Exam 1
What is the most significant influence on the quantity supplied of any product?
A. Supply
B. Price
C. Demand
D. Taxation
What is the name given to the process or technique of promoting, selling, and distributing a product or service?
A. Marketing
B. Influencer
C. Social Media
D. Customer Service
A. Marketing
Xavier has some extra gravel from a summer project he completed. His neighbor, Carlos, is upgrading his lawn mower. Dan is willing to trade his lawn mower to Xavier for Xavier's gravel. What is this called?
A. Gambling
B. Royalty
C. Barter
D. Purchase
C. Barter
Which of these would be considered a VARIABLE cost when making a budget?
A. Gas for your car
B. Car payment
C. Mortgage payment
D. $100 taken every month for savings
A. Gas for your car
Most advisors suggest a savings of how many months of essential living expenses.
A. 1 year
B. 3-6 months
C. 2 years
D. 1 month
B. 3-6 months
Which crime listed below represents a crime when personal or financial information has been compromised from one individual and then used by another person to commit fraud?
A. Ponzi Scheme
B. Internet Fraud
C. Investment Schemes
D. Identity Theft
D. Identity Theft
Which of the following is a sign of a command economy?
A. An entrepreneur opens a business
B. Someone bartering for goods
C. The government setting the price for milk
D. A student deciding what college degree to pursue
C. The government setting the price for milk
Niesha recently turned 70 and is ready to retire and collect money from the federal government. She paid into this program during her entire time in the workforce. What program is this?
A. Obamacare
B. Medicare
C. Social Security
D. Collateral
C. Social Security
Which of the following statements most accurately defines the term “interest rate”?
A. Discounts on purchases made with a credit card
B. Money received from the Federal Government for filing taxes
C. The level of attention that economists pay to economic activity at any one time
D. Money paid by a borrower to a lender in exchange for the use of money
D. Money paid by a borrower to a lender in exchange for the use of money
The amount of money needed to cover basics such as housing, food, taxes, and healthcare is known as what?
A. savings
B. checking
C. cost of living
D. wealth
C. cost of living
What name is given to the guarantee that is given to a product by the seller or manufacturer of the product?
A. Influencer
B. Customer Report
C. Customer Service
D.Warranty
D.Warranty
If the government collected more than it spent, what would be the result?
A. A balanced budget
B. A surplus
C. A deficit
D. Equilibrium
B. A surplus
Kai's grandmother recently passed away. She left Kai $7000 as part of her estate. She also left Kai a new truck. This is called ________.
A. Social Security
B. pension
C. inheritance
D. tax
C. inheritance
Going out and getting ice cream with your friends would be considered which of the following?
A. A need
B. A want
C. Mandatory spending
D. Fixed expense
B. A want
People who are experts in a certain field or craft that utilize social media to educate other people are often referred to as which of the following?
A. Influencers
B. Market experts
C. Producers
D. Laborers
A. Influencers
The cost of the next best alternative use of time or money when choosing to do one thing instead of another is known as what?
A. Opportunity cost
B. Trade-Off
C. Marginal Cost
D. Fixed Costs
A. Opportunity cost
The organization created to promote worldwide peace is __________.
A. Federal Reserve
B. International Fund for Agricultural Development
C. The North Atlantic Treaty Organization
D. United Nations
D. United Nations
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?
A. 1040
B. w-2
C. w-4
D. i-30
C. w-4
Which of the following would be considered a FIXED expense in a monthly budget?
A. paying rent
B. groceries
C. power bill
D. gas
A. paying rent
Which nonprofit membership organization with chapters throughout North America that are focused on advancing marketplace trust and promotes its mission primarily through two functions: rating businesses based on their reliability and performance, and facilitating the resolution of consumer complaints?
A. Consumer Reports
B. Consumer Financial Protection Bureau
C. Consumer Product Safety Commission
D. Better Business Bureau
D. Better Business Bureau
______ is the name of when a business makes phone calls to potential or existing customers to try and promote their products or services.
A. Influencer
B. Telemarketing
C. Ponzi Scheme
D. Skimming
B. Telemarketing
____ ____ employment is when an employee is working for at least 30 hours a week, or 130 hours per month.
A. Part time
B. Full time
C. Contract work
D. Gig work
A. Part time
Which is an example of quality of life that is related to financial or career goals?
A. Legal rights
B. Education
C. Size of Home
D. Expensive Food
B. Education
Owning a share of a business with the expectation that you will get a higher return is called what?
A. Speculating
B. Saving
C. Investing
D. Bonds
C. Investing
When the seller and the buyer are in direct one-on-one interaction with each other in a transaction is known as…
A. Customer service
B. Service
C. Goods
D. Warranty
A. Customer service