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Assignments - Economics & Personal Finance(Archived)
Chapter 20
Due Date: 3/5/2018
Subject: Economics & Personal Finance

MONDAY: Chapter 19 Review Questions Page 510, Discussion

  

TUESDAY: Continue on Transportation chapter 19.

 

WEDNESDAY:   Lecture on Electronics and Appliances Chapter 20

  

THURSDAY: Continue lecture on Chapter 20

 

FRIDAY: Review on Chapter 20



Housing and Transportation
Due Date: 2/19/2018
Subject: Economics & Personal Finance

Lessons:

Include planned introductions, teaching strategies, evaluation plans, desired performance standard, and lesson closure:

MONDAY: Chapter 18 Selecting Housing

TUESDAY: Lecture on Housing

WEDNESDAY: Chapter  Questions about Real estate Agents

THURSDAY: Questions about Real estate Agents,Buyer or Seller Agent

FRIDAY: Summary.



Chapter 19 Transportation
Due Date: 2/12/2018
Subject: Economics & Personal Finance

Richlands High School

INSTRUCTIONAL LESSON PLANS

 

Lessons:

Include planned introductions, teaching strategies, evaluation plans, desired performance standard, and lesson closure:

MONDAY: Chapter 19 Lecture on Transportation/ Everfi Module number 7 renting vs owning

TUESDAY: Continue reading Chapter 19 doing the Case Study

 WEDNESDAY:   Lecture Continue on transportation Question and Answer session

THURSDAY: Review Questions due. Questions and Answer from class.

 FRIDAY: Critical Thinking Question due.

  

 



Spending For Food
Due Date: 1/30/2018
Subject: Economics & Personal Finance

Lessons:

Include planned introductions, teaching strategies, evaluation plans, desired performance standard, and lesson closure:

 

MONDAY: Chapter 15 Spending For Food Lecture

  

TUESDAY: Continue Lecture on Chapter 15 Nutritional needs and the best food sources if essential nutrients.

 

WEDNESDAY:   Lecture establishing a food budget based on individual needs and resources.

  

THURSDAY: Review Questions due. Questions and Answer from class

 

FRIDAY: Complete chapter 15 Critical Thinking question due.



Study Guide For Test Chapter 7
Due Date: 1/18/2018
Subject: Economics & Personal Finance

Study Guide  7

 

Matching

 

Match the following terms and identifying phrases.

a.

budget

b.

cash flow statement

c.

credit flow

d.

demographics

e.

expense

f.

family crisis

g.

family life cycle

h.

financial literacy

i.

fixed expense

j.

income

k.

liability

l.

net worth

m.

net worth statement

n.

philanthropy

o.

recordkeeping

p.

variable expense

q.

wealth

 

 

____    1.   The act of giving money, goods, or services for the good of others.

 

____    2.   A financial obligation that a person currently owes or will owe in the future.

 

____    3.   The understanding of the basic knowledge and skills needed to manage financial resources.

 

____    4.   A written record of a person’s current financial situation.

 

____    5.   An abundance of assets that are accumulated over time.

 

____    6.   The difference between what a person owns and owes.

 

____    7.   A spending plan for the use of money over time based on goals and expected income.

 

____    8.   The cost of a good or service a person buys.

 

____    9.   The stages of change a family passes through from formation to aging.

 

____  10.   Any form of money a person receives from various sources.

 

____  11.   A major problem that impacts the future of the family and its lifestyle.

 

____  12.   A set cost that must be paid each budget period.

 

____  13.   The statistical characteristics of the population.

 

____  14.   The process of setting up and maintaining an organized system for your financial affairs.

 

____  15.   A summary of the amount of money received as well as the amount paid out for goods and services during a specific period.

 

____  16.   A cost that changes both in the amount and time it must be paid.

 

Match the following terms and identifying phrases.

a.

bonus

b.

commission

c.

exemption

d.

Medicaid

e.

Medicare

f.

minimum wage

g.

payroll deduction

h.

piecework income

i.

salary

j.

Social Security

k.

tax credit

l.

tax deduction

m.

wage

 

 

____  17.   A payment in exchange for an employee’s labor or services.

 

____  18.   The lowest hourly wage employers can pay most workers by law.

 

____  19.   A wage that is based on a rate per unit or item completed.

 

____  20.   Payment for work that is expressed as an annual figure.

 

____  21.   Income paid as a percentage of sales made by a salesperson.

 

____  22.   An expense subtracted from gross income.

 

____  23.   The federal government’s basic program for providing income when earnings are reduced or stopped because of retirement, serious illness or injury, or death.

 

____  24.   The federal government’s program that pays for certain health care expenses for older citizens and others with disabilities.

 

____  25.   A government program that pays certain health care costs for eligible low-income individuals and families.

 

____  26.   An expense that can be subtracted from taxable income.

 

____  27.   Tax benefit that reduces the amount of income on which a worker pays taxes.

 

____  28.   An amount that can be subtracted from the taxes a worker owes, if eligible.

 

Match the following terms and identifying phrases.

a.

excise tax

b.

gift tax

c.

real estate tax

d.

sales tax

e.

tax avoidance

f.

tax audit

g.

tax evasion

 

 

____  29.   Taxes levied by federal and state governments on the sale and transfer of certain items, such as cigarettes, alcohol, and certain luxury items.

 

____  30.   Tax based on the value of land and buildings owned by taxpayers.

 

____  31.   Tax levied by the federal government on donors or givers who transfer assets over a given amount to others.

 

____  32.   A legal way of reducing your taxes by claiming legitimate deductions, credits, and adjustments.

 

____  33.   An illegal way of reducing taxes by failing to declare all income or falsifying deductions, adjustments, and credits.

 

____  34.   A detailed examination of your tax return by the IRS.

 

True/False

Indicate whether the statement is true or false.

 

____  35.   The ultimate purpose of financial planning is to reach important goals and to achieve some sense of financial security.

 

____  36.   Each stage in the family life cycle brings significant changes in consumer needs and wants, priorities, income levels, and spending patterns.

 

____  37.   Family life cycle refers to the stages a family passes through from formation to aging.

 

____  38.   Mortgage payments and health care costs are the two greatest expenses in the beginning stage of family life.

 

____  39.   All individuals will fit somewhere into the typical family life cycle model.

 

____  40.   Separated and divorced couples face a unique set of financial concerns.

 

____  41.   A sound savings program and adequate insurance protection form the foundation of financial security.

 

____  42.   Today many consumers carry out money management tasks online using a personal finance software package.

 

____  43.   A family crisis is an event that has an immediate but short-lived impact on the family.

 

____  44.   Acknowledging a serious financial problem is one of the key steps in coping with it.

 

____  45.   Financial security is largely a matter of day-to-day, month-to-month accounting and bill paying.

 

____  46.   Consumers generally have no need of a lawyer unless they are in trouble with the law.

 

____  47.   No matter what your financial situation, it is desirable to begin a savings program and insure against financial risks early in life.

 

____  48.   Cultural factors have very little impact on management and financial decisions in most families.

 

____  49.   Variable expenses are those that come up in set amounts at specific times.

 

____  50.   In managing your personal affairs, it is essential to develop a workable system for keeping financial and legal records and documents.

 

____  51.   Gross income is also called “take-home pay.”

 

____  52.   FICA is a type of payroll deduction.

 

____  53.   Each year, the federal government spends over 60 percent of its total budget on mandatory expense items such as Social Security and Medicare.

 

____  54.   Spending on education is one of the top three items on the federal budget.

 

____  55.   Interest on the national debt is a mandatory expense item in the federal budget.

 

____  56.   Reducing the deficit is particularly important to young people because they will inherit the national debt.

 

____  57.   Income tax is a direct tax because it is paid directly to the government by the taxpayer.

 

____  58.   A progressive tax takes a higher percentage from the poor than from the rich.

 

____  59.   Only the federal government has the power to tax personal income.

 

____  60.   You can claim yourself as an allowance on your Form W-4.

 

____  61.   The amount of taxes withheld from paychecks depends on the amount earned and the number of allowances claimed.

 

____  62.   Tax rates and allowable deductions and exemptions are fixed and do not change with new tax laws.

 

____  63.   Income tax returns must be filed in person at your nearest office of the Internal Revenue Service.

 

____  64.   Fairness is a key aim of most tax reform proposals.

 

____  65.   Under the Social Security system, your financial need determines the amount you will eventually receive in retirement benefits or in disability benefits if you should become disabled.

 

____  66.   Social Security is a program paid for by voluntary contributions from employees and employers.

 

____  67.   When you retire, Social Security payments start automatically.

 

Multiple Choice

Identify the choice that best completes the statement or answers the question.

 

____  68.   The chief advantage of a budget is that it ____.

a.

helps you know how to save money

b.

keeps you from wasting money

c.

can help you make the most of your money and avoid financial problems

d.

tells you exactly how much to spend for different things

 

 

____  69.   Fixed expenses include ____.

a.

installment payments, insurance premiums, and rent

b.

new clothes, entertainment, and food

c.

birthday and holiday gifts and vacations

d.

All of the above.

 

 

____  70.   Long-term liabilities include ____.

a.

medical bills

b.

taxes

c.

the unpaid amount of a home mortgage

d.

unpaid balances on credit cards

 

 

____  71.   In demographic studies, vital statistics refer to ____.

a.

cultural and ethnic factors

b.

records of births, deaths, and marriages

c.

education, income, and employment characteristics

d.

population breakdowns by age, sex, and race

 

 

____  72.   The beginning stage in the family life cycle is often characterized by all except ____.

a.

a well-established investment program

b.

living expenses

c.

low or no income with gradual increases

d.

tuition and/or repayment of education loans

 

 

____  73.   You can help prevent financial crisis by ____.

a.

establishing an emergency fund

b.

not using caution when considering financial matters

c.

reliance on credit

d.

spreading payments for costly items over long periods of time

 

 

____  74.   Variable expenses are those that ____.

a.

are flexible

b.

come up regularly in varying amounts

c.

offer the most opportunities for adjustments in a money plan

d.

All of the above.

 

 

____  75.   A good place to look for the latest demographic statistics is____.

a.

a current almanac

b.

the financial pages of the newspaper

c.

news magazines

d.

a current U. S. history book

 

 

____  76.   As discussed in the chapter, the consumer goals and priorities of families tend to change as ____.

a.

family members meet new people

b.

income increases

c.

the family moves from one location to another

d.

the family passes through different stages of the life cycle

 

 

____  77.   Achieving financial security requires ____.

a.

an informal estate plan

b.

a retirement program

c.

ongoing plans to meet changing needs, goals, and income

d.

secure, high paying jobs

 

 

____  78.   Money management software will allow you to do all except ____.

a.

pay your bills and access your bank account online

b.

pay your taxes in installments

c.

keep a detailed record of your spending

d.

set up and monitor a personal budget

 

 

____  79.   Steps to take in coping with a family financial crisis include all except ____.

a.

using credit cards to take care of unexpected debt

b.

adjusting spending habits and cutting expenses

c.

looking for free or affordable credit counseling

d.

checking out availability of assistance from employers, insurance, government programs, and community organizations

 

 

____  80.   Net income is gross income minus ____.

a.

bonuses

b.

interest earnings

c.

payroll deductions

d.

tax credits

 

 

____  81.   Unearned income includes all of the following except ____.

a.

alimony

b.

interest paid on savings and bonds

c.

tips

d.

unemployment compensation

 

 

____  82.   In addition to paying for government operations, taxation may be used to ____.

a.

influence behavior

b.

redistribute wealth

c.

stabilize the economy

d.

All of the above.

 

 

____  83.   Which of the following is not an entitlement program?

a.

Defense spending.

b.

Unemployment compensation.

c.

Medicare.

d.

Social Security.

 

 

____  84.   A regressive tax taxes ____.

a.

middle income families at a higher percentage than it does the rich or poor

b.

the poor at a higher percentage than it does the rich

c.

the rich at a higher percentage than it does the poor

d.

the same percentage of all incomes

 

 

____  85.   Key sources of state and local tax revenue include all of the following except ____.

a.

personal and corporate income tax

b.

property tax

c.

sales tax

d.

Social Security tax

 

 

____  86.   The government agency responsible for collecting federal income taxes is the ____.

a.

Department of Labor

b.

Department of Treasury

c.

Internal Revenue Service

d.

Social Security Administration

 

 

____  87.   The Form W-4 determines ____.

a.

how much tax was withheld from your paycheck last year

b.

your eligibility for tax credits

c.

the amount of payroll deductions employers should withhold from your paycheck

d.

if you should use the long form or short form to file taxes

 

 

____  88.   The Form W-2 determines ____.

a.

how much tax was withheld from your paycheck last year

b.

your eligibility for tax credits

c.

the amount of payroll deductions employers should withhold from your paycheck

d.

if you should use the long form or short form to file taxes

 

 

____  89.   A fair tax ____.

a.

fits taxpayers ability to pay

b.

is no greater than needed

c.

distributes burden equally among taxpayers

d.

All of the above.

 

 

____  90.   The Social Security taxes deducted from your earnings today pay for ____.

a.

the benefits others are currently receiving

b.

the benefits you will receive at retirement

c.

the health care needs of the poor

d.

All of the above.

 

 

____  91.   The purpose of a Social Security number is to ____.

a.

keep track of earnings to determine Social Security benefits

b.

keep track of itemized tax deductions

c.

serve as an identifier on all tax returns and IRS forms

d.

Both A and C.

 

 

Essay

 

          92.   List seven steps involved in setting up a simple, workable money management plan. Draw up a sample plan.

 

          93.   Explain how the stages of the family life cycle relate to family economics.

 

          94.   Describe in detail two of the typical stages in the family life cycle and the financial characteristics that go with each.

 

          95.   List the life situations that tend to fall outside the typical stages in the family life cycle and explain why and how they differ.

 

          96.   List six measures to take to prevent financial problems.

 

          97.   Identify the two factors that determine the amount of tax withheld from your paychecks.

 

          98.   Explain when you should use the long form or the short form to file a tax return.

 

          99.   List six items or expense records you may need for tax purposes.


 

Study Guide 6 & 7

Answer Section

 

MATCHING

 

            1.   ANS:  N                    PTS:   1

 

            2.   ANS:  K                    PTS:   1

 

            3.   ANS:  H                    PTS:   1

 

            4.   ANS:  M                   PTS:   1

 

            5.   ANS:  Q                    PTS:   1

 

            6.   ANS:  L                    PTS:   1

 

            7.   ANS:  A                    PTS:   1

 

            8.   ANS:  E                    PTS:   1

 

            9.   ANS:  G                    PTS:   1

 

          10.   ANS:  J                     PTS:   1

 

          11.   ANS:  F                    PTS:   1

 

          12.   ANS:  I                     PTS:   1

 

          13.   ANS:  D                    PTS:   1

 

          14.   ANS:  O                    PTS:   1

 

          15.   ANS:  B                    PTS:   1

 

          16.   ANS:  P                    PTS:   1

 

          17.   ANS:  M                   PTS:   1

 

          18.   ANS:  F                    PTS:   1

 

          19.   ANS:  H                    PTS:   1

 

          20.   ANS:  I                     PTS:   1

 

          21.   ANS:  B                    PTS:   1

 

          22.   ANS:  G                    PTS:   1

 

          23.   ANS:  J                     PTS:   1

 

          24.   ANS:  E                    PTS:   1

 

          25.   ANS:  D                    PTS:   1

 

          26.   ANS:  L                    PTS:   1

 

          27.   ANS:  C                    PTS:   1

 

          28.   ANS:  K                    PTS:   1

 

          29.   ANS:  A                    PTS:   1

 

          30.   ANS:  C                    PTS:   1

 

          31.   ANS:  B                    PTS:   1

 

          32.   ANS:  E                    PTS:   1

 

          33.   ANS:  G                    PTS:   1

 

          34.   ANS:  F                    PTS:   1

 

TRUE/FALSE

 

          35.   ANS:  T                    PTS:   1

 

          36.   ANS:  T                    PTS:   1

 

          37.   ANS:  T                    PTS:   1

 

          38.   ANS:  F                    PTS:   1

 

          39.   ANS:  F                    PTS:   1

 

          40.   ANS:  T                    PTS:   1

 

          41.   ANS:  T                    PTS:   1

 

          42.   ANS:  T                    PTS:   1

 

          43.   ANS:  F                    PTS:   1

 

          44.   ANS:  T                    PTS:   1

 

          45.   ANS:  F                    PTS:   1

 

          46.   ANS:  F                    PTS:   1

 

          47.   ANS:  T                    PTS:   1

 

          48.   ANS:  F                    PTS:   1

 

          49.   ANS:  F                    PTS:   1

 

          50.   ANS:  T                    PTS:   1

 

          51.   ANS:  F                    PTS:   1

 

          52.   ANS:  T                    PTS:   1

 

          53.   ANS:  T                    PTS:   1

 

          54.   ANS:  F                    PTS:   1

 

          55.   ANS:  T                    PTS:   1

 

          56.   ANS:  T                    PTS:   1

 

          57.   ANS:  T                    PTS:   1

 

          58.   ANS:  F                    PTS:   1

 

          59.   ANS:  F                    PTS:   1

 

          60.   ANS:  T                    PTS:   1

 

          61.   ANS:  T                    PTS:   1

 

          62.   ANS:  F                    PTS:   1

 

          63.   ANS:  F                    PTS:   1

 

          64.   ANS:  T                    PTS:   1

 

          65.   ANS:  F                    PTS:   1

 

          66.   ANS:  F                    PTS:   1

 

          67.   ANS:  F                    PTS:   1

 

MULTIPLE CHOICE

 

          68.   ANS:  C                    PTS:   1

 

          69.   ANS:  A                    PTS:   1

 

          70.   ANS:  C                    PTS:   1

 

          71.   ANS:  B                    PTS:   1

 

          72.   ANS:  A                    PTS:   1

 

          73.   ANS:  A                    PTS:   1

 

          74.   ANS:  D                    PTS:   1

 

          75.   ANS:  A                    PTS:   1

 

          76.   ANS:  D                    PTS:   1

 

          77.   ANS:  C                    PTS:   1

 

          78.   ANS:  B                    PTS:   1

 

          79.   ANS:  A                    PTS:   1

 

          80.   ANS:  C                    PTS:   1

 

          81.   ANS:  C                    PTS:   1

 

          82.   ANS:  D                    PTS:   1

 

          83.   ANS:  A                    PTS:   1

 

          84.   ANS:  B                    PTS:   1

 

          85.   ANS:  D                    PTS:   1

 

          86.   ANS:  C                    PTS:   1

 

          87.   ANS:  C                    PTS:   1

 

          88.   ANS:  A                    PTS:   1

 

          89.   ANS:  D                    PTS:   1

 

          90.   ANS:  A                    PTS:   1

 

          91.   ANS:  D                    PTS:   1

 

ESSAY

 

          92.   ANS: 

The seven steps to creating a budget include:

(1) Establish financial goals.

