B - Unit 6 Test Review

Question 1

Which type of investment are stocks?

Accepted Answer

Ownership

Question 2

You broke your phone and the producer wouldn't replace it. You call your credit card company for help. This is called...

Accepted Answer

protection of purchases

Question 3

When prices of goods and services increase at a high rate, it is called:

Accepted Answer

Inflation

Question 4

More interest will be earned on your savings account with:

Accepted Answer

Compound interest

Question 5

If new US government programs begin without a budget to pay for them, what could happen?

Accepted Answer

Fewer services or higher taxes in the future.

Question 6

When productivity increases, what would also increase?

Accepted Answer

Gross domestic product

Question 7

What would be a likely effect on a person's income if he/she has little education or few skills?

Accepted Answer

They would earn a lower income.

Question 8

What is an entrepreneur?

Accepted Answer

Someone who starts their own business

Question 9

If you have a credit card you make monthly payments on, what kind of credit would it be (2 right answers)?

Accepted Answer

unsecured, revolving

Question 10

Which of these is the source of only federal tax revenue?

Accepted Answer

Payroll tax

Question 11

If the price of a stock falls but an investor thinks it will go up again, what should he/she do?

Accepted Answer

Buy the shares

Question 12

True or False: If home sales increase, interest rates for home mortgages will also increase.

Accepted Answer

True

Question 13

What flows from households to businesses in the circular flow diagram?

Accepted Answer

Expenditures

Question 14

A group of a few companies in the same industry competing for business is called a/an:

Accepted Answer

Oligopoly

Question 15

What advantage does using money have over bartering (trading)?

Accepted Answer

You don't have to have a good someone else wants

Question 16

Public services, such as fire departments...

Accepted Answer

...are unlimited and accessible to all.

Question 17

What is gross domestic product (GDP)?

Accepted Answer

Value of goods & services produced within domestic borders

Question 18

A non-monetary positive incentive for entrepreneurs could be:

Accepted Answer

Satisfaction of inventing something

Question 19

True or False: I'm going to ace this test!

Accepted Answer

True

Question 20

How would a fast food company increase productivity?

Accepted Answer

State of the art grill

Question 21

Pick two factors that determine if a person is counted in the unemployment rate:

Accepted Answer

The person is actively looking for a job, The person is willing and able to work

Question 22

A car payment would be an example of what kind of expense?

Accepted Answer

Fixed

Question 23

Identify a function of money (3 correct answers):

Accepted Answer

Store of value, Medium of exchange, Unit of account

Question 24

If workers are laid of because of new technology, it is this type of unemployment:

Accepted Answer

Structural

Question 25

Per capita GDP increases when what else increases?

Accepted Answer

Productivity

B - Unit 6 Test Review

Questions 25

B - Unit 6 Test Review

Questions 25