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Personal Finance and Goods and Services Flashcards | StudBud
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Personal Finance and Goods and Services
Personal Finance and Goods and Services
33 terms
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StudBud Administration
7th Grade Civics and Economics Review of Personal Finance Terms
Flashcards
33 cards
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Questions
33
Answers
1
What is the most expensive method to ship a good?
Railroads
Boat
Air
Highways
2
Which group essentially controls the rate of inflation in America
Congress
The Senate
The Federal Reserve
Department of Commerce
3
Which of the following is paying now for an item?
Debit Card
Mortgage
Credit Card
Installment Plan
4
Most goods in the US are shipped via what method?
Pipelines
Air
Trucks
Water
5
Manufacturing in the US was changed forever with the invention of what?
Boat
Credit Card Readers
Assembly Line
Airplane
6
In Florida, which of these is required by law?
Health insurance
Auto insurance
Life Insurance
Home Insurance
7
If you make a withdrawal, then what have you done?
Removed money from an account
Added money to an account
Opened an account
Closed an account
8
What does GDP stand for?
Gross Domestic Product
General Discretionary Power
General Domestic Power
Gross Discretionary Power
9
Spreading risk over a group of people is called what?
Credit
Investing
Banking
Insurance
10
Sometimes businesses will sell items at a loss, just to get a consumer into a store
True
False
11
What should savings accounts be used primarily for?
Investing
Retirement
Emergency Fund
Doubling your money
12
Banks make money by what?
Charging you to open accounts
Charging interest for loans
The government pays their salaries
Churning credit cards
13
Bankruptcy means that you don't have any money
False
True
14
Oil and natural gas are mostly transported via what method?
Water
Air
Trucks
Pipelines
15
A written order from a bank is called a what?
Check
Account
Withdrawl
Deposit
16
What are the two categories of methods of payment?
Now and Later
Crypto and Cash
Credit Cards and Debit Cards
Cash and Currency
17
In America, businesses are required to accept cash for their services, as cash is legal tender.
False
True
18
If you don't have enough money in your account to cover a check, then what happens?
The check bounces
It is insured by the government
The bank sends assassins after you
The bank pays for it
19
Someone who is owed money is called a what?
Banker
Debtor
Consumer
Creditor
20
To get a loan from a bank, you are often required to pay a percentage up front called a what?
Layaway
Balance
Down Payment
Deposit
21
Which of the following is non-profit?
Mortgage Broker
Savings and Loan Association
Credit Union
Commercial Bank
22
Which method of payment required a PIN?
Credit Card
Cash
Mortgage
Debit Card
23
Using
pathos
in advertising is trying to use what method to persuade people?
Stirring up emotion
Death Threats
Facts and Logic
Celebrity Endorsements
24
What does your credit score measure?
The likelihood you can pay back a loan
How much money you have in a bank
What your car is worth
What your home is worth
25
What is diversification?
Having two bank accounts
Selling your house
Investing in various areas
Owning one type of item
26
Currency must be durable and easy to carry
False
True
27
An item that is manufactured is called a what?
Service
Good
Tax
Resource
28
You can earn various rewards from credit card companies if you pay off your bill on time.
True
False
29
A mortgage is a type of what?
Debit
Index Fund
Installment Plan
Credit Card
30
The goal of a business is to what?
Change the hearts of men
Make Money
World Peace
Enslave the masses
31
Putting your item on a tab essentially is a version of what?
Charge Account
Crypto
Cash
Credit Card
32
More Americans provide services than produce goods
False
True
33
Generics are always a better value than brands
True
False
