FINAL
What is the goal of economic freedom?
To allow producers and consumers to make their own decision.
How does completion promote economic efficiency in a market economics
Producers are incentivized to offer the best production they can at the lowest possible prices.
Land, labor, capital and entrepreneur are the
Factors of production
What type of financial investment carries the most risk in their pricing?
Stocks
Consumers can determine the possible cost and benefit of a financial choice by using the
rational-decision making model
Which statement BEST describe the benefit of creating a personal budget?
A. It can decrease your savings
B. It can increase your spending
C. It can help you use your money
D. It can help you make more money.
C. It can help you use money more wisely. .
____ is how likely a person will payback a lender
Credit Risk
A credit score of 800 is consider what credit rating?
Excellent
Which federal income tax form is used to determine your income tax refund?
1040
What type of financial investment carries the most risk in their pricing?
Stocks
What percent of federal income tax money is spent by the government]?
39%
What does IRS stand for?
Internal Revenue Service
Which employee has received a non monetary incentive
A. on his one year anniversary with the company, Rick received a raise of two dollars per hour.
B. Nora has been with her company for five years and is now eligible to buy discounted shares
C. Jorge's employers lets him his own schedule so he can drop his children off at school.
D. For every five dollars Shirley puts into her retirement account her company adds one dollar.
Jorge's employers lets him set his own schedule so he can drop hiss children off at school
When making a rational decision one must first:
Identify the problem
With which term is a command economic system MOST closely associated?
Government Regulation
Scarcity is defined as:
The condition that exists because human wants exceed the capacity of available resources to satisfy
What day of the year are income taxes due?
April 15th
What government agency collects income taxes?
IRS
In some economies, the government makes all economic decision regarding how to deal with issues of scarcity. What type of allocation strategy is this?
Authority
Which would be the best example of a bakery making an investment in human capital?
A. hiring a new delivery boy
B. Purchasing a new bakery
C.Buy farmland to grow their own wheat
D. sending thier chef to cookie class
Hiring a new delivery boy
Unlike saving money in a saving account, investing involves
Risk of losing money
Which of the following is not one of the three credit bureaus?
Trans South
Federal income tax money is mainly spent on?
A, Roads and Highways
B. Military
C. NASA
D. All the above
All the above
A consumer is considered most credit-worth if he or she
Has a history of using some credit and paying bills on time
An opportunity cost is
The next best alternative you give up in order to do something else