Economics
What measure represents the total value of goods and services produced in a country?
Gross Domestic Product
What government agency collects federal taxes in the United States?
Internal Revenue Service (IRS)
What term describes money raised by selling shares of ownership in a company?
Equity
What market is used to buy and sell company shares?
Stock market
What superstar led the Cavaliers to their first NBA championship in 2016?
LeBron James
What economic concept describes the value of the next best option you give up?
Opportunity cost
What type of tax increases as income increases?
Progressive tax
What term describes money a company borrows and must repay with interest?
Debt
What U.S. stock index tracks 500 large companies?
S&P 500
What arena do the Cavaliers play their home games in?
Rocket Mortgage FieldHouse
What happens to demand when the price of a product rises, assuming everything else stays the same?
Demand decreases
What tax applies to profits made from selling investments like stocks?
Capital gains tax
What metric shows profit after all expenses have been paid?
Net income
What term describes spreading investments across different assets to reduce risk?
Diversification
What guard scored 71 points in a game for Cleveland in 2023, a franchise record?
Donovan Mitchell
What type of inflation happens when production costs increase for businesses?
Cost push inflation
What form do most Americans use to file their personal income taxes?
Form 1040
What ratio measures profit compared to revenue?
Profit margin
What type of investment represents a loan to a government or company?
Bond
What player hit the go ahead three pointer in Game 7 of the 2016 NBA Finals for Cleveland?
Kyrie Irving
What organization in the United States controls monetary policy and interest rates?
Federal Reserve
What term describes reducing taxable income through deductions and credits?
Tax planning
What process occurs when a private company sells stock to the public for the first time?
Initial Public Offering (IPO)
What term describes the total value of all a company’s outstanding shares?
Market capitalization
What Cavaliers point guard was selected first overall in the 2011 NBA Draft?
Kyrie Irving