GFL State Test Review

If the supplier chooses to price a product lower than the point of equilibrium, what will be the result?

When the equilibrium price (EP) increases, what happens to the equilibrium quantity (EQ)?

Which savings plan is specifically for education expenses and includes tax benefits?

How comfortably you meet your needs, your degree of wealth or material comfort.

What is the central bank of the United States called?

The amount you agree to pay before the insurance company makes any payments.

Which type of loan does not require collateral?

Resources required for the generation of goods or services.

"I want it now. I'll get it now" is an example of what?

How much you have borrowed from other people. Total amount you must pay back.

At what age can you start collecting social security?

Which type of account is a checking/savings hybrid with limited liquidity?

A person with bad credit may need one of these to get a loan?

Binge spending is related to which type of influence?

The transfer of risk to someone else to protect your assets.

Property you agree to forfeit if you default on a loan is called what?

As the price of a product increases, what happens to the quantity supplied?

The value of things you own. Money in your savings or checking account.

The contract with the insurance company.

The economic system where individuals make the decisions, control the factors of production, and own property.

When supply increases, what happens to the equilibrium price (EP)?

The type of economy where the government makes all economic decisions (top-down).

What does the letter "S" stand for in SMART goals?

Fads are related to which type of influence?

What does the "R" stand for in SMART goals?

The point on a supply and demand graph where the supply line and demand line cross?

A choice between two things you cannot do at the same time. The choice described by scarcity.

Economy based on free trade, producers & consumers make economic decisions (bottom up)

Which organization protects bank accounts up to $250,000?

A general increase in prices and fall in the purchasing value of money.

Telling your money where to go by making a plan for all your expenses.

The type of economy that is based on community traditions and may trade instead of using money.

Getting the best price is one benefit of what?

When supply increases, what happens to the equilibrium quantity (EQ)?

If a supplier chooses to price a product higher than the point of equilibrium, what will be the result?

The economic system where society makes decisions, controls the factors of production, & there is no private ownership.

What is an IRA?

The concept that we are forced to make decisions because of limited resources.

The value of the choice that you didn't make. The lost opportunity.

Which type of IRA allows you to contribute pre-tax income?

Which type of retirement account is set up by employers and allows pre-tax contributions?

How much risk the insurance company agrees to take. Contained in your insurance policy.

Which type of insurance provides money to dependents if the policy holder dies?

As price of a product increases, what happens to the quantity demanded?

Economic system where society makes decisions, gov. controls factors of production, individuals may/may not own property