FINANCIAL LITERACY UNIT 3: REVIEW TEST
Payday Lenders - Answers -Since you write a post-dated check, when you take out a
payday loan, and the next paycheck comes, who gets first priority to the money?
Judicial - Answers -Which branch of government is the "enforcer" of contracts?
It results in injury to another person. - Answers -Why is fraud illegal?
The government is there to help the people when the need arises. - Answers -What
point was Lincoln making in his closing words of the Gettysburg Address?
variable expenses - Answers -Expenses that change each month, like groceries or gas
for your car, are called:
capacity - Answers -Which contractual element states that both parties must be adults
and of a sound mind?
An advertisement mailed to your home explaining when washing machines will be going
on sale at a certain store. - Answers -Which of the following would NOT be considered a
contract in the business world?
All of the above - Answers -Which fraud scheme uses money from the later investors to
pay off early investors?
-Ponzi Schemes
-All of the above
-Chain Letters
-Pyramid Schemes
Fixed Expenses - Answers -The expenses that stay the same month after month are
called:
Consideration - Answers -Which contractual element states that there must be
bargaining that leads to an exchanged between the two parties?
Legality - Answers -Which contractual element states that the contract must be for a
lawful purpose?
Avoid it at all costs. Explore all other options first. - Answers -When is it a good idea to
take out a payday loan?
Contract - Answers -What is a promise that is legally enforceable?
Payday Lenders - Answers -Since you write a post-dated check, when you take out a
payday loan, and the next paycheck comes, who gets first priority to the money?
Judicial - Answers -Which branch of government is the "enforcer" of contracts?
It results in injury to another person. - Answers -Why is fraud illegal?
The government is there to help the people when the need arises. - Answers -What
point was Lincoln making in his closing words of the Gettysburg Address?
variable expenses - Answers -Expenses that change each month, like groceries or gas
for your car, are called:
capacity - Answers -Which contractual element states that both parties must be adults
and of a sound mind?
An advertisement mailed to your home explaining when washing machines will be going
on sale at a certain store. - Answers -Which of the following would NOT be considered a
contract in the business world?
All of the above - Answers -Which fraud scheme uses money from the later investors to
pay off early investors?
-Ponzi Schemes
-All of the above
-Chain Letters
-Pyramid Schemes
Fixed Expenses - Answers -The expenses that stay the same month after month are
called:
Consideration - Answers -Which contractual element states that there must be
bargaining that leads to an exchanged between the two parties?
Legality - Answers -Which contractual element states that the contract must be for a
lawful purpose?
Avoid it at all costs. Explore all other options first. - Answers -When is it a good idea to
take out a payday loan?
Contract - Answers -What is a promise that is legally enforceable?
