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ECONOMICS AND PERSONAL FINANCE FINAL EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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ECONOMICS AND PERSONAL FINANCE FINAL EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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ECONOMICS AND PERSONAL FINANCEFINAL EXAM QUESTIONS AND
ANSWERS WITH SOLUTIONS 2024
In which type of business ownership are shares of stock sold to raise money? - ANSWER Corporation
What is the main incentive for a manufacturer to sell a product? - ANSWER Profit
What do Social Security taxes pay for? - ANSWER Retirement Benefits
What does staying on budget mean? - ANSWER Not surpassing the amount of money set aside for your
spending period
In a ______, the owner has unlimited liability for any business debts. - ANSWER 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? - ANSWER $300
Why does the federal government collect income taxes throughout the year as people earn wages? -
ANSWER So the government can pay bills as they come due
What is a characteristic of a traditional economy? - ANSWER Based on hunting, fishing, and gathering
The United States is a mixed economy based on... - ANSWER 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? - ANSWER A command economy
If prices rise and income stays the same, what happens to demand? - ANSWER The demand goes down
, What do businesses try to establish to avoid having a surplus or a shortage? - ANSWER Equilibrium
Savers and borrowers are linked through financial institutions when... - ANSWER Savers deposit money
that is used to loan money to borrowers
What do Equifax, Experian, and TransUnion have in common? - ANSWER They are the three major credit
bureaus
_______ is the study of how people produce, distribute, and use goods and services. - ANSWER
Economics
Examples of how to use a credit card responsibly - ANSWER 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... - ANSWER its unique combination of
values and goals
When you use a _____the money is automatically and immediately transferred from your account. -
ANSWER Debit card
A ________ is the most difficult type of business to set up and maintain. - ANSWER Sole Proprietorship
Supply and demand has a direct impact on the _______ of goods and services. - ANSWER price
What might a government provide as part of a safety net for the people? - ANSWER Social Security
What EPF term best describes the ability to stay focused and meet deadlines? - ANSWER 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? - ANSWER Debt
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