Economics And Personal Finance
Final Exam
In which type of business ownership are shares of stock sold to raise money?
- -Corporation -What is the main incentive for a manufacturer to sell a product? - -Profit -What do Social Security taxes pay for? - -Retirement Benefits -What does staying on budget mean? - -Not surpassing the amount of money set aside for your spending period -In a ______, the owner has unlimited liability for any business debts. - -Sole Proprietorship -A piano maker builds 20 pianos per month. Her total costs are $6,000 per month. What is the average cost of each piano? - -$300 -Why does the federal government collect income taxes throughout the year
as people earn wages? - -So the government can pay bills as they come due -What is a characteristic of a traditional economy? - -Based on hunting, fishing, and gathering -The United States is a mixed economy based on... - -Based on the principles of the free market, but allowing some government interventions -In what kind of economy does the government make all the decisions? - -A command economy -If prices rise and income stays the same, what happens to demand? - -The demand goes down -What do businesses try to establish to avoid having a surplus or a shortage? - -Equilibrium -Savers and borrowers are linked through financial institutions when... - -
Savers deposit money that is used to loan money to borrowers -What do Equifax, Experian, and TransUnion have in common? - -They are the three major credit bureaus -_______ is the study of how people produce, distribute, and use goods and services. - -Economics -Examples of how to use a credit card responsibly - -Don't purchase things you know you can't afford, don't exceed your credit limit, never give credit card info to an unauthorized source -Each society answers three basic economic questions based on... - -its unique combination of values and goals -When you use a _____the money is automatically and immediately transferred from your account. - -Debit card -A ________ is the most difficult type of business to set up and maintain. - -
Sole Proprietorship -Supply and demand has a direct impact on the _______ of goods and services. - -price -What might a government provide as part of a safety net for the people? - -
Social Security -What EPF term best describes the ability to stay focused and meet deadlines? - -Time Management -At the end of the month you subtract your actual expenses from your actual income. If the result is less than zero, what do you have? - -Debt -What kind of taxes are the same for all of us, no matter where we live in the U.S.? - -Income Tax -When you withdraw money, the amount is... - -Subtracted from your account balance -A ______ is an organization that provides goods or services. - -business -Budget - -An estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals. -Checks - -Demand draft drawn on a bank against its maker's funds, to pay the stated amount of money to the bearer or named party, demand on a stated date or after. -Deduction - -Fixed amount or percentage permitted by taxation authorities that a tax payer can subtract from his or her adjusted gross income to arrive at the taxable income.
Final Exam
In which type of business ownership are shares of stock sold to raise money?
- -Corporation -What is the main incentive for a manufacturer to sell a product? - -Profit -What do Social Security taxes pay for? - -Retirement Benefits -What does staying on budget mean? - -Not surpassing the amount of money set aside for your spending period -In a ______, the owner has unlimited liability for any business debts. - -Sole Proprietorship -A piano maker builds 20 pianos per month. Her total costs are $6,000 per month. What is the average cost of each piano? - -$300 -Why does the federal government collect income taxes throughout the year
as people earn wages? - -So the government can pay bills as they come due -What is a characteristic of a traditional economy? - -Based on hunting, fishing, and gathering -The United States is a mixed economy based on... - -Based on the principles of the free market, but allowing some government interventions -In what kind of economy does the government make all the decisions? - -A command economy -If prices rise and income stays the same, what happens to demand? - -The demand goes down -What do businesses try to establish to avoid having a surplus or a shortage? - -Equilibrium -Savers and borrowers are linked through financial institutions when... - -
Savers deposit money that is used to loan money to borrowers -What do Equifax, Experian, and TransUnion have in common? - -They are the three major credit bureaus -_______ is the study of how people produce, distribute, and use goods and services. - -Economics -Examples of how to use a credit card responsibly - -Don't purchase things you know you can't afford, don't exceed your credit limit, never give credit card info to an unauthorized source -Each society answers three basic economic questions based on... - -its unique combination of values and goals -When you use a _____the money is automatically and immediately transferred from your account. - -Debit card -A ________ is the most difficult type of business to set up and maintain. - -
Sole Proprietorship -Supply and demand has a direct impact on the _______ of goods and services. - -price -What might a government provide as part of a safety net for the people? - -
Social Security -What EPF term best describes the ability to stay focused and meet deadlines? - -Time Management -At the end of the month you subtract your actual expenses from your actual income. If the result is less than zero, what do you have? - -Debt -What kind of taxes are the same for all of us, no matter where we live in the U.S.? - -Income Tax -When you withdraw money, the amount is... - -Subtracted from your account balance -A ______ is an organization that provides goods or services. - -business -Budget - -An estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals. -Checks - -Demand draft drawn on a bank against its maker's funds, to pay the stated amount of money to the bearer or named party, demand on a stated date or after. -Deduction - -Fixed amount or percentage permitted by taxation authorities that a tax payer can subtract from his or her adjusted gross income to arrive at the taxable income.