(2) Estimate and total your income.

(3) Estimate and total your expenses.

(4) Analyze current income and spending.

(5) Prepare a trial budget.

(6) Put your budget into action.

(7) Evaluate your budget periodically.

(Student response for sample plan.)

 

PTS:   1

 

          93.   ANS: 

The stages of the family life cycle are defined according to the events taking place in the family and the ages of the children in the family. As families go through the stages of the life cycle, their needs, wants, values, goals, and standards will change. These changes affect family expenses and family decisions about how to spend income.

 

PTS:   1

 

          94.   ANS: 

(Describe two: See the “Planning Family Finances” section in the text.)

 

PTS:   1

 

          95.   ANS: 

single individuals, childless couples, single-parent families, and divorced or separated couples

(Explanations are student response.)

 

PTS:   1

 

          96.   ANS: 

(sound money management, practical credit controls, regular savings, insurance protection, reasonable caution in financial matters, regular discussions of financial matters with household members old enough to understand the fundamentals of money management)

 

PTS:   1

 

          97.   ANS: 

how much you earn and the number of allowances you claim

 

PTS:   1

 

          98.   ANS: 

You should use the long form when adjustments to income, itemized tax deductions, and tax credits can reduce your taxes. You can use the short form if your income falls within certain limits and you do not itemize tax deductions.

 

PTS:   1

 

          99.   ANS: 

(List six:) Form W-2 from each of your employers; all 1099 forms; other records of income, such as from tips; Social Security number for yourself and household members; copies of your tax returns from the previous year you filed; forms and instructions from the IRS; canceled checks and receipts for deductions or credits entered on your tax return; itemized bills and receipts for deductible expenses; bills and receipts for permanent home improvements; records of interest paid on home mortgages; real estate closing statements; investment records including purchase and sale dates, prices, gains, losses, and commissions

 

PTS:   1



Economics and Personal Finance
Due Date: 1/3/2018
Subject: Economics & Personal Finance

MONDAY:     Chapter 7 continuing Income and Taxes

 

TUESDAY: Lecture on Income and Taxes 

 

WEDNESDAY:   Ever fi

  

THURSDAY: Continue working on chapter 7

 

FRIDAY: Summary Chapter 7



Review For Semester Exams
Due Date: 12/2/2017
Subject: Economics & Personal Finance

Lessons:

Include planned introductions, teaching strategies, evaluation plans, desired performance standard, and lesson closure:

 

MONDAY: Start Exam Review

  

TUESDAY: Semester Review.

 

WEDNESDAY:   Lecture

  

THURSDAY: Questions and Answer Secession

 

FRIDAY: Review For Finals



Chapter 10 Insurance
Due Date: 11/29/2017
Subject: Economics & Personal Finance

Lessons:

Include planned introductions, teaching strategies, evaluation plans, desired performance standard, and lesson closure:

 

MONDAY: Chapter 10 Insurance: explain how insurance protect individuals form financial risk 230

  

TUESDAY: Continue outline different types of private health insurance coverage

 

WEDNESDAY:   Lecture on government-sponsored health insurance program

  

THURSDAY: Lecture on disability insurance, Chapter 10 review question due

 

FRIDAY: Case Study Life Plans (A Death in the Family)

  



Credit 8
Due Date: 10/30/2017
Subject: Economics & Personal Finance

Monday: Begin reading chapter 9, Credit. Lecture on the advantages and disadvantages of using credit.

Tuesday: Identify the different types of consumer credit.

Wednesday: Describe how to establish a sound credit rating, credit terms and charges.

Thursday: Define key terms in credit contracts and agreements.

Friday:  Identify steps to takes in resolving credit problem, summarize the laws that govern the use of credit.



Econ Chapter 5 Making Smart Decisions
Due Date: 9/25/2017
Subject: Economics & Personal Finance

Lessons:

Include planned introductions, teaching strategies, evaluation plans, desired performance standard, and lesson closure:

 

MONDAY: Continue working on Chapter 4, Review Questions are due. 

  

TUESDAY:  Complete Chapter 4, Critical Thinking Question Due. Chapter Five Making Smart Decisions.

 

WEDNESDAY:   Lecture on Chapter 5, Making Smart Decisions 

  

THURSDAY: Continue lecture on Chapter 5, questions and answer session 

 

FRIDAY: Review on Chapter 5



Personal Finance cp4
Due Date: 9/18/2017
Subject: Economics & Personal Finance

 

 

 

 

Richlands High School

INSTRUCTIONAL LESSON PLANS

.

Teacher: Mr. Willie C. Hunt                                                               Subject: Economics and Personal Finance                                             

 Period(s):Fifth & Seventh

 

Dates:  09/18/16- 09/22/16                                                                         Unit: Chapter four

 

Learning Objectives (with SOL references):

 

 

Essential Knowledge: Each Student will learn how the economy affects their everyday lives

Equipment & Materials Required:    Measurement:

 

  Textbook        Follow-up

  Workbook        Homework Review 

  Newspapers        Quiz

  Magazines        Test

  Handouts        Test Review 

  Overhead        In-class Review

  Computers        Class Discussion

  TV/VCR        Question & Answer

  Projector            Other:

      Other materials:

 

Vocabulary:

 

Lessons:

Include planned introductions, teaching strategies, evaluation plans, desired performance standard, and lesson closure:

 

MONDAY: Over view of Chapter 4 assign homework

  

TUESDAY:Lecture on working on Chapter four/ Test

 

WEDNESDAY:  Lecture  on Chapter 4  workbook due/ Test on Chapter 1-3 

  

THURSDAY: Chapter four Review Questions and Lecture

 

FRIDAY: Question and answer session, Critical Thinking question due

  

Strategies for Differentiation: Allows each Student to progress at their own pace

 

Assessment: Students are to talk about the Chapter and explain their view on Chapter

 

 



Saving
Due Date: 9/11/2017
Subject: Economics & Personal Finance

Monday :Opening Lecture Chapter 11.

Tuesday:  Begin chapter 11, Savings, Lecture.

Wednesday: Lecture on Chapter 11 questions and answer secession.

Thursday: Continue lecture on Chapter 11, responds to case study in chapter.

Friday:  Critical thinking question on Friday.



Consumers in the Economy: An Overview
Due Date: 9/5/2017
Subject: Economics & Personal Finance

MONDAY: Begin working on Chapter 3 Consumers in the Economy: and Overview /assignment is to read the chapter and answer the question at the end of the chapter.

  

TUESDAY: Lecture on Chapter 3. Assign workbook assignments

 

WEDNESDAY:   Continue Lecturing on chapter three and go over the chapter Voc. words

  

THURSDAY: Continue lecture on Chapter 3/ discuss the chapter review question and review the concepts of the chapter

 

FRIDAY: Review on Chapter 3/ discuss the critical thinking questions, students are to explain how they arrive at their answer.



Chapter 2
Due Date: 8/27/2017
Subject: Economics & Personal Finance

Lecture on chapter 2. Government and the Economy

Begin working on Everfi.net 

Test on Wednesday, and lecture on chapter 2

Thursday:Review Questions due and question and answer.

Friday Critical Thinking Question due , and wrap up of chapter.



Chapter 1
Due Date: 8/22/2017
Subject: Economics & Personal Finance

Read the Chapter ONE.  

Workbook assignment Due on Wednesday is activity (A) page 7.

Case study on page 25 will be discussed in class and case review questions answered.

Review question : 1- 11, Handed in on Thursday

 Critical Thinking Questions assigned. 11, 12,  on Friday.

Math Challenge on Friday Question 21 page 35.



Answer Key for Final Exam
Due Date: 4/27/2017
Subject: Economics & Personal Finance

Study Guide for Second Semester 2017 Spring Exam Chapters 1,2,3,4,5,7,8,9,10,11,12,14,17,22

Answer Section

 

TRUE/FALSE

 

            1.   ANS:  T                    PTS:   1

            2.   ANS:  T                    PTS:   1

            3.   ANS:  F                    PTS:   1

            4.   ANS:  T                    PTS:   1

            5.   ANS:  F                    PTS:   1

            6.   ANS:  F                    PTS:   1

            7.   ANS:  T                    PTS:   1

            8.   ANS:  F                    PTS:   1

            9.   ANS:  F                    PTS:   1

          10.   ANS:  F                    PTS:   1

          11.   ANS:  T                    PTS:   1

          12.   ANS:  F                    PTS:   1

          13.   ANS:  F                    PTS:   1

          14.   ANS:  T                    PTS:   1

          15.   ANS:  F                    PTS:   1

          16.   ANS:  F                    PTS:   1

          17.   ANS:  F                    PTS:   1

          18.   ANS:  T                    PTS:   1

          19.   ANS:  F                    PTS:   1

          20.   ANS:  T                    PTS:   1

          21.   ANS:  T                    PTS:   1

          22.   ANS:  T                    PTS:   1

          23.   ANS:  F                    PTS:   1

          24.   ANS:  T                    PTS:   1

          25.   ANS:  T                    PTS:   1

          26.   ANS:  F                    PTS:   1

          27.   ANS:  T                    PTS:   1

          28.   ANS:  F                    PTS:   1

          29.   ANS:  T                    PTS:   1

          30.   ANS:  T                    PTS:   1

          31.   ANS:  F                    PTS:   1

          32.   ANS:  T                    PTS:   1

          33.   ANS:  T                    PTS:   1

          34.   ANS:  T                    PTS:   1

          35.   ANS:  F                    PTS:   1

          36.   ANS:  T                    PTS:   1

          37.   ANS:  F                    PTS:   1

          38.   ANS:  F                    PTS:   1

          39.   ANS:  T                    PTS:   1

          40.   ANS:  T                    PTS:   1

          41.   ANS:  F                    PTS:   1

          42.   ANS:  T                    PTS:   1

          43.   ANS:  T                    PTS:   1

          44.   ANS:  T                    PTS:   1

          45.   ANS:  T                    PTS:   1

          46.   ANS:  F                    PTS:   1

          47.   ANS:  T                    PTS:   1

          48.   ANS:  F                    PTS:   1

          49.   ANS:  T                    PTS:   1

          50.   ANS:  F                    PTS:   1

          51.   ANS:  F                    PTS:   1

          52.   ANS:  F                    PTS:   1

          53.   ANS:  F                    PTS:   1

          54.   ANS:  T                    PTS:   1

          55.   ANS:  T                    PTS:   1

          56.   ANS:  F                    PTS:   1

          57.   ANS:  T                    PTS:   1

          58.   ANS:  T                    PTS:   1

          59.   ANS:  F                    PTS:   1

          60.   ANS:  F                    PTS:   1

          61.   ANS:  F                    PTS:   1

          62.   ANS:  F                    PTS:   1

          63.   ANS:  T                    PTS:   1

          64.   ANS:  F                    PTS:   1

          65.   ANS:  F                    PTS:   1

          66.   ANS:  F                    PTS:   1

          67.   ANS:  F                    PTS:   1

          68.   ANS:  T                    PTS:   1

          69.   ANS:  F                    PTS:   1

          70.   ANS:  F                    PTS:   1

          71.   ANS:  T                    PTS:   1

          72.   ANS:  F                    PTS:   1

          73.   ANS:  T                    PTS:   1

          74.   ANS:  F                    PTS:   1

          75.   ANS:  F                    PTS:   1

          76.   ANS:  T                    PTS:   1

          77.   ANS:  F                    PTS:   1

          78.   ANS:  T                    PTS:   1

          79.   ANS:  T                    PTS:   1

          80.   ANS:  T                    PTS:   1

          81.   ANS:  F                    PTS:   1

          82.   ANS:  T                    PTS:   1

          83.   ANS:  F                    PTS:   1

          84.   ANS:  T                    PTS:   1

          85.   ANS:  T                    PTS:   1

          86.   ANS:  F                    PTS:   1

          87.   ANS:  F                    PTS:   1

          88.   ANS:  T                    PTS:   1

          89.   ANS:  T                    PTS:   1

          90.   ANS:  F                    PTS:   1

          91.   ANS:  F                    PTS:   1

          92.   ANS:  F                    PTS:   1

          93.   ANS:  F                    PTS:   1

          94.   ANS:  F                    PTS:   1

          95.   ANS:  F                    PTS:   1

          96.   ANS:  F                    PTS:   1

          97.   ANS:  T                    PTS:   1

          98.   ANS:  T                    PTS:   1

          99.   ANS:  T                    PTS:   1

        100.   ANS:  T                    PTS:   1

        101.   ANS:  F                    PTS:   1

        102.   ANS:  T                    PTS:   1

        103.   ANS:  T                    PTS:   1

        104.   ANS:  T                    PTS:   1

        105.   ANS:  F                    PTS:   1

        106.   ANS:  T                    PTS:   1

        107.   ANS:  F                    PTS:   1

        108.   ANS:  F                    PTS:   1

        109.   ANS:  T                    PTS:   1

        110.   ANS:  T                    PTS:   1

        111.   ANS:  T                    PTS:   1

        112.   ANS:  T                    PTS:   1

        113.   ANS:  F                    PTS:   1

        114.   ANS:  F                    PTS:   1

        115.   ANS:  T                    PTS:   1

        116.   ANS:  T                    PTS:   1

        117.   ANS:  T                    PTS:   1

        118.   ANS:  F                    PTS:   1

        119.   ANS:  F                    PTS:   1

        120.   ANS:  T                    PTS:   1

        121.   ANS:  T                    PTS:   1

        122.   ANS:  T                    PTS:   1

        123.   ANS:  T                    PTS:   1

        124.   ANS:  F                    PTS:   1

        125.   ANS:  F                    PTS:   1

        126.   ANS:  F                    PTS:   1

        127.   ANS:  T                    PTS:   1

        128.   ANS:  F                    PTS:   1

        129.   ANS:  T                    PTS:   1

        130.   ANS:  T                    PTS:   1

        131.   ANS:  F                    PTS:   1

        132.   ANS:  F                    PTS:   1

        133.   ANS:  F                    PTS:   1

        134.   ANS:  T                    PTS:   1

        135.   ANS:  T                    PTS:   1

        136.   ANS:  T                    PTS:   1

        137.   ANS:  T                    PTS:   1

        138.   ANS:  T                    PTS:   1

        139.   ANS:  T                    PTS:   1

        140.   ANS:  T                    PTS:   1

        141.   ANS:  F                    PTS:   1

        142.   ANS:  F                    PTS:   1

        143.   ANS:  F                    PTS:   1

        144.   ANS:  T                    PTS:   1

        145.   ANS:  T                    PTS:   1

        146.   ANS:  F                    PTS:   1

        147.   ANS:  T                    PTS:   1

        148.   ANS:  T                    PTS:   1

        149.   ANS:  T                    PTS:   1

        150.   ANS:  T                    PTS:   1

MULTIPLE CHOICE

 

