INTEREST
FORMS OF PAYMENT
BILL OF RIGHTS
VOCAB
RANDOM
100
Is interest higher on a secure or unsecured loan?
Secured Loan
100
What are the 3 main types of payment options?
Checks, credit cards, and cash.
100
Under the Right to Be Heard, what must government consider?
Consumer interests when creating laws.
100
What is the difference between Capital Gain and Capital Loss?
Capital Gain is the profit you earn from selling stock at a higher price than you paid. Capital Loss is the amount you lose.
100
What date is generally considered to be "tax day" in the U.S.?
April 15- Deadline
200
Is interest on an unsecured loan ALWAYS higher than on a secured loan?
No
200
Which group of taxpayers usually uses the 1040EZ tax form?
Young people
200
What does the law of demand say about pricing?
Consumers will buy more of a product at a lower price than at a higher price.
200
What is Fraud?
Deliberate deception, designed to secure unfair or unlawful gain.
200
How do trade barriers assist young industries?
Protecting them from competition.
300
Will you earn a greater amount of interest if interest is compounded more often?
Yes
300
What is the "grace period" as it relates to credit cards?
The time between the billing date and the payment due date when no interest is charged.
300
What does the Right to Consumer Education promise?
Sufficient information should be available for consumers to make rational decisions.
300
Define Absolute advantage.
A countries ability to produce a product at a lower cost than any other nation.
300
What do nations limit when they set quotas?
The amount of a product that can be imported.
400
How often can interest be compounded? (3 answers)
Annually, Semiannually, or quarterly.
400
To what is the equilibrium price o a product related?
The price at which the quantity supplied exactly equals the quantity demanded of that product.
400
How does "Trading Up" affect the consumer?
Sales people influence consumers to buy the more expensive item.
400
What is a multi-national corporation?
A business that is based in 1 country but has branches or plants in other countries.
400
What is the difference with a short term and a long term goal?
A short term goal is a goal you would like to achieve in a maximum of 1 year. A long term goal is a goal that you would like to achieve in a minimum of 1 year.
500
Simple interest is paid when and on what?
Simple interest is paid at the end of the year (annually) and the amount paid is based on the average balance in a savings account.
500
What is a check register and what term is used to describe the signature on the back of a check?
Check register is a book where a person keeps the record of the checks he or she has written and the deposits made. The signature on the back is called the endorsement
500
What dd the Fair Credit Act of 1971 achieve?
Gave consumers a way to check their credit reports.
500
Define "Free Trade"
Nations economic policy of permitting its citizens to buy and sell where they please with no restrictions.
500
What is the difference between sales tax and business tax?
Sales tax is added to the price of goods and services at the time of your purchase. Business tax is fee paid for a license permit, or stamp to operate certain types of businesses. (Also known as a license tax)
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