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Economics And Personal Finance Final Exam
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Economics And Personal Finance Final Exam
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Economics And Personal FinanceFinal 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.
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