        151.   ANS:  A                    PTS:   1

        152.   ANS:  C                    PTS:   1

        153.   ANS:  B                    PTS:   1

        154.   ANS:  B                    PTS:   1

        155.   ANS:  D                    PTS:   1

        156.   ANS:  C                    PTS:   1

        157.   ANS:  B                    PTS:   1

        158.   ANS:  A                    PTS:   1

        159.   ANS:  A                    PTS:   1

        160.   ANS:  D                    PTS:   1

        161.   ANS:  C                    PTS:   1

        162.   ANS:  A                    PTS:   1

        163.   ANS:  C                    PTS:   1

        164.   ANS:  A                    PTS:   1

        165.   ANS:  B                    PTS:   1

        166.   ANS:  A                    PTS:   1

        167.   ANS:  D                    PTS:   1

        168.   ANS:  C                    PTS:   1

        169.   ANS:  D                    PTS:   1

        170.   ANS:  B                    PTS:   1

        171.   ANS:  A                    PTS:   1

        172.   ANS:  B                    PTS:   1

        173.   ANS:  A                    PTS:   1

        174.   ANS:  B                    PTS:   1

        175.   ANS:  A                    PTS:   1

        176.   ANS:  B                    PTS:   1

        177.   ANS:  A                    PTS:   1

        178.   ANS:  D                    PTS:   1

        179.   ANS:  B                    PTS:   1

        180.   ANS:  C                    PTS:   1

        181.   ANS:  B                    PTS:   1

        182.   ANS:  B                    PTS:   1

        183.   ANS:  C                    PTS:   1

        184.   ANS:  B                    PTS:   1

        185.   ANS:  C                    PTS:   1

        186.   ANS:  C                    PTS:   1

        187.   ANS:  A                    PTS:   1

        188.   ANS:  B                    PTS:   1

        189.   ANS:  C                    PTS:   1

        190.   ANS:  A                    PTS:   1

        191.   ANS:  D                    PTS:   1

        192.   ANS:  D                    PTS:   1

        193.   ANS:  C                    PTS:   1

        194.   ANS:  A                    PTS:   1

        195.   ANS:  C                    PTS:   1

        196.   ANS:  D                    PTS:   1

        197.   ANS:  B                    PTS:   1

        198.   ANS:  D                    PTS:   1

        199.   ANS:  C                    PTS:   1

        200.   ANS:  C                    PTS:   1

        201.   ANS:  B                    PTS:   1

        202.   ANS:  A                    PTS:   1

        203.   ANS:  A                    PTS:   1

        204.   ANS:  B                    PTS:   1

        205.   ANS:  B                    PTS:   1

        206.   ANS:  C                    PTS:   1

        207.   ANS:  B                    PTS:   1

        208.   ANS:  C                    PTS:   1

        209.   ANS:  C                    PTS:   1

        210.   ANS:  A                    PTS:   1

        211.   ANS:  C                    PTS:   1

        212.   ANS:  B                    PTS:   1

        213.   ANS:  B                    PTS:   1

        214.   ANS:  B                    PTS:   1

        215.   ANS:  D                    PTS:   1

        216.   ANS:  B                    PTS:   1

        217.   ANS:  C                    PTS:   1

        218.   ANS:  A                    PTS:   1

        219.   ANS:  A                    PTS:   1

        220.   ANS:  A                    PTS:   1

        221.   ANS:  C                    PTS:   1

        222.   ANS:  D                    PTS:   1

        223.   ANS:  C                    PTS:   1

        224.   ANS:  A                    PTS:   1

        225.   ANS:  B                    PTS:   1

        226.   ANS:  A                    PTS:   1

        227.   ANS:  D                    PTS:   1

        228.   ANS:  A                    PTS:   1

        229.   ANS:  D                    PTS:   1

        230.   ANS:  D                    PTS:   1

        231.   ANS:  B                    PTS:   1

        232.   ANS:  B                    PTS:   1

        233.   ANS:  A                    PTS:   1

        234.   ANS:  B                    PTS:   1

        235.   ANS:  C                    PTS:   1

        236.   ANS:  C                    PTS:   1

        237.   ANS:  A                    PTS:   1

        238.   ANS:  A                    PTS:   1

        239.   ANS:  D                    PTS:   1

        240.   ANS:  D                    PTS:   1

        241.   ANS:  C                    PTS:   1

        242.   ANS:  A                    PTS:   1

        243.   ANS:  C                    PTS:   1

        244.   ANS:  B                    PTS:   1

        245.   ANS:  C                    PTS:   1

        246.   ANS:  B                    PTS:   1

        247.   ANS:  A                    PTS:   1

        248.   ANS:  A                    PTS:   1

        249.   ANS:  C                    PTS:   1

        250.   ANS:  B                    PTS:   1



W!se Certification Test
Due Date: 4/10/2017
Subject: Economics & Personal Finance

Students will be taking the W!se Certification Test.



W!se Certification Lecture
Due Date: 4/1/2017
Subject: Economics & Personal Finance

  MONDAY: Chapter 16 Spending For Clothing

TUESDAY: Lecture on what is needed and not needed

WEDNESDAY: Clothing Budgets evaluation of clothing

THURSDAY: Review Questions due

FRIDAY: Review



Econ
Due Date: 2/27/2017
Subject: Economics & Personal Finance

Richlands High School

INSTRUCTIONAL LESSON PLANS

.

Teacher:  Mr. Willie C. Hunt                                                Subject: Economics and Personal Finance                                     

 Period(s): Fifth, Sixth & Seventh 

 

Dates:  02/27/17-03/3/17                                                          Unit: Chapter19 Transportation

 

Learning Objectives (with SOL references):

 

 

Essential Knowledge:  Each Student will learn how the economy affects their everyday lives

Equipment & Materials Required:    Measurement:

 

  Textbook        Follow-up

  Workbook        Homework Review 

  Newspapers        Quiz

  Magazines        Test

  Handouts        Test Review 

  Overhead        In-class Review

  Computers        Class Discussion

  TV/VCR        Question & Answer

  Projector            Other:

      Other materials:

 

Vocabulary:

 

Lessons:

Include planned introductions, teaching strategies, evaluation plans, desired performance standard, and lesson closure:

 

MONDAY: Chapter 19 Lecture on Transportation

  

TUESDAY: Continue reading Chapter 19 doing the Case Study

 

WEDNESDAY:   Lecture Continue on transportation Question and Answer session

  

THURSDAY: Review Questions due. Questions and Answer from class.

 

FRIDAY: Critical Thinking Question due.

  

Strategies for Differentiation: Allows each Student to progress at their own pace

 

Assessment: Observe each student by walking around the classroom, maki8ng slight adjustment as each student needs them and hand in assignments


 



Housing
Due Date: 2/20/2017
Subject: Economics & Personal Finance

Vocabulary: Words at beginning of Chapter

 

Lessons:

Include planned introductions, teaching strategies, evaluation plans, desired performance standard, and lesson closure:

 

 MONDAY: Chapter 18 Housing

TUESDAY: Lecture on Housing Key factors to consider when choosing a housing location

WEDNESDAY: Evaluate different types of housing?

THURSDAY: Review Questions due

FRIDAY: Evaluate furniture and floor coverings in terms of quality, design, and price.

 

Strategies for Differentiation: Allows each Student to opening make their comments.

 

Assessment: Observe each student during the open class discussions.

 



Economics and Personal Finance
Due Date: 2/13/2017
Subject: Economics & Personal Finance

MONDAY: Chapter 14 Consumers in the Marketplace, Lecture

  

TUESDAY: Continue Lecture on Chapter 14 explain how consumers can take advantage of various selling methods.

 

WEDNESDAY:   Lecture on identifying reliable sources of consumers’ information and protection.

  

THURSDAY: Review Questions due. Questions and Answer from class.

 

FRIDAY: Critical Thinking Questions due.



Study Guide Chapter 14-15
Due Date: 2/3/2017
Subject: Economics & Personal Finance

Study Guide chapter Test 14-15

 

Matching

 

Match the following terms and identifying phrases.

a.

bait and switch

b.

binding arbitration

c.

buying incentive

d.

consumer advocate

e.

loss leader

f.

identity theft

g.

phishing

h.

product placement

i.

rebate

j.

small claims court

k.

spam

 

 

____    1.   Showing a brand name product or its trademark in movies and television programs.

 

____    2.   Coupons and prizes offered by sellers to help sell goods and services.

 

____    3.   An item priced at or below cost to attract buyers who will then purchase other merchandise.

 

____    4.   A cash back offer to buyers.

 

____    5.   A common deceptive practice in which a seller tries to substitute a more expensive item for an item advertised at a low price.

 

____    6.   The crime of stealing someone’s personal information and using it to commit theft or fraud.

 

____    7.   Unrequested and often unwanted e-mail sent by a company as a form of advertising.

 

____    8.   Individuals or groups who promote consumer interests in areas such as safety, truthful advertising, and redress.

 

____    9.   A method of settling disagreements through an objective third party, which is chosen from a pool of volunteers or professionals.

 

____  10.   An inexpensive way to settle minor differences involving small amounts of money in which people represent themselves.

 

Match the following terms and identifying phrases.

a.

convenience foods

b.

Food and Drug Administration (FDA)

c.

generic products

d.

MyPyramid

e.

nutrients

f.

nutrition facts panel

g.

open dates

h.

pack date

i.

unit price

j.

universal product code (UPC)

k.

U.S. Department of Agriculture (USDA)

 

 

____  11.   Foods that are partially prepared or ready to eat.

 

____  12.   Chemical substances found in foods that furnish the body with energy, build and maintain body tissues, and regulate body processes.

 

____  13.   Provides detailed information on nutritive value of foods.

 

____  14.   Indicates when a product was processed.

 

____  15.   Helps you compare like items in different sizes and quantities to determine the best buy.

 

____  16.   A tool for developing a personal eating plan.

 

____  17.   Indicates when a food should be used for best flavor, quality, and nutritive value.

 

____  18.   Regulates the inspection and grading of the foods you buy.

 

____  19.   A symbol that is part of a computer checkout system designed to speed up checkouts and cut labor costs.

 

____  20.   Products that do not carry brand names.

 

True/False

Indicate whether the statement is true or false.

 

____  21.   Laws prohibit exaggerated claims in advertising.

 

____  22.   Only positive information about a product or service is likely to appear in an ad.

 

____  23.   Bandwagon ads use real people recommending a product or service.

 

____  24.   Puffery uses exaggerated claims about a product or service.

 

____  25.   Infomercials are usually program-length advertisements.

 

____  26.   Chain letters generally promise big returns for little effort.

 

____  27.   When you are dissatisfied with a product or service, filing a lawsuit is the fastest, most direct way to get action.

 

____  28.   Newspapers are a valuable source of consumer information on a variety of topics.

 

____  29.   The right to safety includes protection against the sale and distribution of dangerous goods and services.

 

____  30.   Consumers are responsible for reading and following directions that come with the products they buy.

 

____  31.   Consumers have the right to be protected against false and misleading information about goods and services.

 

____  32.   When information about goods and services is available, consumers have the responsibility to seek it out and use it.

 

____  33.   Responsibility for satisfying basic needs belongs entirely to governments.

 

____  34.   Consumers have certain rights that do not carry corresponding responsibilities.

 

____  35.   An informed consumer knows what resources are available and where to find information on goods and services and legislation.

 

____  36.   It is not necessary to know the source of information in order to judge its reliability and usefulness.

 

____  37.   The right to know calls for accurate information about products and services on which to base buying decisions.

 

____  38.   Businesses spend billions of dollars every year on advertising to sell their products.

 

____  39.   Protein is needed for the growth and repair of body tissues.

 

____  40.   Carbohydrates provide bulk and fiber in the form of cellulose.

 

____  41.   The Dietary Guidelines for Americans offer suggestions for healthful eating.

 

____  42.   Sweets are sometimes called “nutrient-dense foods” because they supply many nutrients but no calories.

 

____  43.   MyPyramid encourages eating healthful foods and getting physical activity.

 

____  44.   If a boycott against beef occurred, the price of beef would most likely rise.

 

____  45.   Planning before you shop can help you avoid costly impulse spending.

 

____  46.   The food pages of local papers are good sources of information on food prices and specials.

 

____  47.   Convenience stores usually offer foods at lower prices than large supermarkets.

 

____  48.   Food grades show the wholesomeness and safety of food.

 

____  49.   The food you eat has an impact on the way you look, feel, and function.

 

____  50.   Fiber in the food you eat is merely a filler with little or no nutritional or healthful value.

 

____  51.   Water provides key minerals and vitamins.

 

____  52.   No single food can provide all of the nutrients the body needs.

 

____  53.   Ups and downs in food prices depend largely on supply and demand.

 

____  54.   Physical activity is NOT important in maintaining a healthful weight if you follow a balanced diet.

 

____  55.   One way to control spending on food and grocery items is to limit trips to the store.

 

____  56.   Sunshine is a key source of vitamin D.

 

Multiple Choice

Identify the choice that best completes the statement or answers the question.

 

____  57.   Which type of add might emphasize childhood memories to sell a product?

a.

Bandwagon.

b.

Insecurity appeal.

c.

Nostalgia.

d.

Testimonial.

 

 

____  58.   Which of the following is not a way to take advantage of sales and promotions?

a.

Buy items you do not need or want because they are on sale.

b.

Stay within preset price limits.

c.

Stick to an overall spending plan for major purchases.

d.

Know what you need or want with or without sales.

 

 

____  59.   Which of the following should not be provided in a complaint letter?

a.

Purchase information.

b.

Reason for the complaint and expected results.

c.

Sarcastic or threatening remarks.

d.

Your name, address, and phone number.

 

 

____  60.   Which of the following is not a consumer responsibility?

a.

Accepting unsatisfactory goods and services without complaint.

b.

Following directions for proper and safe use of products.

c.

Making careful choices from the wide variety of goods and services available.

d.

Seeking out information and using it to make intelligent decisions.

 

 

____  61.   When product-related safety problems occur, consumers have a responsibility to ____.

a.

discard the product

b.

report the problem to the seller and the manufacturer

c.

sue the seller

d.

demand a full refund

 

 

____  62.   Which of the following will not be helpful in protecting yourself against identity theft?

a.

Carrying only credit cards and identifying information you really need and use.

b.

Providing social security and account numbers only when necessary and you know they will be secure.

c.

Shredding or destroying any receipts or statements with identifying numbers before discarding them.

d.

Filing your tax return promptly.

 

 

____  63.   When consumers have difficulty in settling a dispute with a manufacturer or seller, they may be able to get results through ____.

a.

a Better Business Bureau

b.

a consumer action group

c.

the appropriate government agency

d.

All of the above.

 

 

____  64.   Which of the following is not a consumer right?

a.

Being heard.

b.

Being informed.

c.

Low prices.

d.

Safety and choice.

 

 

____  65.   Sources of vitamin C include all but ____.

a.

citrus fruits

b.

green leafy vegetables

c.

meat and fish

d.

tomatoes and green peppers

 

 

____  66.   Which of the following foods would not be included in the milk and milk products group?

a.

cheese and yogurt

b.

eggs

c.

milk and cream

d.

ice cream

 

 

____  67.   Foods in the meat and beans group include all except ____.

a.

cereals and whole grain breads

b.

lamb, beef, and pork

c.

nuts, dried beans, and dried peas

d.

poultry and fish

 

 

____  68.   Factors to consider in determining how much money to budget for food include all except ____.

a.

number, ages, sex, and activity levels of those to be fed

b.

personal tastes and preferences

c.

special dietary needs

d.

what other people spend

 

 

____  69.   When planning food purchases, you should ____.

a.

always stick to your list, even if you find good buys

b.

keep a shopping list in your head and not worry about writing one

c.

refer to cookbooks and recipe files for ideas

d.

All of the above.

 

 

____  70.   Which information is not required by law on food product labels?

a.

Ingredient listing in order of amounts present.

b.

Recipes and serving suggestions.

c.

The common name and form of the food.

d.

The name and address of the manufacturer, packer, or distributor.

 

 

____  71.   When planning family meals, it is a good idea to include ____.

a.

contrasts in temperature, taste, and texture

b.

family favorites

c.

occasional new foods and different recipes

d.

All of the above.

 

 

____  72.   Advantages of shopping for food and groceries online include all except ____.

a.

seeing and inspecting items before buying

b.

shopping at any time of day or night

c.

having groceries delivered to your door

d.

saving time and energy

 

 

____  73.   When eating in a restaurant, it is customary to tip the waitperson ____.

a.

10% to 12%

b.

12% to 15%

c.

15% to 20%

d.

20% to 30%

 

 

____  74.   The nutrition facts panel on food products must state all except ____.

a.

serving size and servings per container

b.

special dietary recommendations

c.

calories per serving and calories from fat

d.

percent of Daily Values in nutrients the food contains

 

 

Completion

Complete each statement.

