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Economics and Personal Finance Review Flashcards | StudBud
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Economics and Personal Finance Review
Economics and Personal Finance Review
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1
What is equilibrium?
surplus
quantity supplied = quantity demanded
shortage
none of these
2
What is an economic system?
The way the government files taxes.
How we get cable.
Organized way of providing for the wants & needs of people.
The process used to make shoes.
3
What are the 3 basic questions of all economic systems?
what's 9+10?
how are you doing today?
what are economic systems?
what to produce?
4
What
is a price floor?
when quaintly supplied is more thanquantity demanded
nquantitysupplied and quantity demanded are not equal
maximum price that can legally be charged for a good/service
the lowest price allowed for goods or services
5
People with _ education and skills tend to earn _ _ than uneducated and unskilled workers.
more; higher incomes
less; different prizes
less; lower incomes
sense; better rewards
6
What is risk?
spending money that you don't have
being a daredevil
uncertainty of achieving adesired result.
breaking the law
7
How often is simple interest paid?
monthly
annually
daily
weekly
8
What is gross pay?
the amount of money used to pay taxes
the money you have left over after taxes
the money used to pay your car note
the total money earned before deductions
9
What is interest?
its just a code name for "paying taxes"
working overtime
the amount is the amount earned on the principle overtime.
earning extra money
10
Why does the supply curve slope upward?
cost and profit
elasticity
inelasticity
equilibrium
11
What is not a benefit of banking?
free food
saving loans
easier to pay bills
debit cards
12
When does a
shortage
occur?
during tax season
when supply is greater than demand
when pigs fly
when the price is less than the equilibrium price
13
What does a human capital consist of?
education
skill
training
experience
14
People who have earned degrees have showntheir ability in an ________.
educational setting
customer service area
training session
childcare setting
15
What is a type of electronic banking?
direct deposit
all of the above
online investments
ATMs
16
What is an example of an earned income?
all of these
wages
tips
salary
17
What is liability?
none of these
when you borrow money
something owed to another person
when you don't have enough money to pay for your transaction
18
What is one reason that the demand curve slopes downward?
diminish marginal utility
opportunity cost
surplus
supply and demand
19
What deductions are subtracted from your net pay?
savings
insurance
all of these
retirement
20
What is the law of supply?
more for sale at higher prices and less at lower prices
a supply schedule
the output of one producer in the market
a demand schedule
