question

National economy grows is characteristic of which part of the business cycle?

answer

Expansion

question

A _______________is usually the least expensive option for a post-high school education.

answer

2 Year Community College

question

Responds quickly to change is a characteristic of which market structure?

answer

Federal Government

question

Some credit card companies charge a(n) __________ even if you do not use your credit card.

answer

Annual Fee

question

The main purpose of a budget is to ________________.

answer

Manage income, spending and savings

question

Electronic check conversion involves paying with a check but not actually receiving the physical check after it clears.

answer

True

question

Businesses closing is characteristic of which part of the business cycle?

answer

Contraction

question

Need based is a characteristic of which market structure?

answer

Private Sector

question

The term that describes the extra fee paid in return for borrowing a sum of money, excluding the loan origination fee, is called a credit.

answer

False

question

Which part of your bank statement shows your day-to-day transactions in chronological order

answer

Daily Balance Summary

question

Responds slowly to change is a characteristic of which market structure?

answer

Private Sector

question

Which act limits the behavior of debt collectors?

answer

Fair Debt Collection Act

question

The primary source of local government revenue comes from which of these?

answer

Property Tax

question

Fewer products produced is characteristic of which part of the business cycle?

answer

Contraction

question

One way to create an efficient way for your heirs to inherit your financial wealth is through estate planning.

answer

True

question

How much did Taylor earn last year?

answer

$6,435

question

Competitive is a characteristic of which market structure?

answer

Private Sector

question

If you wanted to become a registered nurse, what would you need to invest in?

answer

Human Capital

question

Unemployment increases is characteristic of which part of the business cycle?

answer

Contraction

question

Profit based is a characteristic of which market structure?

answer

Private Sector

question

Overall, what was the primary cause of the Great Recession?

answer

Crash of the Stock Market

question

What kind of tax is represented by graphs?

answer

Regressive Taxes

question

Innovative is a characteristic of which market structure?

answer

Private Sector

question

All of these banks compound interest __________.

answer

Daily

question

After all of your expenses are subtracted from your income, the money left over is known as your savings.

answer

True

question

Which pair of words describes a person who has a job that is a good fit?

answer

Productive and Efficient

question

Which of the following is considered a necessary expense?

answer

Paying Rent

question

Which is a reason why a company might decide to set up facilities in another country?

answer

Paying Tariffs

question

If you to opt into your debit card's __________, you can still make purchases even if you do not have the money to buy things.

answer

Overdraft Protection

question

When you are shopping for a loan, the __________ is the important rate to compare.

answer

APR

question

An ARM loan is an excellent choice for a homeowner who has a monthly payment near the limit of what he or she can afford.

answer

False

question

If you want to increase your credit rating score, one way is to __________.

answer

Have only a few a few credit cards and pay the balances off each month.

question

When you match your check register to your bank statement, this process is known as ________________.

answer

Reconciling

question

Suppose someone wants to sell a piece of land for cash. The selling of a piece of land represents turning ________________.

answer

Fixed asset into liquid asset

question

An example of an essential expense is paying for a _________.

answer

Loaf of Bread

question

When managing your credit card PIN, which of the following should you do?

answer

Choose a combination of letters and numbers as your pin.

question

W-2 and W-4 forms are usually issued around the same time.

answer

False

question

Insurance coverage for a failed bank insures each depositor up to $250,000.

answer

True

question

Many people use liquid assets to reach short-term goals. Which of the following is a liquid asset?

answer

Lottery Ticket

question

If you have a money market account, you are limited to a number of transactions that can occur each month.

answer

True

question

Consumer spending increases is characteristic of which part of the business cycle?

answer

Expansion

question

Serves the needs of citizens is a characteristic of which market structure?

answer

Federal Government

question

Which of the following is NOT a federal income tax deduction?

answer

Excise Tax

question

A decision model can be described by all of the following EXCEPT for which sentence?

answer

A tool that guarantees your decision will be correct.

question

More stable over time is a characteristic of which market structure?

answer

Federal Government

question

Construction increases is characteristic of which part of the business cycle?

answer

Contraction

question

Insurance rates for sports cars are usually the most reasonable.

answer

False

question

A commercial bank is owned by its account holders

answer

False

question

Suppose someone gives up a job and disposable income to go to college. This is an example of a ________________.

answer

Resource Allocation

question

Sometimes, the Internal Revenue Service will ask for more information when it looks at your ________________.

answer

Tax Return

question

The above process is called a(n) ________.

answer

Audit

question

Your return may have simply been selected by a random _______________, while other times, the information may be incorrect

answer

Computer

question

When you are being audited, an auditor is assigned to review your case. The auditor will notify you by mail and by phone. You must contact the auditor to discuss the paperwork you need to provide. If you do not pay the amount you owe by your deadline, you will face _______________ on the amount audited.

answer

Interest

question

Goals help us to plan for things we need and want. A short-term goal, such as ____________________, should only require a little time to save.

answer

Buying a new computer game for $40

question

An intermediate-term goal, like _________________, requires a longer period of time to save.

answer

Planning a trip to Greece for $2,000

question

And, _____________________ is a long-term goal because it takes a long amount of time to save.

answer

Putting a down payment on a house for $12,000

question

It is also important to plan and budget for emergency expenses, such as ____________________, because you never know when they might arise.

answer

Paying a medical bill for $400

question

A method of paying workers based on each item that workers produce.

answer

Piece Rate

question

The earnings on an investment, which is usually expressed as a percentage of the investment amount.

answer

Return

question

The price a seller expects to get for a product in a competitive marketplace.

answer

Market Value

question

A way to view the expected benefits of all your choices.

answer

Trade-off

question

A source of unearned income or the valuables that are bestowed upon you by a family member.

answer

Inheritance

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