 

          75.   What is MyPyramid Food Colors?

 

Grain

Vegetables

Fruits

Milk

Meats& Beans


 

Study Guide chapter Test 14-15

Answer Section

 

MATCHING

 

            1.   ANS:  H                    PTS:   1

 

            2.   ANS:  C                    PTS:   1

 

            3.   ANS:  E                    PTS:   1

 

            4.   ANS:  I                     PTS:   1

 

            5.   ANS:  A                    PTS:   1

 

            6.   ANS:  F                    PTS:   1

 

            7.   ANS:  K                    PTS:   1

 

            8.   ANS:  D                    PTS:   1

 

            9.   ANS:  B                    PTS:   1

 

          10.   ANS:  J                     PTS:   1

 

          11.   ANS:  A                    PTS:   1

 

          12.   ANS:  E                    PTS:   1

 

          13.   ANS:  F                    PTS:   1

 

          14.   ANS:  H                    PTS:   1

 

          15.   ANS:  I                     PTS:   1

 

          16.   ANS:  D                    PTS:   1

 

          17.   ANS:  G                    PTS:   1

 

          18.   ANS:  K                    PTS:   1

 

          19.   ANS:  J                     PTS:   1

 

          20.   ANS:  C                    PTS:   1

 

TRUE/FALSE

 

          21.   ANS:  F                    PTS:   1

 

          22.   ANS:  T                    PTS:   1

 

          23.   ANS:  F                    PTS:   1

 

          24.   ANS:  T                    PTS:   1

 

          25.   ANS:  T                    PTS:   1

 

          26.   ANS:  T                    PTS:   1

 

          27.   ANS:  F                    PTS:   1

 

          28.   ANS:  T                    PTS:   1

 

          29.   ANS:  T                    PTS:   1

 

          30.   ANS:  T                    PTS:   1

 

          31.   ANS:  T                    PTS:   1

 

          32.   ANS:  T                    PTS:   1

 

          33.   ANS:  F                    PTS:   1

 

          34.   ANS:  F                    PTS:   1

 

          35.   ANS:  T                    PTS:   1

 

          36.   ANS:  F                    PTS:   1

 

          37.   ANS:  T                    PTS:   1

 

          38.   ANS:  T                    PTS:   1

 

          39.   ANS:  T                    PTS:   1

 

          40.   ANS:  T                    PTS:   1

 

          41.   ANS:  T                    PTS:   1

 

          42.   ANS:  F                    PTS:   1

 

          43.   ANS:  T                    PTS:   1

 

          44.   ANS:  F                    PTS:   1

 

          45.   ANS:  T                    PTS:   1

 

          46.   ANS:  T                    PTS:   1

 

          47.   ANS:  F                    PTS:   1

 

          48.   ANS:  F                    PTS:   1

 

          49.   ANS:  T                    PTS:   1

 

          50.   ANS:  F                    PTS:   1

 

          51.   ANS:  F                    PTS:   1

 

          52.   ANS:  T                    PTS:   1

 

          53.   ANS:  T                    PTS:   1

 

          54.   ANS:  F                    PTS:   1

 

          55.   ANS:  T                    PTS:   1

 

          56.   ANS:  T                    PTS:   1

 

MULTIPLE CHOICE

 

          57.   ANS:  C                    PTS:   1

 

          58.   ANS:  A                    PTS:   1

 

          59.   ANS:  C                    PTS:   1

 

          60.   ANS:  A                    PTS:   1

 

          61.   ANS:  B                    PTS:   1

 

          62.   ANS:  D                    PTS:   1

 

          63.   ANS:  D                    PTS:   1

 

          64.   ANS:  C                    PTS:   1

 

          65.   ANS:  C                    PTS:   1

 

          66.   ANS:  B                    PTS:   1

 

          67.   ANS:  A                    PTS:   1

 

          68.   ANS:  D                    PTS:   1

 

          69.   ANS:  C                    PTS:   1

 

          70.   ANS:  B                    PTS:   1

 

          71.   ANS:  D                    PTS:   1

 

          72.   ANS:  A                    PTS:   1

 

          73.   ANS:  C                    PTS:   1

 

          74.   ANS:  B                    PTS:   1

 

COMPLETION

 

          75.   ANS: 

Orange

Green

Red

Blue

Purple

 

PTS:   1



Chapter 14
Due Date: 1/23/2017
Subject: Economics & Personal Finance

Vocabulary: Words at beginning of Chapter

 

Lessons:

Include planned introductions, teaching strategies, evaluation plans, desired performance standard, and lesson closure:

 

MONDAY: Chapter 14 Consumers in the Marketplace, Lecture

  

TUESDAY: Continue Lecture on Chapter 14 explain how consumers can take advantage of various selling methods.

 

WEDNESDAY:   Lecture on identifying reliable sources of consumers’ information’s and protection.

  

THURSDAY: Review Questions due. Questions and Answer from class

 

FRIDAY: Complete chapter 14 Critical Thinking question due.

  

Strategies for Differentiation: Allows each Student to opening make their comments.

 

Assessment: Observe each student during the open class discussions.

 



Personal Finance Investing
Due Date: 1/10/2017
Subject: Economics & Personal Finance

MONDAY: Lecture on Chapter 12, Begin lecture on Chapter 12 Personal Finance

TUESDAY: : Lecture on Chapter 12 Personal Finance, Review Question and Critical thinking questions assigned

WEDNESDAY:  Continue Working on Chapter 12, Lecture and case study Question

THURSDAY: Review Question Due. Work on MoneyPower .org

FRIDAY: Continue working on moneypower.org.



Chapter 9 Study Guide for test on Friday
Due Date: 11/9/2016
Subject: Economics & Personal Finance

Study guide chapter 9 test

 

Matching

 

Match the following terms and identifying phrases.

a.

ATM card

b.

automated teller machine (ATM)

c.

bank statement

d.

cashier’s check

e.

certified check

f.

commercial bank

g.

credit union

h.

electronic funds transfer (EFT)

i.

endorse

j.

Federal Deposit Insurance Corporation (FDIC)

k.

money order

l.

mutual savings bank

m.

National Credit Union Administration (NCUA)

n.

savings and loan association

o.

signature card

p.

traveler’s checks

 

 

____    1.   A record of checks, deposits, and charges on a checking account.

 

____    2.   A bank owned by stockholders and organized to receive, transfer, and lend money to individuals, businesses, and governments.

 

____    3.   A card that allows customers to withdraw cash from and make deposits to their accounts using a cash machine.

 

____    4.   An order for a specific amount of money payable to a specific payee.

 

____    5.   An agency that grants federal charters to qualified groups, supervises credit unions, and insures accounts in all federally chartered and many state chartered credit unions.

 

____    6.   Checks that can be cashed in most places around the world. They are often used by people who travel and do not want to carry large amounts of cash.

 

____    7.   A nonprofit financial cooperative owned by and operated for the benefit of its members. It accepts deposits, makes loans, and provides other services.

 

____    8.   A U.S. government agency that protects bank customers by insuring deposits as well as examining and supervising financial institutions.

 

____    9.   A saving depository owned by the depositors that divides the profits among depositors in the form of dividends.

 

____  10.   The movement of money electronically from one financial institution to another.

 

____  11.   A computer terminal used to transact business with a financial institution.

 

____  12.   A personal check with a bank’s guarantee the check will be paid.

 

____  13.   To sign one’s name on the back of a check in order to cash or deposit the check.

 

____  14.   A for-profit financial institution that receives and pays dividends on depositors’ savings, makes mortgage loans, and offers most of the services commercial banks offer.

 

____  15.   A check drawn by a bank on its own funds and signed by an authorized officer of the bank.

 

Match the following terms and identifying phrases.

a.

annual percentage rate (APR)

b.

closed-end credit

c.

collateral

d.

cosigner

e.

credit

f.

credit card

g.

credit report

h.

creditor

i.

open-end credit

j.

principal

k.

secured loan

 

 

____  16.   An arrangement that allows consumers to buy goods or services and pay for them later.

 

____  17.   The amount borrowed on a loan.

 

____  18.   The annual cost of credit a lender charges.

 

____  19.   A loan that must be repaid with finance charges by a certain date.

 

____  20.   A loan that requires collateral.

 

____  21.   Property that a borrower promises to give up in case of default.

 

____  22.   A person who signs a loan along with a borrower and agrees to repay the loan if the borrower fails to repay it.

 

____  23.   Allows the borrower to use a certain amount of money for an indefinite period of time.

 

____  24.   A record of a person’s credit history and financial behavior.

 

____  25.   Allows consumers to make purchases or borrow money on a time-payment plan.

 

Match the following terms and identifying phrases.

a.

bankruptcy

b.

creditworthy

c.

default

d.

foreclosure

e.

garnishment

f.

grace period

g.

lien

h.

pawnshop

i.

payday loan

j.

repossession

k.

title loan

 

 

____  26.   When a borrower fails to pay the debt owed.

 

____  27.   The time between the billing date and the start of interest charges.

 

____  28.   When a lender takes back collateral if a borrower fails to repay a loan.

 

____  29.   The forced sale of a property.

 

____  30.   A legal claim on a borrower’s property by a creditor who is owed money.

 

____  31.   A legal procedure requiring a portion of a debtor’s pay to be set aside by the person’s employer to pay creditors.

 

____  32.   A loan made using the borrower’s car as collateral.

 

____  33.   A legal state in which the courts excuse a debtor from repaying some or all debt. In return, the debtor must give up certain assets and possessions.

 

____  34.   A short-term, high interest loanthat must usually be repaidon the borrower’s next payday.

 

____  35.   A business that gives customers high-interest loans with personal property, such as jewelry, held as collateral.

 

True/False

Indicate whether the statement is true or false.

 

____  36.   The primary function of a financial institution is the safekeeping of consumer savings.

 

____  37.   When you deposit money in a bank, your money becomes someone else’s source of credit.

 

____  38.   Commercial banks typically offer a wide range of financial services to their customers.

 

____  39.   A credit union lends funds to members at higher rates than other financial institutions.

 

____  40.   Customers using EFT can request recurring bills to be paid automatically.

 

____  41.   An overdraft is a check that is not included on your bank statement.

 

____  42.   When you open a checking account, you are asked to sign a signature card, and this will be the only signature the financial institution will honor on your checks.

 

____  43.   When you open a checking account, you normally receive personalized checks and a register for recording deposits and checks.

 

____  44.   You can use a debit card to charge goods and services when you are shopping.

 

____  45.   A blank endorsement may be used only for the specific purpose stated in the endorsement.

 

____  46.   Financial institutions help keep money in circulation between consumers and businesses.

 

____  47.   There are different types of checking accounts that meet different needs.

 

____  48.   A bank statement is a quarterly record of interest earned on savings accounts.

 

____  49.   A personal checking account will be pretty much the same no matter where you open your account.

 

____  50.   With overdraft protection, banks will honor the a check written even if it exceeds the account balance.

 

____  51.   A special endorsement is used to transfer a check to another part.

 

____  52.   Destroyed checks should be recorded in the checkbook register as “void.”

 

____  53.   Identifying check numbers are needed to replace lost or stolen travelers checks.

 

____  54.   Consumer credit provides the extra buying power needed to support mass production and distribution of goods and services.

 

____  55.   Credit is more costly than using cash.

 

____  56.   Credit is only available to those with high incomes and valuable property.

 

____  57.   Most consumers have no need to use consumer credit.

 

____  58.   A chief advantage of using credit is the opportunity to use goods and services while paying for them.

 

____  59.   For the most part, it is a good idea to use credit any time you want something and do not have enough cash to pay for it.

 

____  60.   Using credit can simplify telephone, mail, and Internet shopping and make necessary returns and exchanges easier.

 

____  61.   Finance charges remain the same regardless of the amount of credit used or the length of time you take to repay.

 

____  62.   Open-end credit is used for loans.

 

____  63.   A sound credit rating is an important financial asset.

 

____  64.   Credit reporting agencies automatically send credit reports to consumers each month.

 

____  65.   There is one central credit reporting agency that keeps a running record of the financial and credit transactions of credit users.

 

____  66.   Credit cards are used primarily to obtain cash loans.

 

____  67.   Possessing credit cards tempts many people to spend more than they can afford.

 

____  68.   Regardless of where you shop for credit, the cost of a given amount of credit will be the same.

 

____  69.   You should never sign a credit contract without knowing the exact meaning of all of the terms it contains.

 

____  70.   Filing bankruptcy is the easiest and most practical solution for people who have credit problems.

 

____  71.   The Truth in Lending Law requires creditors to tell consumers what credit will cost them before they use it.

 

____  72.   According to the Equal Credit Opportunity Act, a person who is denied credit has the right to a written explanation of why credit was denied.

 

____  73.   The Electronic Funds Transfer Act puts a $50 limit on cardholder liability for unauthorized transfers.

 

Multiple Choice

Identify the choice that best completes the statement or answers the question.

 

____  74.   Which of the following is not an advantage of checking accounts?

a.

A record of spending and receipts of payments made.

b.

Convenience of bill payment.

c.

High interest on balances.

d.

Safekeeping of cash on deposit.

 

 

____  75.   A good choice for a consumer who writes a large number of checks and can keep the required minimum amount of money in the account at all times would be a ____ checking account.

a.

basic

b.

interest-bearing

c.

lifeline

d.

All of the above.

 

 

____  76.   A joint checking account may be a good idea if you ____.

a.

have difficulty keeping track of checks and deposits

b.

want someone else to assume responsibility for paying your bills

c.

want someone to have access to your account in an emergency

d.

want to simplify record keeping

 

 

____  77.   When writing a check, be sure to write clearly and accurately the ____.

a.

amount of the check in numbers and words

b.

name of the payee

c.

date

d.

All of the above.

 

 

____  78.   A bank statement provides a record of all the following except ____.

a.

opening balance

b.

outstanding checks

c.

service fees

d.

the deposits received

 

 

____  79.   A financial institution owned by its stockholders and operated for profit is a ____.

a.

commercial bank

b.

credit union

c.

mutual savings bank

d.

savings and loan association

 

 

____  80.   Which of the following can be done from a home computer with online banking?

a.

Accessing your account balance.

b.

Requesting an automatic bill payment.

c.

Reviewing your account history.

d.

All of the above.

 

 

____  81.   Which of the following is not an advantage of using credit?

a.

A source of cash for emergencies.

b.

Convenience.

c.

Ease of spending money you do not have.

d.

Use of goods and services while paying for them.

 

 

____  82.   Credit is available most readily to ____.

a.

anyone with a good job

b.

people who can offer the most collateral

c.

people who use it for good reasons

d.

people with a good credit rating

 

 

____  83.   The amount you pay to use credit depends on all of the following factors except ____.

a.

amount of credit used

b.

annual percentage rate charged

c.

length of the repayment period

d.

reason for using credit

 

 

____  84.   As the percentage rate of interest on a credit transaction increases, the finance charges ____.

a.

are dropped

b.

decrease

c.

increase

d.

stay the same

 

 

____  85.   Which of the following is a type of closed-end credit?

a.

Credit card.

b.

Installment loan.

c.

Regular charge account.

d.

Revolving credit account.

 

 

____  86.   You can damage a good credit rating by ____.

a.

ignoring bills you cannot pay until the creditors take collection action

b.

limiting your use of credit to amounts you can repay with ease

c.

notifying creditors immediately if you cannot pay as agreed

d.

refusing to pay amounts in dispute because of billing errors

 

 

____  87.   A consumer should check out his or her credit rating periodically to ____.

a.

be sure the information on file is correct

b.

receive a refund on credit charges

c.

find out the total amount owed to creditors

d.

be sure all monthly statements are accurate

 

 

____  88.   Which of the following is not one of the national credit reporting agencies?

a.

Equifax Credit Information Services, Inc.

b.

National Credit Union Administration.

c.

Experian Information Solutions, Inc.

d.

TransUnion.

 

 

____  89.   Credit cards that allow consumers to use credit at many places can be obtained through ____.

a.

banks, credit unions, and credit card issuers

b.

loan officers

c.

service stations

d.

the U.S. Government Treasury

 

 

____  90.   When comparing credit terms, it is important to consider ____.

a.

annual percentage rate of interest

b.

grace period

c.

method of computing the balance

d.

All of the above.

 

 

____  91.   Consumer credit counseling services sponsored by the National Foundation for Consumer Credit ____.

a.

provides debt consolidation loans with high interest rates

b.

offers reliable low cost help and advice to debt troubled consumers

c.

teaches consumers to manage their money without using credit

d.

provides helpful counseling for high fees

 

 

____  92.   The Equal Credit Opportunity Act prohibits discrimination in the granting of credit on the basis of all except ____.

a.

age

b.

inability to repay

c.

marital status

d.

race or religion

 

 

____  93.   If your credit card is lost or stolen, ____.

a.

you are liable for charges someone else makes with your card

b.

you are responsible for charges made by someone else even if you notify the creditor before the card is used

c.

you are responsible for only $50 in charges per card

d.

All of the above.

 



Study Guide for Chapter Test 8
Due Date: 10/24/2016
Subject: Economics & Personal Finance

Study Guide

 

 

Matching

 

 

Match the following terms and identifying phrases.

 

a.

 

excise tax

 

 

b.

 

gift tax

 

 

c.

 

real estate tax

 

 

d.

 

sales tax

 

 

e.

 

tax avoidance

 

 

f.

 

tax audit

 

 

g.

 

tax evasion

 

 

 

 

 

@

 

____ 1.

Taxes levied by federal and state governments on the sale and transfer of certain items, such as cigarettes, alcohol, and certain luxury items.

 

 

 

____ 2.

Tax based on the value of land and buildings owned by taxpayers.

 

 

 

____ 3.

Tax levied by the federal government on donors or givers who transfer assets over a given amount to others.

