustained drop in economic activity featuring high unemployment
temporary economic decline during which trade/industrial activity reduce
characterized by a sustained period of improving business activity
38
Which of the following should be considered when investing in the stock market?
PE ratio
Dividend
52 week hi/low
All of the above
39
Which of the following is the term for someone who buys stocks and shares?
Speculator
Analyst
Shareholder

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