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Econ Review
What is a sole proprietorship?
what is the purpose of insurance?
Econ Review
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Answers
1
what is the purpose of insurance?
your stuck with the broken item
contract where the insurer promises to pay back the insurer
where you instantly get your money back
you don't get your back
2
What is a sole proprietorship?
a business owned by a group of people
a commercialized business
two people equally owning the business
A single owner of a business
3
Unsecured and secured are both types of loans.
False
True
4
what is not a type of insurance?
Critical Illness insurance
pet insurance
Health insurance
ground insurance
5
McDonalds is a franchise.
False
True
6
What is a method of cashless payment?
Credit Card
Cash
Check
Cashiers Check
7
When are taxes due?
April 17
May 30
April 15
June 20
8
I need a new barrel racing saddle.
False
True
9
what is an installment loan?
a loan paid back over set number of time
a loan paid back when you feel like it
a loan never paid back
a loan you payback as soon as you get it
10
what is an investment market?
stock market
world trade center
stock palace
wall street
11
What type of economy is North Korea?
Market Economy
Traditional Economy
Command Economy
Mixed Economy
12
What is the better investment?
Putting all your money into a business that hasn't started
putting money into a business that isn't doing good
putting money into a business that no one buys their product
putting money into a business that has a stable revenue
13
What can effect your income?
Education/Knowledge/Skills
Taxes
Retirement contributions
Health
14
what do you NOT need when opening a bank account?
Social security Number
ID
Bank checks
Age requirement
15
The IRS stands for Internal Revenue Service.
True
False
16
How many months worth of money should you have in a emergency account?
12 Months
3-6 Months
1-2 Months
5-8 Months
17
Fist step to a budget is to....
stop spending money
quit eating out
start spending money wisely
start a spending log
18
Chipotle is a what type of business?
sole proprietorship
corporation
franchise
partnership
19
What does FDIC stand for?
Federal Deposit Insurance Corporation
Fun Department International Center
Federal Department Insurance Corporation
Fundraiser Department International Corporation
20
You should have an emergency fund before you invest.
False
True