 

 

 

____ 4.

A legal way of reducing your taxes by claiming legitimate deductions, credits, and adjustments.

 

 

 

____ 5.

An illegal way of reducing taxes by failing to declare all income or falsifying deductions, adjustments, and credits.

 

 

 

____ 6.

A detailed examination of your tax return by the IRS.

 

 

Match the following terms and identifying phrases.

 

a.

 

ATM card

 

 

b.

 

automated teller machine (ATM)

 

 

c.

 

bank statement

 

 

d.

 

cashier’s check

 

 

e.

 

certified check

 

 

f.

 

commercial bank

 

 

g.

 

credit union

 

 

h.

 

electronic funds transfer (EFT)

 

 

i.

 

endorse

 

 

j.

 

Federal Deposit Insurance Corporation (FDIC)

 

 

k.

 

money order

 

 

l.

 

mutual savings bank

 

 

m.

 

National Credit Union Administration (NCUA)

 

 

n.

 

savings and loan association

 

 

o.

 

signature card

 

 

p.

 

traveler’s checks

 

 

 

 

 

@

 

____ 7.

A record of checks, deposits, and charges on a checking account.

 

 

 

____ 8.

A bank owned by stockholders and organized to receive, transfer, and lend money to individuals, businesses, and governments.

 

 

 

____ 9.

A card that allows customers to withdraw cash from and make deposits to their accounts using a cash machine.

 

 

 

____ 10.

An order for a specific amount of money payable to a specific payee.

 

 

 

____ 11.

An agency that grants federal charters to qualified groups, supervises credit unions, and insures accounts in all federally chartered and many state chartered credit unions.

 

 

 

____ 12.

Checks that can be cashed in most places around the world. They are often used by people who travel and do not want to carry large amounts of cash.

 

 

 

____ 13.

A nonprofit financial cooperative owned by and operated for the benefit of its members. It accepts deposits, makes loans, and provides other services.

 

 

 

____ 14.

A U.S. government agency that protects bank customers by insuring deposits as well as examining and supervising financial institutions.

 

 

 

____ 15.

A saving depository owned by the depositors that divides the profits among depositors in the form of dividends.

 

 

 

____ 16.

The movement of money electronically from one financial institution to another.

 

 

 

____ 17.

A computer terminal used to transact business with a financial institution.

 

 

 

____ 18.

A personal check with a bank’s guarantee the check will be paid.

 

 

 

____ 19.

To sign one’s name on the back of a check in order to cash or deposit the check.

 

 

 

____ 20.

A for-profit financial institution that receives and pays dividends on depositors’ savings, makes mortgage loans, and offers most of the services commercial banks offer.

 

 

 

____ 21.

A check drawn by a bank on its own funds and signed by an authorized officer of the bank.

 

 

True/False

 

Indicate whether the statement is true or false.

 

 

 

____ 22.

Gross income is also called "take-home pay."

 

 

 

____ 23.

FICA is a type of payroll deduction.

 

 

 

____ 24.

Each year, the federal government spends over 60 percent of its total budget on mandatory expense items such as Social Security and Medicare.

 

 

 

____ 25.

Spending on education is one of the top three items on the federal budget.

 

 

 

____ 26.

Interest on the national debt is a mandatory expense item in the federal budget.

 

 

 

____ 27.

Reducing the deficit is particularly important to young people because they will inherit the national debt.

 

 

 

____ 28.

Income tax is a direct tax because it is paid directly to the government by the taxpayer.

 

 

 

____ 29.

A progressive tax takes a higher percentage from the poor than from the rich.

 

 

 

____ 30.

Only the federal government has the power to tax personal income.

 

 

 

____ 31.

You can claim yourself as an allowance on your Form W-4.

 

 

 

____ 32.

The amount of taxes withheld from paychecks depends on the amount earned and the number of allowances claimed.

 

 

 

____ 33.

Tax rates and allowable deductions and exemptions are fixed and do not change with new tax laws.

 

 

 

____ 34.

Income tax returns must be filed in person at your nearest office of the Internal Revenue Service.

 

 

 

____ 35.

Fairness is a key aim of most tax reform proposals.

 

 

 

____ 36.

Under the Social Security system, your financial need determines the amount you will eventually receive in retirement benefits or in disability benefits if you should become disabled.

 

 

 

____ 37.

Social Security is a program paid for by voluntary contributions from employees and employers.

 

 

 

____ 38.

When you retire, Social Security payments start automatically.

 

 

 

____ 39.

The primary function of a financial institution is the safekeeping of consumer savings.

 

 

 

____ 40.

When you deposit money in a bank, your money becomes someone else’s source of credit.

 

 

 

____ 41.

Commercial banks typically offer a wide range of financial services to their customers.

 

 

 

____ 42.

A credit union lends funds to members at higher rates than other financial institutions.

 

 

 

____ 43.

Customers using EFT can request recurring bills to be paid automatically.

 

 

 

____ 44.

An overdraft is a check that is not included on your bank statement.

 

 

 

____ 45.

When you open a checking account, you are asked to sign a signature card, and this will be the only signature the financial institution will honor on your checks.

 

 

 

____ 46.

When you open a checking account, you normally receive personalized checks and a register for recording deposits and checks.

 

 

 

____ 47.

You can use a debit card to charge goods and services when you are shopping.

 

 

 

____ 48.

A blank endorsement may be used only for the specific purpose stated in the endorsement.

 

 

 

____ 49.

Financial institutions help keep money in circulation between consumers and businesses.

 

 

 

____ 50.

There are different types of checking accounts that meet different needs.

 

 

 

____ 51.

A bank statement is a quarterly record of interest earned on savings accounts.

 

 

 

____ 52.

A personal checking account will be pretty much the same no matter where you open your account.

 

 

 

____ 53.

With overdraft protection, banks will honor the a check written even if it exceeds the account balance.

 

 

 

____ 54.

A special endorsement is used to transfer a check to another part.

 

 

 

____ 55.

Destroyed checks should be recorded in the checkbook register as "void."

 

 

 

____ 56.

Identifying check numbers are needed to replace lost or stolen travelers checks.

 

 

Multiple Choice

 

Identify the choice that best completes the statement or answers the question.

 

 

 

____ 57.

Net income is gross income minus ____.

 

a.

 

bonuses

 

 

b.

 

interest earnings

 

 

c.

 

payroll deductions

 

 

d.

 

tax credits

 

 

 

 

 

@

 

____ 58.

Unearned income includes all of the following except ____.

 

a.

 

alimony

 

 

b.

 

interest paid on savings and bonds

 

 

c.

 

tips

 

 

d.

 

unemployment compensation

 

 

 

 

 

@

 

____ 59.

In addition to paying for government operations, taxation may be used to ____.

 

a.

 

influence behavior

 

 

b.

 

redistribute wealth

 

 

c.

 

stabilize the economy

 

 

d.

 

All of the above.

 

 

 

 

 

@

 

____ 60.

Which of the following is not an entitlement program?

 

a.

 

Defense spending.

 

 

b.

 

Unemployment compensation.

 

 

c.

 

Medicare.

 

 

d.

 

Social Security.

 

 

 

 

 

@

 

____ 61.

A regressive tax taxes ____.

 

a.

 

middle income families at a higher percentage than it does the rich or poor

 

 

b.

 

the poor at a higher percentage than it does the rich

 

 

c.

 

the rich at a higher percentage than it does the poor

 

 

d.

 

the same percentage of all incomes

 

 

 

 

 

@

 

____ 62.

Key sources of state and local tax revenue include all of the following except ____.

 

a.

 

personal and corporate income tax

 

 

b.

 

property tax

 

 

c.

 

sales tax

 

 

d.

 

Social Security tax

 

 

 

 

 

@

 

____ 63.

The government agency responsible for collecting federal income taxes is the ____.

 

a.

 

Department of Labor

 

 

b.

 

Department of Treasury

 

 

c.

 

Internal Revenue Service

 

 

d.

 

Social Security Administration

 

 

 

 

 

@

 

____ 64.

The Form W-4 determines ____.

 

a.

 

how much tax was withheld from your paycheck last year

 

 

b.

 

your eligibility for tax credits

 

 

c.

 

the amount of payroll deductions employers should withhold from your paycheck

 

 

d.

 

if you should use the long form or short form to file taxes

 

 

 

 

 

@

 

____ 65.

The Form W-2 determines ____.

 

a.

 

how much tax was withheld from your paycheck last year

 

 

b.

 

your eligibility for tax credits

 

 

c.

 

the amount of payroll deductions employers should withhold from your paycheck

 

 

d.

 

if you should use the long form or short form to file taxes

 

 

 

 

 

@

 

____ 66.

A fair tax ____.

 

a.

 

fits taxpayers ability to pay

 

 

b.

 

is no greater than needed

 

 

c.

 

distributes burden equally among taxpayers

 

 

d.

 

All of the above.

 

 

 

 

 

@

 

____ 67.

The Social Security taxes deducted from your earnings today pay for ____.

 

a.

 

the benefits others are currently receiving

 

 

b.

 

the benefits you will receive at retirement

 

 

c.

 

the health care needs of the poor

 

 

d.

 

All of the above.

 

 

 

 

 

@

 

____ 68.

The purpose of a Social Security number is to ____.

 

a.

 

keep track of earnings to determine Social Security benefits

 

 

b.

 

keep track of itemized tax deductions

 

 

c.

 

serve as an identifier on all tax returns and IRS forms

 

 

d.

 

Both A and C.

 

 

 

 

 

@

 

____ 69.

Which of the following is not an advantage of checking accounts?

 

a.

 

A record of spending and receipts of payments made.

 

 

b.

 

Convenience of bill payment.

 

 

c.

 

High interest on balances.

 

 

d.

 

Safekeeping of cash on deposit.

 

 

 

 

 

@

 

____ 70.

A good choice for a consumer who writes a large number of checks and can keep the required minimum amount of money in the account at all times would be a ____ checking account.

 

a.

 

basic

 

 

b.

 

interest-bearing

 

 

c.

 

lifeline

 

 

d.

 

All of the above.

 

 

 

 

 

@

 

____ 71.

A joint checking account may be a good idea if you ____.

 

a.

 

have difficulty keeping track of checks and deposits

 

 

b.

 

want someone else to assume responsibility for paying your bills

 

 

c.

 

want someone to have access to your account in an emergency

 

 

d.

 

want to simplify record keeping

 

 

 

 

 

@

 

____ 72.

When writing a check, be sure to write clearly and accurately the ____.

 

a.

 

amount of the check in numbers and words

 

 

b.

 

name of the payee

 

 

c.

 

date

 

 

d.

 

All of the above.

 

 

 

 

 

@

 

____ 73.

A bank statement provides a record of all the following except ____.

 

a.

 

opening balance

 

 

b.

 

outstanding checks

 

 

c.

 

service fees

 

 

d.

 

the deposits received

 

 

 

 

 

@

 

____ 74.

A financial institution owned by its stockholders and operated for profit is a ____.

 

a.

 

commercial bank

 

 

b.

 

credit union

 

 

c.

 

mutual savings bank

 

 

d.

 

savings and loan association

 

 

 

 

 

@

 

____ 75.

Which of the following can be done from a home computer with online banking?

 

a.

 

Accessing your account balance.

 

 

b.

 

Requesting an automatic bill payment.

 

 

c.

 

Reviewing your account history.

 

 

d.

 

All of the above.

 

 

Study Guide

Answer Section

 

 

MATCHING

 

 

 

1. ANS: A PTS: 1

 

 

 

2. ANS: C PTS: 1

 

 

 

3. ANS: B PTS: 1

 

 

 

4. ANS: E PTS: 1

 

 

 

5. ANS: G PTS: 1

 

 

 

6. ANS: F PTS: 1

 

 

 

7. ANS: C PTS: 1

 

 

 

8. ANS: F PTS: 1

 

 

 

9. ANS: A PTS: 1

 

 

 

10. ANS: K PTS: 1

 

 

 

11. ANS: M PTS: 1

 

 

 

12. ANS: P PTS: 1

 

 

 

13. ANS: G PTS: 1

 

 

 

14. ANS: J PTS: 1

 

 

 

15. ANS: L PTS: 1

 

 

 

16. ANS: H PTS: 1

 

 

 

17. ANS: B PTS: 1

 

 

 

18. ANS: E PTS: 1

 

 

 

19. ANS: I PTS: 1

 

 

 

20. ANS: N PTS: 1

 

 

 

21. ANS: D PTS: 1

 

 

TRUE/FALSE

 

 

 

22. ANS: F PTS: 1

 

 

 

23. ANS: T PTS: 1

 

 

 

24. ANS: T PTS: 1

 

 

 

25. ANS: F PTS: 1

 

 

 

26. ANS: T PTS: 1

 

 

 

27. ANS: T PTS: 1

 

 

 

28. ANS: T PTS: 1

 

 

 

29. ANS: F PTS: 1

 

 

 

30. ANS: F PTS: 1

 

 

 

31. ANS: T PTS: 1

 

 

 

32. ANS: T PTS: 1

 

 

 

33. ANS: F PTS: 1

 

 

 

34. ANS: F PTS: 1

 

 

 

35. ANS: T PTS: 1

 

 

 

36. ANS: F PTS: 1

 

 

 

37. ANS: F PTS: 1

 

 

 

38. ANS: F PTS: 1

 

 

 

39. ANS: F PTS: 1

 

 

 

40. ANS: T PTS: 1

 

 

 

41. ANS: T PTS: 1

 

 

 

42. ANS: F PTS: 1

 

 

 

43. ANS: T PTS: 1

 

 

 

44. ANS: F PTS: 1

 

 

 

45. ANS: T PTS: 1

 

 

 

46. ANS: T PTS: 1

 

 

 

47. ANS: F PTS: 1

 

 

 

48. ANS: F PTS: 1

 

 

 

49. ANS: T PTS: 1

 

 

 

50. ANS: T PTS: 1

 

 

 

51. ANS: F PTS: 1

 

 

 

52. ANS: F PTS: 1

 

 

 

53. ANS: T PTS: 1

 

 

 

54. ANS: T PTS: 1

 

 

 

55. ANS: T PTS: 1

 

 

 

56. ANS: T PTS: 1

 

 

MULTIPLE CHOICE

 

 

 

57. ANS: C PTS: 1

 

 

 

58. ANS: C PTS: 1

 

 

 

59. ANS: D PTS: 1

 

 

 

60. ANS: A PTS: 1

 

 

 

61. ANS: B PTS: 1

 

 

 

62. ANS: D PTS: 1

 

 

 

63. ANS: C PTS: 1

 

 

 

64. ANS: C PTS: 1

 

 

 

65. ANS: A PTS: 1

 

 

 

66. ANS: D PTS: 1

 

 

 

67. ANS: A PTS: 1

 

 

 

68. ANS: D PTS: 1

 

 

 

69. ANS: C PTS: 1

 

 

 

70. ANS: A PTS: 1

 

 

 

71. ANS: C PTS: 1

 

 

 

72. ANS: D PTS: 1

 

 

 

73. ANS: B PTS: 1

 

 

 

74. ANS: A PTS: 1

 

 

 

75. ANS: D PTS: 1



Study Guide Chapter 5 Test
Due Date: 10/5/2016
Subject: Economics & Personal Finance

Study Guide chapter 5 test

 

Matching

 

Match the following terms and identifying phrases.

a.

comparative advantage

b.

economies of scale

c.

exports

d.

free trade

e.

imports

f.

NAFTA

g.

offshore outsourcing

h.

trade barrier

i.

trade deficit

j.

trade surplus

k.

WTO

 

 

____    1.   Goods and services that come into a country from other countries.

 

____    2.   An international organization that mediates trade disputes among member nations and establishes fair trade practices.

 

____    3.   The benefit to the party that has the lower opportunity cost in pursuing a given course of action.

 

____    4.   The concept that the cost of producing something declines as the number of units produced rises.

 

____    5.   Moving sections of a business to another country.

 

____    6.   Occurs when a country buys more products than it sells.

 

____    7.   Goods and services grown or made in one country then sold in world markets.

 

____    8.   Any action taken to control or limit imports.

 

____    9.   A policy of limited government trade restrictions.

 

____   10.   Occurs when a country sells more than it buys.

 

Match the following terms and identifying phrases.

a.

cost-benefit principle

b.

decision-making process

c.

ethic

d.

goal

e.

management

f.

marginal benefit

g.

marginal cost

h.

priority

i.

resource

j.

standard

k.

value system

l.

values

 

 

____   11.   A system that guides a person’s behavior and provides a sense of direction in his or her life.

 

____   12.   The idea that an action should be taken or a purchase made only if the benefits are at least as great as the costs.

 

____   13.   A moral principle or belief that directs a person’s actions.

 

____   14.   The change in total cost of using one more unit.

 

____   15.   Beliefs and principles about what is important or desirable.

 

____   16.   The change in total benefit of using one additional unit.

 

____   17.   A method of choosing a course of action after evaluating information and weighing the costs and benefits of alternative actions and their consequences.

