Consumer Economics Final Review Part 2

The money a landlord holds to pay for damages caused by a tenant is a (n):

Economic systems develop in response to the problem of…

A consumer who is saving for emergencies is best served with a highly liquid account.

Arbitration is when a third party assists 2 disagreeing parties in coming to an agreement through a non-binding dialogue

Following the maintenance schedule means:

At your request, banks can automatically perform which of the following services?

When you complete a credit application to assess whether you are a good credit risk, you are likely to be asked:

An agreement that gives the seller the right to declare the whole balance due if the buyer misses 1 payment.

The Federal Deposit Insurance Corporation will insure your money at a bank up to what amount?

A tax system is used for all of the following purposes EXCEPT…

Legal paper that shows vehicle ownership is called a title

Someone who is supported by a taxpayer’s income is referred to as a:

Branch of economics that examines economic decisions made by individual people and businesses

How long does bankruptcy stay on a person’s record?

Overtime consists of work in excess of _______ hours per week.

A plan for saving and spending your money

A claim upon property to satisfy a debt is a lien

A check from personal checking account that has been stamped by the bank to guarantee that there are sufficient funds

A person’s credit rating has no effect on the loan rate they receive.

Simple interest is paid on both the money deposited and on the prior interest earned

Which of the following credit scores is considered to be “good”?

One purpose of taxation is to redistribute income.

If your ATM card is lost, you should:

The amount of available income after taxes and necessary spending for food, clothing and shelter

Process in which two parties try to resolve a dispute by “talking it out” with the help of a neutral third party

Which savings option is the least liquid?

Contributions made to Social Security and Medicare appear as a deduction to __________ on a person’s paycheck.

Illegal use of an individual’s personal information.

A society’s economic resources include all of the following EXCEPT…

A person with an established credit history who signs a credit contract along with a borrower

Dan is buying a new car for $35,000. He has a $10,000 down payment. What is the principal on the loan?

Debts owed to others are considered:

The value of the best alternative given up when a resource is used one way rather than another

Quantity of a particular good or service that consumers are willing and able to buy at a given price

The Fair Labor Standards Act protects only full-time workers

What type of expenses are the easiest to cut down on a person’s budget?

The actions of consumers have little to no effect on what products are offered for sale in stores

All of the following are examples of typical benefits EXCEPT:

Which type of endorsement is most commonly used?

Banks offer higher deposit rates & lower loan rates because they do not incur the costs of traditional “brick & mortar"

It is the responsibility of the consumer to make sure that products are used according to directions.

A financial institution that is owned by its depositors, who are all connected by a labor union would be an example of:

A record of a particular customer’s payment pattern can be found on your credit report

Borrowing money from a life insurance policy has several advantages and zero drawbacks.

The best way to determine which of two savings accounts will earn the most money is to compare their:

When an employee chooses to leave a position due to another job opportunity, the employee:

When planning a budget, it is important to keep in mind which of the following?

Trading a TV for a sum far below value to _, who later sells it back for a much higher price is costly way to get a loan

Branch of economics that examines economic decisions made by governments rather than by individuals

The recommended size of an emergency fund is ______ times your monthly net income.

Which is a characteristic of a certificate of deposit or CD?

Everything offered for sale to the general public makes up the ….

Writing a check is more secure than paying with cash because:

It is inappropriate to ask questions during an interview; that right is reserved only for the interviewer.

Licenses, certifications, or degrees that indicate that a person is qualified to perform a certain service are called:

Economics examines how societies use resources to produce and distribute goods and services.

Those who sell directly to consumers are…

Interest paid on both money deposited and on the prior interest earned

The purpose of Form ______ is to specify the number of allowances you’re claiming.

Deceitful conduct to manipulate someone for the perpetrator’s gain