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