 

____   18.   An established measure of quantity, value, quality, or excellence.

 

____   19.   A goal or value that is given more importance than other goals or values.

 

____   20.   An objective a person wants to attain.

 

____   21.   The process of organizing and utilizing resources to accomplish predetermined objectives.

 

True/False

Indicate whether the statement is true or false.

 

____   22.   Globalization refers to the ever-growing interconnection of economies among all the countries of the world.

 

____   23.   More than half of the world’s imports are intermediate goods that are used to produce other goods.

 

____   24.   The U.S. is the world’s largest exporter of manufactured goods.

 

____   25.   Globalization decreases the flow of labor.

 

____   26.   A multinational corporation is a business that is controlled by another business.

 

____   27.   Outsourcing occurs when companies move sections of their business to other companies or subsidiaries.

 

____   28.   A currency, like a product, has a price.

 

____   29.   The value of a nation’s currency can be affected by changes in interest rates.

 

____   30.   When the dollar is strong, goods and services imported into the U.S. cost less.

 

____   31.   If a nation artificially lowers the value of its currency, it can gain competitive trade advantages.

 

____   32.   The euro is a common currency among those nations that participate in the European Union.

 

____   33.   Most governments believe that fair and open trade among nations benefits all.

 

____   34.   International trade affects nations’ economies but not the actions of individual consumers.

 

____   35.   The International Monetary Fund provides loans to fund specific projects.

 

____   36.   Fluency in almost any foreign language can be an asset in the work world.

 

____   37.   By managing your financial resources, you control the dollars that pass through your hands.

 

____   38.   Management involves identifying resources, setting goals, making decisions, solving problems, and evaluating results.

 

____   39.   Needs are items that you would like to have.

 

____   40.   Everyone has the same values.

 

____   41.   Ethics often conform to accepted standards of right and wrong.

 

____   42.   Goals are usually closely related to values.

 

____   43.   When you have conflicting goals, you will need to set priorities.

 

____   44.   A clear understanding of your standards, priorities, and goals leads to wise consumer decisions.

 

____   45.   Financially mature individuals think they can afford everything they want.

 

____   46.   Management simply involves making decisions and solving problems.

 

____   47.   Flexibility helps you adjust to new and unexpected situations.

 

____   48.   Evaluation is a continuous function.

 

____   49.   Wants are those items you must have to survive.

 

____   50.   Unethical behavior is usually considered wrong and may even be illegal.

 

____   51.   Most people have enough resources to reach all of their goals at one time.

 

____   52.   Goals may be interdependent.

 

____   53.   Money and time are examples of human resources.

 

____   54.   The key to financial well-being is spending more than you earn.

 

____   55.   The evaluation process can help you make future decisions.

 

Multiple Choice

Identify the choice that best completes the statement or answers the question.

 

____   56.   Globalization refers to the ____.

a.

ever-growing interconnection of   economies among all the countries of the world

b.

elimination of trade barriers between   countries

c.

creation of a single worldwide   currency

d.

open-door immigration policies among   nations

 

 

____   57.   The sale of products in foreign markets at low prices in order to eliminate competition is ____.

a.

considered a fair trade practice by   the U.S.

b.

referred to as “dumping”

c.

a recommended practice by the GATT

d.

All of the above.

 

 

____   58.   A(n) _____ is a tax on imports that makes them more expensive to consumers.

a.

tariff

b.

import quota

c.

non-tariff barrier

d.

embargo

 

 

____   59.   The agency created to mediate trade disputes among nations and establish trade practices that are acceptable and fair to all is the ____.

a.

World Bank

b.

North American Free Trade Agreement

c.

G20

d.

World Trade Organization (WTO)

 

 

____   60.   In international trade, the balance of payments refers to ____.

a.

an account of the flow of goods,   services, and money coming into and going out of a country

b.

the amount one nation owes another in   the exchange of goods and services

c.

the value of goods and services a   nation imports and exports

d.

payments made to keep a proper balance   between imports and exports

 

 

____   61.   The North American Free Trade Agreement (NAFTA) involves which three countries?

a.

Mexico, Jamaica, and the United   States.

b.

Canada, Mexico, and the United States.

c.

Canada, the United Kingdom, and the   United States.

d.

Canada, China, and Mexico.

 

 

____   62.   When a nation imports more than it exports, it develops a ____.

a.

competitive edge

b.

tariff

c.

quota

d.

trade deficit

 

 

____   63.   Which of the following is NOT a good question to help you prioritize your goals?

a.

How does the goal compare with goals   of friends and peers?

b.

Is the goal realistic and possible?

c.

What will achieving the goal cost in   time, money, and effort?

d.

Will I still want the goal by the time   I am able to achieve it?

 

 

____   64.   When planning the use of resources, it is important to consider that resources are ____.

a.

scarce

b.

manageable

c.

related to each other

d.

All of the above.

 

 

____   65.   A clear understanding of your needs and wants, values and goals, priorities, and standards tends to ____.

a.

help you be more popular

b.

help you make informed decisions

c.

increase your uncertainty in the   marketplace

d.

make you self-centered

 

 

____   66.   Eating the same food at lunch every day is a choice made ____.

a.

by rational choice

b.

on impulse

c.

out of habit

d.

to please others

 

 

____   67.   An effective way to deal with important problems and choices is to make decisions ____.

a.

just to please others

b.

using systematic or rational decision   making

c.

out of habit

d.

on the spur of the moment

 

 

____   68.   The decision-making process involves all except ____.

a.

defining the problem and exploring the   alternatives

b.

getting advice from at least five   friends

c.

choosing the best alternatives and   acting on the decision

d.

evaluating the decision

 

 

____   69.   Success during the action phase of management depends on ____.

a.

the ability to give up

b.

not dealing with unexpected situations

c.

determination and flexibility

d.

All of the above.

 

 

____   70.   An example of a need is ____.

a.

a new DVD

b.

food

c.

a cell phone

d.

a vacation

 

 

____   71.   Which of the following is the first step of the decision-making process?

a.

Explore the alternatives.

b.

Act on the decision.

c.

Define the problem or challenge.

d.

Evaluate the decision.


Study Guide chapter 5 test

Answer Section

 

MATCHING

 

            1.   ANS:  E                    PTS:   1

 

            2.   ANS:  K                    PTS:   1

 

            3.   ANS:  A                    PTS:   1

 

            4.   ANS:  B                    PTS:   1

 

            5.   ANS:  G                    PTS:   1

 

            6.   ANS:  I                     PTS:   1

 

            7.   ANS:  C                    PTS:   1

 

            8.   ANS:  H                    PTS:   1

 

            9.   ANS:  D                    PTS:   1

 

           10.   ANS:  J                     PTS:   1

 

           11.   ANS:  K                    PTS:   1

 

           12.   ANS:  A                    PTS:   1

 

           13.   ANS:  C                    PTS:   1

 

           14.   ANS:  G                    PTS:   1

 

           15.   ANS:  L                    PTS:   1

 

           16.   ANS:  F                    PTS:   1

 

           17.   ANS:  B                    PTS:   1

 

           18.   ANS:  J                     PTS:   1

 

           19.   ANS:  H                    PTS:   1

 

           20.   ANS:  D                    PTS:   1

 

           21.   ANS:  E                    PTS:   1

 

TRUE/FALSE

 

           22.   ANS:  T                    PTS:   1

 

           23.   ANS:  T                    PTS:   1

 

           24.   ANS:  F                    PTS:   1

 

           25.   ANS:  F                    PTS:   1

 

           26.   ANS:  F                    PTS:   1

 

           27.   ANS:  T                    PTS:   1

 

           28.   ANS:  T                    PTS:   1

 

           29.   ANS:  T                    PTS:   1

 

           30.   ANS:  F                    PTS:   1

 

           31.   ANS:  T                    PTS:   1

 

           32.   ANS:  T                    PTS:   1

 

           33.   ANS:  T                    PTS:   1

 

           34.   ANS:  F                    PTS:   1

 

           35.   ANS:  F                    PTS:   1

 

           36.   ANS:  T                    PTS:   1

 

           37.   ANS:  T                    PTS:   1

 

           38.   ANS:  T                    PTS:   1

 

           39.   ANS:  F                    PTS:   1

 

           40.   ANS:  F                    PTS:   1

 

           41.   ANS:  T                    PTS:   1

 

           42.   ANS:  T                    PTS:   1

 

           43.   ANS:  T                    PTS:   1

 

           44.   ANS:  T                    PTS:   1

 

           45.   ANS:  F                    PTS:   1

 

           46.   ANS:  F                    PTS:   1

 

           47.   ANS:  T                    PTS:   1

 

           48.   ANS:  T                    PTS:   1

 

           49.   ANS:  F                    PTS:   1

 

           50.   ANS:  T                    PTS:   1

 

           51.   ANS:  F                    PTS:   1

 

           52.   ANS:  T                    PTS:   1

 

           53.   ANS:  F                    PTS:   1

 

           54.   ANS:  F                    PTS:   1

 

           55.   ANS:  T                    PTS:   1

 

MULTIPLE CHOICE

 

           56.   ANS:  A                    PTS:   1

 

           57.   ANS:  B                    PTS:   1

 

           58.   ANS:  A                    PTS:   1

 

           59.   ANS:  D                    PTS:   1

 

           60.   ANS:  A                    PTS:   1

 

           61.   ANS:  B                    PTS:   1

 

           62.   ANS:  D                    PTS:   1

 

           63.   ANS:  A                    PTS:   1

 

           64.   ANS:  D                    PTS:   1

 

           65.   ANS:  B                    PTS:   1

 

           66.   ANS:  C                    PTS:   1

 

           67.   ANS:  B                    PTS:   1

 

           68.   ANS:  B                    PTS:   1

 

           69.   ANS:  C                    PTS:   1

 

           70.   ANS:  B                    PTS:   1

 

           71.   ANS:  C                    PTS:   1



Study Guide For First Six Weeks Test
Due Date: 10/4/2016
Subject: Economics & Personal Finance

Study Guide For First Six Weeks Test

 

Matching

 

Match the following terms and identifying phrases.

a.

command economy

b.

consumers

c.

human resource

d.

market economy

e.

needs

f.

nonhuman resource

g.

opportunity cost

h.

producers

i.

trade-off

j.

traditional economy

k.

wants

 

 

____    1.   Items a person must have to survive.

 

____    2.   A system in which economic decisions are based on a society’s values, culture, and customs.

 

____    3.   Buyers and users of goods and services.

 

____    4.   A system in which a central authority controls economic activities.

 

____    5.   External resources such as money, time, equipment, and possessions.

 

____    6.   Qualities and characteristics people have within themselves.

 

____    7.   Items a person would like to have but that are not essential to life.

 

____    8.   A system in which privately owned businesses compete for profits with limited government regulation.

 

____    9.   Individuals or businesses that provide goods and services to meet demand.

 

____  10.   The value of the best option or alternative given up.

 

Match the following terms and identifying phrases.

a.

antitrust laws

b.

collusion

c.

depression

d.

fiscal

e.

labor force

f.

labor union

g.

monetary

h.

monopoly

i.

oligopoly

j.

recession

k.

stagflation

 

 

____  11.   An extended period of slow or no economic growth.

 

____  12.   An extended period of economic recession.

 

____  13.   A period of slow economic growth and high inflation.

 

____  14.   Composed of people, age 16 and over, who are employed or looking for and able to work.

 

____  15.   Taxing and spending policies of government.

 

____  16.   Composed of workers who unite to negotiate with employers over issues such as pay, health care, and working conditions.

 

____  17.   Policies used by government to control the supply of money and credit.

 

____  18.   When a single seller is in control of the entire supply of a product or service.

 

____  19.   When a few large companies dominate an industry.

 

____  20.   Laws that ensure competition by preventing monopolies and other restraints of trade.

 

Match the following terms and identifying phrases.

a.

Consumer Product Safety Commission (CPSC)

b.

Department of Agriculture (USDA)

c.

Department of Energy (DOE)

d.

Department of Labor (DOL)

e.

Department of Treasury

f.

Federal Communications Commission (FCC)

g.

Food and Drug Administration (FDA)

h.

Department of Health and Human Services (HHS)

i.

Department of Housing and Urban Development (HUD)

j.

Securities and Exchange Commission (SEC)

k.

Social Security Administration (SSA)

 

 

____  21.   Government agency that researches the nutrient content of food.

 

____  22.   Government agency responsible for the safety of food, drugs, and cosmetics.

 

____  23.   Government agency responsible forregulating communications by telephone, television, radio, cable, wire, and satellite.

 

____  24.   Government agency responsible for setting minimum wage standards.

 

____  25.   Government agency that manages the federal government’s retirement, survivors and disability insurance, and the supplemental security income programs.

 

____  26.   Government agency responsible for the safety of consumer and children’s products.

 

____  27.   Government agency that supervises the work of the Centers for Medicare & Medicaid, the Office of Public Health and Science, the National Institutes of Health, the Centers for Disease Control and Prevention, and the Food and Drug Administration.

 

____  28.   Government agency that works toward a reliable, affordable, and clean energy supply.

 

____  29.   Government agency that manages the finances of the federal government.

 

____  30.   Government agency that protects investors against fraud when buying or selling securities.

 

Match the following terms and identifying phrases.

a.

assets

b.

durable goods

c.

GDP per capita

d.

income tax

e.

investment

f.

labor productivity

g.

national standard of living

h.

personal standard of living

i.

property tax

j.

prosperity

k.

sales tax

 

 

____  31.   Products that have lasting value, such as furniture, appliances, and cars.

 

____  32.   The market value of final goods and services produced per person.

 

____  33.   Possessions of value, such as stocks, real estate, and bonds.

 

____  34.   The level of prosperity in a country.

 

____  35.   The value of the goods and services a worker creates in a given time.

 

____  36.   Periods of growth and financial well-being.

 

____  37.   An asset that increases wealth over time but carries the risk of loss.

 

____  38.   A tax paid on real estate owned by individuals and corporations.

 

____  39.   Tax added to the price of goods and services.

 

____  40.   A tax on the earnings of individuals and corporations.

 

Match the following terms and identifying phrases.

a.

comparative advantage

b.

economies of scale

c.

exports

d.

free trade

e.

imports

f.

NAFTA

g.

offshore outsourcing

h.

trade barrier

i.

trade deficit

j.

trade surplus

k.

WTO

 

 

____  41.   Goods and services that come into a country from other countries.

 

____  42.   An international organization that mediates trade disputes among member nations and establishes fair trade practices.

 

____  43.   The benefit to the party that has the lower opportunity cost in pursuing a given course of action.

 

____  44.   The concept that the cost of producing something declines as the number of units produced rises.

 

____  45.   Moving sections of a business to another country.

 

____  46.   Occurs when a country buys more products than it sells.

 

____  47.   Goods and services grown or made in one country then sold in world markets.

 

____  48.   Any action taken to control or limit imports.

 

____  49.   A policy of limited government trade restrictions.

 

____  50.   Occurs when a country sells more than it buys.

 

True/False

Indicate whether the statement is true or false.

 

____  51.   Services are physical items such as food and clothing.

 

____  52.   The free enterprise system is an economy in which privately owned businesses operate and compete for profits with limited government regulation or interference.

 

____  53.   In a market economy, consumer needs and wants determine, to a large extent, what goods and services will be produced.

 

____  54.   Most economies are mixed.

 

____  55.   Scarcity refers to the challenge of resources being limited while wants are unlimited.

 

____  56.   A trade-off is the choosing of one item, which involves giving up another.

 

____  57.   Technology refers to the application of scientific knowledge to practical uses and product development.

 

____  58.   The desire for profit motivates people to spend money.

 

____  59.   Demand is the amount of a product of a service producers are willing to provide.

 

____  60.   Markets are usually not in equilibrium.

 

____  61.   In a market economy system, government controls most of the productive resources.

 

____  62.   Consumer choices and needs are the most important factor in a command economy.

 

____  63.   All economic systems attempt to resolve the problem of unlimited needs and wants and limited resources.

 

____  64.   In a command economy, the government controls the important economic resources.

 

____  65.   Fulfilling one want will help prevent new wants from forming.

 

____  66.   There are two basic types of resources—human and nonhuman.

 

____  67.   Everyone has the same resources.

 

____  68.   Opportunity costs refer to sale prices after a discount.

 

____  69.   Government’s role in our economy is limited to making laws that guarantee fair competition and fair business practices.

 

____  70.   Inflation is likely to occur when there is not enough money in circulation.

 

____  71.   Unemployment is harmful to both individuals and the nation.

 

____  72.   Fiscal policy is one of the tools government uses to ensure fair competition in the marketplace.

 

____  73.   GDP is sometimes called the “cost of living index.”

 

____  74.   The consumer price index (CPI) includes real estate prices.

 

____  75.   Government tries to control the amount of money in circulation by regulating interest rates and credit terms.

 

____  76.   When the Federal Reserve follows a “tight” monetary policy, money and credit are readily available.

 

____  77.   A subsidy gives financial assistance to a business or entity.

 

____  78.   When the government spends less than it receives, it results in a deficit.

 

____  79.   There are only 10 federal government agencies that serve and protect consumers.

 

____  80.   The way consumers carry out their economic activities determines how well they live and how well the economic system works.

