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Economics Basics
Which of these is considered income?
What is command economy?
Economics Basics
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1
What is command economy?
Individuals are in charge
No one is in charge
Government is in charge
Both Government and individuals are in charge
2
Which of these is considered income?
Paycheck from part-time job
All of the Above
Refund from student loans
Money received from parents
3
What is a fixed expense?
An expense that is a variable expense
An expense that changes
An expense that stays the same
An expense that is free.
4
What is scarcity?
Unlimited wants, limited resources
Unlimited wants
Unlimited resources, limited wants
Limited resources
5
Who controls a market based economy?
The government has full control over the economy
The government has a limited role, and citizens deal with trade themselves
Buisnesses have full control over the economy
The government has a limited role, and companies run most of the economy.
6
Which one is NOT and advantage of the credit card?
Safety features
They have rewards
Annual fees
Can be used for almost anything
7
Some credit cards may charge a ____________ fee if the card owner charges more that their credit limit.
foreign transaction fee
cash advance
over the limit fee
annual fee
8
Credit limit
no more credit
you cant get a credit card
maximum amount that you can spend on a card
the amount of credit you have is too much
9
Describe a MARKET economy in one word
Safe
Trapped
Dictator
Freedom
10
The total amount owed on a credit card
Minimum Payment Due
Due Date
Past Due Amount
New Balance
11
Who will probably get a higher credit limit and lower interest rates on a credit card?
A person with a high credit score
A person with a low credit score
12
If you write checks for more than you have in your checking account, your account...
will have a surplus
will be automatically reconciled
aoo of the above
will be overdrawn
13
What is scarcity?
Short supply
More than enough
The right amount
14
A person who buys goods or services.
producer
market
consumer
competition
15
Members can use this product to pay for anything out of their checking account
Credit Card
Bank Card
Debit Card
Money Card
16
A credit card may charge a ________ is payment is not received by the due date.
credit
cash advance fee
over-the-limit-fee
late fee
17
What is the first thing you should do before withdrawing money from your checking account?
Record the transaction in your check register
Know your debit card PIN
Make sure you have enough money in your account
Complete or fill out the check correctly
18
If your income is more than your expenses you have a ________________.
deficit
surplus
all of the above
balance budget
19
What are disadvantages of a Traditional Economy?
It discourages new ideas
People can't eat
Nobody participates
People have to work
20
What does the economy do?
Organize production
Organize consumption of good/services
Organize Distribution
All 3
21
How often are credit card statements issued?
each year
6 months
every month
everytime you use your credit card
22
What is market economy?
Individuals are in charge but government has more control
Government is in charge
No one is in charge
Individuals are in charge
23
Which is an example of a fixed expense?
Entertainment
Taxes
car payment
Gas
24
Which of the following can be used to deduct funds automatically from a checking account?
Credit Card
Debit Card
Gift Card
Personal Check
25
True or False: You need a checking account to open a savings account.
False
True
26
What is a mixed economy?
To dispose of things of value
Combines elements of the command and market economies
Making an economic decision independently
The private ownership of economic
27
What is a budget?
An expense list
A bank account
A written plan for spending, saving, and investing the money you earn
A collection of investments
28
Money taken out an account
supply
surplus
deposit
withdrawl
29
True or False: You need a checking account to open a savings account.
True
False
