Consumer Economics Final Exam Review

Question 1

A recall of a possibly dangerous product is an example of which consumer right?

Accepted Answer

Right to safe products

Question 2

Which of the following would NOT be a responsible choice for financial service provider?

Accepted Answer

PayDay Loan place

Question 3

How much would you earn in interest if you put $1000 in a savings account with a rate of 5%?

Accepted Answer

$50

Question 4

Which of the following on the chart would be a FIXED expense?

Accepted Answer

Housing

Question 5

Net Pay is the amount of money someone makes in a year...

Accepted Answer

AFTER Taxes/Deductions are taken., AFTER Taxes/Deductions are taken.

Question 6

Gross Income is the amount of money made by someone in a year...

Accepted Answer

BEFORE Taxes/Deductions are taken., BEFORE Taxes/Deductions are taken.

Question 7

If Tax rates go up for you, will your Gross Pay increase, decrease, or stay the same?

Accepted Answer

Stay the same, Stay the same

Question 8

How can the Three C’s of Credit affect your ability to obtain a loan?

Accepted Answer

They determine your chances of getting lower interest rates.

Question 9

If this household's income was $1,000, how much money would be spent on, "Transportation?"

Accepted Answer

$100

Question 10

Your balance is $500. You wrote down $50 for a purchase that REALLY cost $75. New balance is?

Accepted Answer

$475

Question 11

Your balance is $300. You wrote down $80 for something that REALLY cost $50. New balance is?

Accepted Answer

$330

Question 12

How many consumer rights are there in the USA?

Accepted Answer

8

Question 13

Your balance is $65 when you write a check for $90. What is your balance?

Accepted Answer

-$15

Question 14

Which tax form is completed by an Employer to file their employee's taxes?

Accepted Answer

W-2

Question 15

Which type of credit is when someone must pay their monthly bill IN FULL each month?

Accepted Answer

Open

Question 16

If this household's income was $10,000, how much would be spent on, "Housing?"

Accepted Answer

$2000

Question 17

The price of gasoline rises. How might a smart consumer respond to maintain their budget?

Accepted Answer

Decrease their variable expenses

Question 18

Which tax form is completed by an Employer for their employee's tax withholding information?

Accepted Answer

W-4

Question 19

Which of the following is NOT a fundamental goal of a labor union?

Accepted Answer

All employees get the exact same, automatic raises

Question 20

What is the purpose of the Better Business Bureau?

Accepted Answer

Provides info about the reputation of businesses

Question 21

If tax rates go up for you, will your Net Pay increase, decrease, or stay the same?

Accepted Answer

Decrease

Question 22

Why is your credit score important?

Accepted Answer

Credit score determines your interest rates for loans.

Question 23

Which tax form is completed by an individual for their personal tax filing?

Accepted Answer

1040

Question 24

Which of the following is NOT a consumer right?

Accepted Answer

Right to Knowledge

Question 25

Which type of credit is backed by the borrower's collateral?

Accepted Answer

Secured

Question 26

Which consumer right protects them from living or working in hazardous environment?

Accepted Answer

Right to a healthful environment

Question 27

Which type of credit involves paying a set amount of money over a fixed period of time?

Accepted Answer

Installment

Question 28

What is the difference between a debit card and a credit card?

Accepted Answer

With Debit cards, money is taken out of your account to buy

Question 29

As a consumer, what is the trade-off of hiring a labor union?

Accepted Answer

Higher cost than non-union labor, but higher quality

Question 30

What does Federal mean?

Accepted Answer

Associated with the entire nation or national government

Consumer Economics Final Exam Review

Questions 30

Consumer Economics Final Exam Review

Questions 30