 

____  81.   Overall economic conditions have little or no effect on individual job opportunities.

 

____  82.   If your income rises faster than prices of goods and services, your standard of living will rise.

 

____  83.   When consumers are doubtful about their economic future, they tend to spend less and save more.

 

____  84.   Consumer confidence is one of the indicators economists use to assess the state of the economy.

 

____  85.   When you use credit, you are spending future income.

 

____  86.   Government spending does not affect inflation.

 

____  87.   The many options in a market economy make it a challenge to make intelligent choices.

 

____  88.   When consumers plan ahead, they lack direction for spending and cannot control use of credit.

 

____  89.   Communication between businesses and customers can lead to greater satisfaction with products and services.

 

____  90.   Competent consumers rely on impulse spending to bring lasting satisfaction from marketplace choices.

 

____  91.   Consumers who do not plan ahead often have trouble paying routine monthly bills.

 

____  92.   Human emotions play a role in the economy.

 

____  93.   Even informed consumers sometimes indulge in impulse spending.

 

____  94.   Insurance weakens the overall economic stability of the nation.

 

____  95.   Globalization refers to the ever-growing interconnection of economies among all the countries of the world.

 

____  96.   More than half of the world’s imports are intermediate goods that are used to produce other goods.

 

____  97.   The U.S. is the world’s largest exporter of manufactured goods.

 

____  98.   Globalization decreases the flow of labor.

 

____  99.   A multinational corporation is a business that is controlled by another business.

 

____ 100.   Outsourcing occurs when companies move sections of their business to other companies or subsidiaries.

 

____ 101.   A currency, like a product, has a price.

 

____ 102.   The value of a nation’s currency can be affected by changes in interest rates.

 

____ 103.   When the dollar is strong, goods and services imported into the U.S. cost less.

 

____ 104.   If a nation artificially lowers the value of its currency, it can gain competitive trade advantages.

 

____ 105.   The euro is a common currency among those nations that participate in the European Union.

 

____ 106.   Most governments believe that fair and open trade among nations benefits all.

 

____ 107.   International trade affects nations’ economies but not the actions of individual consumers.

 

____ 108.   The International Monetary Fund provides loans to fund specific projects.

 

____ 109.   Fluency in almost any foreign language can be an asset in the work world.

 

Multiple Choice

Identify the choice that best completes the statement or answers the question.

 

____ 110.   A market economy and a command economy differ primarily in ____.

a.

the resources available

b.

the society’s welfare

c.

the types of goods and services produced

d.

the way economic choices are made

 

 

____ 111.   Human resources include ____.

a.

energy, skills, talents, and knowledge

b.

furniture, car, and clothes

c.

money, tools, and materials

d.

All of the above.

 

 

____ 112.   Which of the following is one of the four qualities of a market economy?

a.

Scarcity.

b.

Opportunity cost.

c.

Free economic choice.

d.

Innovation.

 

 

____ 113.   What is the key incentive for individuals and businesses to produce goods and services?

a.

Competition.

b.

Profit.

c.

Job satisfaction.

d.

Government regulation.

 

 

____ 114.   Innovation is _____.

a.

another word for competition

b.

the process of creating something new

c.

the application for scientific knowledge to practical uses

d.

the result of equilibrium

 

 

____ 115.   In a market economy, competition for profits encourages ____.

a.

product improvements

b.

lower prices

c.

greater variety of goods and services

d.

All of the above.

 

 

____ 116.   Which of the following is true of supply and demand?

a.

The higher the price of a good, the more of it consumers will demand.

b.

The lower the price of a good, the higher the quantity supplied by producers.

c.

Price and demand move in the same direction.

d.

Price and supply move in the same direction.

 

 

____ 117.   When a supply and demand chart’s coordinates are plotted on a graph, equilibrium is _____.

a.

a negative slope

b.

a positive slope

c.

where supply and demand curves intersect

d.

found at 0 on t x-axis

 

 

____ 118.   Which of the following would be most likely to cause price to increase?

a.

Demand for an item is greater than the supply.

b.

Demand decreases and supply remains the same.

c.

Supply for an item is greater than the demand.

d.

All of the above.

 

 

____ 119.   In a market economy, what determines how to divide the goods and services produced?

a.

Businesses that own productive resources.

b.

The forces of supply and demand.

c.

The country’s religious leader.

d.

All of the above.

 

 

____ 120.   Opportunity cost refers to ____.

a.

an advantageous sale price

b.

the financial cost of purchases

c.

the loss of one alternative when another is chosen

d.

the chance to buy goods or services at a discount

 

 

____ 121.   In the business cycle, ____ is a period of slow or no economic growth.

a.

contraction

b.

trough

c.

recovery

d.

peak

 

 

____ 122.   A major cause of inflation is ____.

a.

too much money in circulation

b.

not enough money in circulation

c.

the supply exceeding the demand for goods and services

d.

lack of competition

 

 

____ 123.   Demand-pull inflation occurs during which of the following business cycles?

a.

Recovery.

b.

Peak.

c.

Trough.

d.

Both A and B.

 

 

____ 124.   A worker who is over qualified for his or her job is an example of ____.

a.

cyclical unemployment

b.

seasonal unemployment

c.

structural unemployment

d.

underemployment

 

 

____ 125.   When the GDP declines for two or more quarters, the economy is said to be in ____.

a.

a depression

b.

a period of inflation

c.

a recession

d.

stagflation

 

 

____ 126.   CPI measures the ____.

a.

movement of prices

b.

national deficit

c.

rate of taxation

d.

unemployment rate

 

 

____ 127.   Which of the following Federal Reserve actions would help control inflation?

a.

Lower reserve requirements.

b.

Decrease the discount rate.

c.

Sell government securities.

d.

Follow an “easy” monetary policy.

 

 

____ 128.   Which of the following Federal Reserve actions would help ease a recession?

a.

Lower reserve requirements.

b.

Increase the discount rate.

c.

Sell government securities.

d.

Follow a “tight” monetary policy.

 

 

____ 129.   What is meant by a progressive tax?

a.

Every taxpayer pays the same amount of taxes.

b.

People with higher incomes pay a higher tax rate than those with lower incomes.

c.

People with lower incomes pay a higher tax rate than those with higher incomes.

d.

People with lower incomes do not pay any taxes.

 

 

____ 130.   When companies in an oligopoly make secret agreements to shut out competition, they are engaged in ____.

a.

collusion

b.

inflationary spending

c.

perfect competition

d.

unionizing

 

 

____ 131.   The amount you earn will depend on all of the following except ____.

a.

economic conditions

b.

education

c.

job performance and skills

d.

tax rates

 

 

____ 132.   Which of the following is not a major effect of consumer borrowing on the economy?

a.

A decrease in future income and demand.

b.

An increase in consumer demand.

c.

An increase in future income and demand.

d.

An increase in the amount of money in circulation.

 

 

____ 133.   Consumers invest money primarily to ____.

a.

help grow the economy

b.

create jobs

c.

support government projects

d.

improve their own financial position

 

 

____ 134.   Consumer investment is a key factor in ____.

a.

maintaining the Social Security system

b.

paying for business growth, research, and development

c.

paying for government operation

d.

protecting consumers against financial risks

 

 

____ 135.   Which of the following characteristics of a market economy does not complicate the process of making choices?

a.

Careless spending.

b.

Conflict of interest.

c.

Confusing variety.

d.

Questionable selling methods.

 

 

____ 136.   Which of the following is not a form of savings?

a.

Buying goods such as food.

b.

Contributions to a life insurance policy.

c.

Money in the bank.

d.

Purchases of goods such as furniture or a car.

 

 

____ 137.   Buying insurance makes it possible for consumers to ____.

a.

eliminate financial losses

b.

share the financial risks related to life, health, and property

c.

make money on financial losses

d.

invest in the future

 

 

____ 138.   Consumer mistakes that lead to poor choices in the marketplace include all except ____.

a.

careful prepurchase shopping and comparisons

b.

lack of planning

c.

impulse spending

d.

failure to seek and use available consumer information

 

 

____ 139.   Globalization refers to the ____.

a.

ever-growing interconnection of economies among all the countries of the world

b.

elimination of trade barriers between countries

c.

creation of a single worldwide currency

d.

open-door immigration policies among nations

 

 

____ 140.   The sale of products in foreign markets at low prices in order to eliminate competition is ____.

a.

considered a fair trade practice by the U.S.

b.

referred to as “dumping”

c.

a recommended practice by the GATT

d.

All of the above.

 

 

____ 141.   A(n) _____ is a tax on imports that makes them more expensive to consumers.

a.

tariff

b.

import quota

c.

non-tariff barrier

d.

embargo

 

 

____ 142.   The agency created to mediate trade disputes among nations and establish trade practices that are acceptable and fair to all is the ____.

a.

World Bank

b.

North American Free Trade Agreement

c.

G20

d.

World Trade Organization (WTO)

 

 

____ 143.   In international trade, the balance of payments refers to ____.

a.

an account of the flow of goods, services, and money coming into and going out of a country

b.

the amount one nation owes another in the exchange of goods and services

c.

the value of goods and services a nation imports and exports

d.

payments made to keep a proper balance between imports and exports

 

 

____ 144.   The North American Free Trade Agreement (NAFTA) involves which three countries?

a.

Mexico, Jamaica, and the United States.

b.

Canada, Mexico, and the United States.

c.

Canada, the United Kingdom, and the United States.

d.

Canada, China, and Mexico.

 

 

____ 145.   When a nation imports more than it exports, it develops a ____.

a.

competitive edge

b.

tariff

c.

quota

d.

trade deficit


Study Guide For First Six Weeks Test

Answer Section

 

MATCHING

 

            1.   ANS:  E                    PTS:   1

 

            2.   ANS:  J                     PTS:   1

 

            3.   ANS:  B                    PTS:   1

 

            4.   ANS:  A                    PTS:   1

 

            5.   ANS:  F                    PTS:   1

 

            6.   ANS:  C                    PTS:   1

 

            7.   ANS:  K                    PTS:   1

 

            8.   ANS:  D                    PTS:   1

 

            9.   ANS:  H                    PTS:   1

 

          10.   ANS:  G                    PTS:   1

 

          11.   ANS:  J                     PTS:   1

 

          12.   ANS:  C                    PTS:   1

 

          13.   ANS:  K                    PTS:   1

 

          14.   ANS:  E                    PTS:   1

 

          15.   ANS:  D                    PTS:   1

 

          16.   ANS:  F                    PTS:   1

 

          17.   ANS:  G                    PTS:   1

 

          18.   ANS:  H                    PTS:   1

 

          19.   ANS:  I                     PTS:   1

 

          20.   ANS:  A                    PTS:   1

 

          21.   ANS:  B                    PTS:   1

 

          22.   ANS:  G                    PTS:   1

 

          23.   ANS:  F                    PTS:   1

 

          24.   ANS:  D                    PTS:   1

 

          25.   ANS:  K                    PTS:   1

 

          26.   ANS:  A                    PTS:   1

 

          27.   ANS:  H                    PTS:   1

 

          28.   ANS:  C                    PTS:   1

 

          29.   ANS:  E                    PTS:   1

 

          30.   ANS:  J                     PTS:   1

 

          31.   ANS:  B                    PTS:   1

 

          32.   ANS:  C                    PTS:   1

 

          33.   ANS:  A                    PTS:   1

 

          34.   ANS:  G                    PTS:   1

 

          35.   ANS:  F                    PTS:   1

 

          36.   ANS:  J                     PTS:   1

 

          37.   ANS:  E                    PTS:   1

 

          38.   ANS:  I                     PTS:   1

 

          39.   ANS:  K                    PTS:   1

 

          40.   ANS:  D                    PTS:   1

 

          41.   ANS:  E                    PTS:   1

 

          42.   ANS:  K                    PTS:   1

 

          43.   ANS:  A                    PTS:   1

 

          44.   ANS:  B                    PTS:   1

 

          45.   ANS:  G                    PTS:   1

 

          46.   ANS:  I                     PTS:   1

 

          47.   ANS:  C                    PTS:   1

 

          48.   ANS:  H                    PTS:   1

 

          49.   ANS:  D                    PTS:   1

 

          50.   ANS:  J                     PTS:   1

 

TRUE/FALSE

 

          51.   ANS:  F                    PTS:   1

 

          52.   ANS:  T                    PTS:   1

 

          53.   ANS:  T                    PTS:   1

 

          54.   ANS:  T                    PTS:   1

 

          55.   ANS:  T                    PTS:   1

 

          56.   ANS:  T                    PTS:   1

 

          57.   ANS:  T                    PTS:   1

 

          58.   ANS:  F                    PTS:   1

 

          59.   ANS:  F                    PTS:   1

 

          60.   ANS:  T                    PTS:   1

 

          61.   ANS:  F                    PTS:   1

 

          62.   ANS:  F                    PTS:   1

 

          63.   ANS:  T                    PTS:   1

 

          64.   ANS:  T                    PTS:   1

 

          65.   ANS:  F                    PTS:   1

 

          66.   ANS:  T                    PTS:   1

 

          67.   ANS:  F                    PTS:   1

 

          68.   ANS:  F                    PTS:   1

 

          69.   ANS:  F                    PTS:   1

 

          70.   ANS:  F                    PTS:   1

 

          71.   ANS:  T                    PTS:   1

 

          72.   ANS:  F                    PTS:   1

 

          73.   ANS:  F                    PTS:   1

 

          74.   ANS:  F                    PTS:   1

 

          75.   ANS:  T                    PTS:   1

 

          76.   ANS:  F                    PTS:   1

 

          77.   ANS:  T                    PTS:   1

 

          78.   ANS:  F                    PTS:   1

 

          79.   ANS:  F                    PTS:   1

 

          80.   ANS:  T                    PTS:   1

 

          81.   ANS:  F                    PTS:   1

 

          82.   ANS:  T                    PTS:   1

 

          83.   ANS:  T                    PTS:   1

 

          84.   ANS:  T                    PTS:   1

 

          85.   ANS:  T                    PTS:   1

 

          86.   ANS:  F                    PTS:   1

 

          87.   ANS:  T                    PTS:   1

 

          88.   ANS:  F                    PTS:   1

 

          89.   ANS:  T                    PTS:   1

 

          90.   ANS:  F                    PTS:   1

 

          91.   ANS:  T                    PTS:   1

 

          92.   ANS:  T                    PTS:   1

 

          93.   ANS:  T                    PTS:   1

 

          94.   ANS:  F                    PTS:   1

 

          95.   ANS:  T                    PTS:   1

 

          96.   ANS:  T                    PTS:   1

 

          97.   ANS:  F                    PTS:   1

 

          98.   ANS:  F                    PTS:   1

 

          99.   ANS:  F                    PTS:   1

 

        100.   ANS:  T                    PTS:   1

 

        101.   ANS:  T                    PTS:   1

 

        102.   ANS:  T                    PTS:   1

 

        103.   ANS:  F                    PTS:   1

 

        104.   ANS:  T                    PTS:   1

 

        105.   ANS:  T                    PTS:   1

 

        106.   ANS:  T                    PTS:   1

 

        107.   ANS:  F                    PTS:   1

 

        108.   ANS:  F                    PTS:   1

 

        109.   ANS:  T                    PTS:   1

 

MULTIPLE CHOICE

 

        110.   ANS:  D                    PTS:   1

 

        111.   ANS:  A                    PTS:   1

 

        112.   ANS:  C                    PTS:   1

 

        113.   ANS:  B                    PTS:   1

 

        114.   ANS:  B                    PTS:   1

 

        115.   ANS:  D                    PTS:   1

 

        116.   ANS:  D                    PTS:   1

 

        117.   ANS:  C                    PTS:   1

 

        118.   ANS:  A                    PTS:   1

 

        119.   ANS:  B                    PTS:   1

 

        120.   ANS:  C                    PTS:   1

 

        121.   ANS:  A                    PTS:   1

 

        122.   ANS:  A                    PTS:   1

 

        123.   ANS:  D                    PTS:   1

 

        124.   ANS:  D                    PTS:   1

 

        125.   ANS:  C                    PTS:   1

 

        126.   ANS:  A                    PTS:   1

 

        127.   ANS:  C                    PTS:   1

 

        128.   ANS:  A                    PTS:   1

 

        129.   ANS:  B                    PTS:   1

 

        130.   ANS:  A                    PTS:   1

 

        131.   ANS:  D                    PTS:   1

 

        132.   ANS:  C                    PTS:   1

 

        133.   ANS:  D                    PTS:   1

 

        134.   ANS:  B                    PTS:   1

 

        135.   ANS:  A                    PTS:   1

 

        136.   ANS:  A                    PTS:   1

 

        137.   ANS:  B                    PTS:   1

 

        138.   ANS:  A                    PTS:   1

 

        139.   ANS:  A                    PTS:   1

 

        140.   ANS:  B                    PTS:   1

 

        141.   ANS:  A                    PTS:   1

 

        142.   ANS:  D                    PTS:   1

 

        143.   ANS:  A                    PTS:   1

 

        144.   ANS:  B                    PTS:   1

 

        145.   ANS:  D                    PTS:   1



Chapter 6
Due Date: 10/3/2016
Subject: Economics & Personal Finance

MONDAY: Lecture on Chapter 6, Begin lecture on Chapter 6 Personal Finance and Overview

TUESDAY: Lecture on Chapter 6 Personal Finance Overview: Review Question and Critical thinking questions assigned

WEDNESDAY:  Continue Working on Chapter 6 Lecture and case study Question

THURSDAY: Lecture, Review Question Due.

