Financial Literacy Exam 1; Chapters
1,2,3 questions well answered
A decrease in the gross domestic product (GDP) would
___________________________________________________. - correct answer ✔✔ indicate
that the economy is experiencing a contraction. An increase would indicate that the economy is
expanding.
An individual's quality of life is
_______________________________________________________. - correct answer ✔✔
closely tied to his or her standard of living.
Career planning - correct answer ✔✔ helps in improving professional satisfaction. This can
involve educational choices and choices about where to live.
Financial planning - correct answer ✔✔ helps us have flexibility to handle job loss. Developing
and maintaining a budget enhances preparation for surprises.
Following an economic trough, the economy will often enter an expansion. - correct answer ✔✔
As an economic expansion continues for a time, the change of a sudden stop and decline is also
likely.
________________________________ who have more formal education earn higher annual
income than do those with lesser degrees. ___________________________ often have lifetime
earnings two or even three times that of the average earnings of individuals with only high
school diplomas. - correct answer ✔✔ Individuals, College educated individuals
The consumer is
__________________________________________________________________________. -
1,2,3 questions well answered
A decrease in the gross domestic product (GDP) would
___________________________________________________. - correct answer ✔✔ indicate
that the economy is experiencing a contraction. An increase would indicate that the economy is
expanding.
An individual's quality of life is
_______________________________________________________. - correct answer ✔✔
closely tied to his or her standard of living.
Career planning - correct answer ✔✔ helps in improving professional satisfaction. This can
involve educational choices and choices about where to live.
Financial planning - correct answer ✔✔ helps us have flexibility to handle job loss. Developing
and maintaining a budget enhances preparation for surprises.
Following an economic trough, the economy will often enter an expansion. - correct answer ✔✔
As an economic expansion continues for a time, the change of a sudden stop and decline is also
likely.
________________________________ who have more formal education earn higher annual
income than do those with lesser degrees. ___________________________ often have lifetime
earnings two or even three times that of the average earnings of individuals with only high
school diplomas. - correct answer ✔✔ Individuals, College educated individuals
The consumer is
__________________________________________________________________________. -
