A shortage of oil would cause gasoline prices to.....
Increase
100
What is the safest way to endorse a check?
Restrictive Endorsement- FOR DEPOSIT ONLY
100
What federal agency is in charge of regulating false advertising?
Federal Trade Commission
100
Which tax claims a greater percentage of money from people of lower incomes than those with higher incomes?
Regressive
100
In this type of economy consumers decide what and how much of what will be produced?
Market Economy
200
The consumers price index (CPI) shows the increase or decrease in
Retail Consumer Prices
200
What is a minimum balance checking account?
Pay a service charge if your balance dropped below a certain amount
200
Explain the bait and switch technique
Lures shoppers into the store by advertising an extremely low priced item with no intention to sell it
200
The Federal Income tax is considered to be which type of tax?
Progressive
200
If the profits from selling a product are high and more sellers come into the market then what happens?
Prices and Profits will fall
300
What happens to the Gross Domestic Product during a recession?
Decreases
300
What is an outstanding check?
A check that has been written but has not yet been returned to the bank
300
Define an implied warranty
Legal rights which consumers can expect
300
The amount of your tax withheld for the year can be found on which form?
W-2
300
What is an equilibrium price?
When the demand for an item equals its supply
400
What is opportunity cost?
Cost of a decision is based on what must be given up as a result of that decision
400
Who are most banks insured by?
FDIC
400
The Consumer Product Safety Commission handles complaints about what?
the safety of most products except food, drugs, cosmetics and cars
400
What is the form that determines the amount of income tax withheld from each paycheck?
If a taxpayer claims zero allowances on this form he/she would have ____________ in his take home pay than if he had claimed 1 allowance?
W-4
LESS
400
What are some advantages to using an ATM?
Easy Access
Convenient
500
True/False
When a product or service is purchased, the buyer casts an economic vote to discontinue that product or service.
FALSE
500
What is a direct deposit?
An employer depositing an employee's wages or salary into the employee's bank account
500
If you have a complaint who should you contact first?
Second?
What should a good complaint letter include?
Service desk of store purchased,
Manufacturer,
Problem, model number, serial number, date, place of purchase and sought remedy.
500
How is the number of tax allowances determined?
The number of people the taxpayer is supporting
500
When does comparison shopping pay off?
When prices differ and quality remains competitive in different stores