FRIDAY: Questions and Answer, Discussion about chapter and Critical thinking Question



Clothing
Due Date: 1/11/2016
Subject: Economics & Personal Finance

Lessons:

Include planned introductions, teaching strategies, evaluation plans, desired performance standard, and lesson closure:

 

MONDAY: Chapter 16 Spending For Clothing

TUESDAY: Lecture on what is needed and not needed

WEDNESDAY: Clothing Budgets evaluation of clothing

THURSDAY: Review Questions due

FRIDAY: Test Dress up day test



Chapter Test Chapters 13 &16
Due Date: 11/9/2015
Subject: Economics & Personal Finance

Chapter 13 & 16 Study Guide

 

Matching

 

Match the following terms and identifying phrases.

a.

advertising

b.

consumer cooperative

c.

e-commerce

d.

extended warranty

e.

full warranty

f.

limited warranty

g.

nonstore sellers

h.

retail stores

i.

t-commerce

j.

warranty

k.

work order

 

 

____    1.   Stores that sell goods or services directly at their place of business.

 

____    2.   Also called direct marketers, they sell goods and services in different ways and from different locations.

 

____    3.   Shopping done on the television.

 

____    4.   Buying and selling goods and services online.

 

____    5.   A nonretail association owned and operated by a group of members for their own benefit rather than for profit.

 

____    6.   Paid messagestouting the attributes of something in order to convince consumers to buy it.

 

____    7.   A guarantee that a product will meet certain performance and quality standards.

 

____    8.   Provides for free repair or replacement of the warranted item or part if any defect occurs while the warranty is in effect.

 

____    9.   Provides service, repairs, and replacements only under certain conditions.

 

____  10.   A contract that provides for the servicing of a product, if needed, during the term of the contract.

 

Match the following terms and identifying phrases.

a.

accessories

b.

blend

c.

fabric finish

d.

fad

e.

knit fabrics

f.

manufactured fibers

g.

natural fibers

h.

nonwoven fabrics

i.

wardrobe

j.

wardrobe inventory

k.

woven fabrics

 

 

____  11.   The collection of clothing a person owns.

 

____  12.   A list of all the clothes, shoes, and accessories a person owns.

 

____  13.   Items designed to go with an outfit.

 

____  14.   A fashion style that stays popular for only a short time.

 

____  15.   Fibers made from natural sources, such as cotton, linen, silk, and wool.

 

____  16.   Fibers, such as polyester, nylon, and rayon, that are produced artificially from chemicals.

 

____  17.   A yarn made by combining two or more fibers.

 

____  18.   Fabrics made by looping yarns together.

 

____  19.   Cloth, such as felt, artificial suede, lace, and net, made from construction methods other than weaving or knitting.

 

____  20.   A treatment applied to a fabric to achieve certain characteristics.

 

True/False

Indicate whether the statement is true or false.

 

____  21.   Both consumers and businesses exercise free choice in the marketplace.

 

____  22.   Neighborhood stores usually offer a wide selection of goods and services at competitive prices.

 

____  23.   In large shopping centers or malls, you can usually shop for a wide variety of goods and services at one time and often under one roof.

 

____  24.   Specialty shops sell a wide variety of goods and services.

 

____  25.   Superstores and warehouse clubs threaten local neighborhood stores that cannot compete with their prices and wide selection of merchandise.

 

____  26.   Prices in factory outlet stores are usually about the same as prices for the same merchandise in other retail stores.

 

____  27.   Shopping at home can be a very convenient way to buy many of the products you need.

 

____  28.   Television shopping networks are like auctions where sellers offer items for sale to the highest bidder.

 

____  29.   The Internet and television make it possible to shop and compare products and prices from all over the world 24 hours a day, seven days a week.

 

____  30.   Labels and hangtags can provide necessary product information.

 

____  31.   Dealing only with reliable, reputable sellers is one of the best ways consumers can protect themselves in the marketplace.

 

____  32.   Almost anything selling at a reduced price is a good buy.

 

____  33.   It is smart to buy the most expensive, top quality products, regardless of intended use or purpose.

 

____  34.   Price is the most important factor to consider when choosing between two similar products.

 

____  35.   Before having someone perform services that require special knowledge or skills, check the person’s qualifications.

 

____  36.   A written warranty guarantees that a manufacturer will replace the product if the buyer finds it unsatisfactory.

 

____  37.   A wardrobe inventory can serve as a guide in making new clothing purchases.

 

____  38.   Fashion magazines can be a good place to get ideas for new clothing additions each season.

 

____  39.   To be well dressed, it is necessary to wear the latest fads.

 

____  40.   Having enough money is the most important factor in building a complete wardrobe for all seasons.

 

____  41.   Evaluating clothing construction requires careful inspection inside and out.

 

____  42.   Flame-resistant finishes on fabrics make them resist supporting a flame, but they are not fireproof.

 

____  43.   Trying on garments is the best way to check fit and appearance.

 

____  44.   Clothing labels and tags provide important information on colors and fashion trends.

 

____  45.   Manufacturers are required by law to provide certain consumer information on clothing labels.

 

____  46.   Permanent care labeling on clothing products is voluntary.

 

____  47.   The clothes you wear to a job interview can be one factor in determining whether or not you are offered a job.

 

____  48.   Clothes that are just right for one situation may be totally inappropriate for another.

 

____  49.   Flip-flops are an acceptable footwear choice in a workplace with a business casual dress code.

 

____  50.   Buying cheap but fashionable shoes is a good way to stretch clothing dollars.

 

____  51.   Proper clothing care will help clothes look better and last longer.

 

Multiple Choice

Identify the choice
that best completes the statement or answers the question.

 

____  52.   Which of the following is not an advantage of shopping in a small neighborhood store?

a.

A broad selection of merchandise.

b.

Convenience.

c.

Personal service.

d.

Saving of time and gas.

 

 

____  53.   Before letting a door-to-door salesperson into your home, it is important to ____.

a.

call the Better Business Bureau

b.

call the local police station

c.

request identification, a selling   permit or license, and a company connection

d.

call in a neighbor

 

 

____  54.   Interactive television lets you ____.

a.

research goods and services on TV

b.

buy goods and services at the lowest   possible prices

c.

buy items shown on TV using your   remote control

d.

try products before you buy them

 

 

____  55.   Advantages of Internet and television shopping include all except ____.

a.

seeing and inspecting merchandise   before buying it

b.

shopping at your convenience 24 hours   a day

c.

choosing from a vast array of   merchandise from all over the world

d.

saving time and energy it takes to   shop in stores

 

 

____  56.   To benefit from advertising, consumers need to ____.

a.

believe advertising claims

b.

buy whatever looks most attractive in   ads

c.

look for useful facts in   advertisements

d.

rely on advertising as the most   reliable source of information

 

 

____  57.   When reading an ad or listening to a commercial, look for ____.

a.

detailed descriptions of the product   or service

b.

listing and demonstration of product   features and qualities

c.

details on prices, availability,   places to buy, and terms of sale

d.

All of the above.

 

 

____  58.   Consumers need to be skeptical when ____.

a.

sellers make exaggerated and   unbelievable claims

b.

sellers make a policy of standing   behind their products

c.

products carry full warranties

d.

return and exchange policies are clear   and fair

 

 

____  59.   Which would not be found on labels and hangtags?

a.

Contents, ingredients, or materials   used.

b.

The name and address of the   manufacturer.

c.

Product ratings and testing results.

d.

Use and care instructions.

 

 

____  60.   Returns and exchanges should be made ____.

a.

only when necessary

b.

promptly

c.

with appropriate receipts

d.

All of the above.

 

 

____  61.   When shopping for professional services, it pays to check the ____.

a.

experience and qualifications of the   person performing the service

b.

fees and charges for specific services

c.

reputation of the person performing   the service

d.

All of the above.

 

 

____  62.   The right of refusal means refusing to ____.

a.

accept unordered merchandise

b.

buy what you do not need, do not want,   or cannot afford

c.

pay for unsatisfactory products bought   on time

d.

All of the above.

 

 

____  63.   A good wardrobe plan involves all except ____.

a.

adding clothes to meet your wardrobe   needs

b.

clearing away the clothes you never   wear

c.

keeping up with the very latest   fashions

d.

taking an inventory of clothes you own

 

 

____  64.   Fads are ____.

a.

conservative or classic styles

b.

styles that stay popular for only a   short time

c.

styles that tend to last for many   seasons

d.

styles that should use the most of a   person’s clothing budget

 

 

____  65.   You can save money in your wardrobe budget by ____.

a.

bargain hunting and comparison   shopping

b.

sewing your own clothes

c.

waiting for end-of-season sales

d.

All of the above.

 

 

____  66.   When buying clothes online or from catalogs, it is possible and important to do all except ____.

a.

check fit and appearance in front of a   full length mirror

b.

read descriptions carefully

c.

check out size information

d.

understand exchange and return   policies

 

 

____  67.   Natural fibers made from plants and animals include all except ____.

a.

linen and cotton

b.

nylon and acrylic

c.

silk and wool

d.

cashmere and angora

 

 

____  68.   Which of the following is a characteristic of cotton?

a.

Comfortable and absorbent.

b.

Generates static electricity easily.

c.

Nonabsorbent.

d.

Strong and wrinkle-resistant.

 

 

____  69.   Which of the following does not describe a positive characteristic of wool?

a.

Durable.

b.

Retains shape well.

c.

Withstands moisture and heat.

d.

Wrinkle-resistant.

 

 

____  70.   Finishes applied to fabrics can affect all of the following except ____.

a.

appearance and comfort

b.

care requirements

c.

durability and performance

d.

the construction of a garment

 

 

____  71.   Laws and regulations governing the labeling of clothing and textile products include ____.

a.

Wool Products Labeling Act

b.

Textiles Fiber Products Identification   Act

c.

Permanent Care Labeling Rule

d.

All of the above.

 

 

____  72.   Which of the following materials used in shoes is best for air circulation?

a.

Leather.

b.

Plastic.

c.

Rubber.

d.

Vinyl.

 

 

____  73.   When a shoe fits properly, ____.

a.

it will be snug without being tight

b.

the widest part of the shoe will fit   the widest part of the foot

c.

it will not slip or pinch when   standing or walking

d.

All of the above.

 

 

____  74.   To store clothes properly, ____.

a.

avoid overcrowding closets and drawers

b.

clean and mend clothes before storage

c.

fold them neatly or hang them straight

d.

All of the above.

 

 

____  75.   The best way to find out how to launder products correctly is to ____.

a.

hire professionals

b.

read labels on clothing and laundry   products

c.

rely on instinct

d.

use the trial and error method


Chapter 13 & 16 Test Third Six Weeks

Answer Section

 

MATCHING

 

            1.   ANS:  H                    PTS:   1

 

            2.   ANS:  G                    PTS:   1

 

            3.   ANS:  C                    PTS:   1

 

            4.   ANS:  I                     PTS:   1

 

            5.   ANS:  B                    PTS:   1

 

            6.   ANS:  A                    PTS:   1

 

            7.   ANS:  J                     PTS:   1

 

            8.   ANS:  E                    PTS:   1

 

            9.   ANS:  F                    PTS:   1

 

          10.   ANS:  D                    PTS:   1

 

          11.   ANS:  I                     PTS:   1

 

          12.   ANS:  J                     PTS:   1

 

          13.   ANS:  A                    PTS:   1

 

          14.   ANS:  D                    PTS:   1

 

          15.   ANS:  G                    PTS:   1

 

          16.   ANS:  F                    PTS:   1

 

          17.   ANS:  B                    PTS:   1

 

          18.   ANS:  E                    PTS:   1

 

          19.   ANS:  H                    PTS:   1

 

          20.   ANS:  C                    PTS:   1

 

TRUE/FALSE

 

          21.   ANS:  T                    PTS:   1

 

          22.   ANS:  F                    PTS:   1

 

          23.   ANS:  T                    PTS:   1

 

          24.   ANS:  F                    PTS:   1

 

          25.   ANS:  T                    PTS:   1

 

          26.   ANS:  F                    PTS:   1

 

          27.   ANS:  T                    PTS:   1

 

          28.   ANS:  F                    PTS:   1

 

          29.   ANS:  T                    PTS:   1

 

          30.   ANS:  T                    PTS:   1

 

          31.   ANS:  T                    PTS:   1

 

          32.   ANS:  F                    PTS:   1

 

          33.   ANS:  F                    PTS:   1

 

          34.   ANS:  F                    PTS:   1

 

          35.   ANS:  T                    PTS:   1

 

          36.   ANS:  F                    PTS:   1

 

          37.   ANS:  T                    PTS:   1

 

          38.   ANS:  T                    PTS:   1

 

          39.   ANS:  F                    PTS:   1

 

          40.   ANS:  F                    PTS:   1

 

          41.   ANS:  T                    PTS:   1

 

          42.   ANS:  T                    PTS:   1

 

          43.   ANS:  T                    PTS:   1

 

          44.   ANS:  F                    PTS:   1

 

          45.   ANS:  T                    PTS:   1

 

          46.   ANS:  F                    PTS:   1

 

          47.   ANS:  T                    PTS:   1

 

          48.   ANS:  T                    PTS:   1

 

          49.   ANS:  F                    PTS:   1

 

          50.   ANS:  F                    PTS:   1

 

          51.   ANS:  T                    PTS:   1

 

MULTIPLE CHOICE

 

          52.   ANS:  A                    PTS:   1

 

          53.   ANS:  C                    PTS:   1

 

          54.   ANS:  C                    PTS:   1

 

          55.   ANS:  A                    PTS:   1

 

          56.   ANS:  C                    PTS:   1

 

          57.   ANS:  D                    PTS:   1

 

          58.   ANS:  A                    PTS:   1

 

          59.   ANS:  C                    PTS:   1

 

          60.   ANS:  D                    PTS:   1

 

          61.   ANS:  D                    PTS:   1

 

          62.   ANS:  B                    PTS:   1

 

          63.   ANS:  C                    PTS:   1

 

          64.   ANS:  B                    PTS:   1

 

          65.   ANS:  D                    PTS:   1

 

          66.   ANS:  A                    PTS:   1

 

          67.   ANS:  B                    PTS:   1

 

          68.   ANS:  A                    PTS:   1

 

          69.   ANS:  C                    PTS:   1

 

          70.   ANS:  D                    PTS:   1

 

          71.   ANS:  D                    PTS:   1

 

          72.   ANS:  A                    PTS:   1

 

          73.   ANS:  D                    PTS:   1

 

          74.   ANS:  D                    PTS:   1

 

          75.   ANS:  B                    PTS:   1



Study Guide for Test Chapter 9
Due Date: 10/16/2015
Subject: Economics & Personal Finance

Chapter Study Guide for Personal Finance 9

 

Matching

 

Match the following terms and identifying phrases.

a.

annual percentage rate (APR)

b.

closed-end credit

c.

collateral

d.

cosigner

e.

credit

f.

credit card

g.

credit report

h.

creditor

i.

open-end credit

j.

principal

k.

secured loan

 

 

____    1.   An arrangement that allows consumers to buy goods or services and pay for them later.

 

____    2.   The amount borrowed on a loan.

 

____    3.   The annual cost of credit a lender charges.

 

____    4.   A loan that must be repaid with finance charges by a certain date.

 

____    5.   A loan that requires collateral.

 

____    6.   Property that a borrower promises to give up in case of default.

 

____    7.   A person who signs a loan along with a borrower and agrees to repay the loan if the borrower fails to repay it.

 

____    8.   Allows the borrower to use a certain amount of money for an indefinite period of time.

 

____    9.   A record of a person’s credit history and financial behavior.

 

____  10.   Allows consumers to make purchases or borrow money on a time-payment plan.

 

Match the following terms and identifying phrases.

a.

bankruptcy

b.

creditworthy

c.

default

d.

foreclosure

e.

garnishment

f.

grace period

g.

lien

h.

pawnshop

i.

payday loan

j.

repossession

k.

title loan

 

 

____  11.   When a borrower fails to pay the debt owed.

 

____  12.   The time between the billing date and the start of interest charges.

 

____  13.   When a lender takes back collateral if a borrower fails to repay a loan.

 

____  14.   The forced sale of a property.

 

____  15.   A legal claim on a borrower’s property by a creditor who is owed money.

 

____  16.   A legal procedure requiring a portion of a debtor’s pay to be set aside by the person’s employer to pay creditors.

 

____  17.   A loan made using the borrower’s car as collateral.

 

____  18.   A legal state in which the courts excuse a debtor from repaying some or all debt. In return, the debtor must give up certain assets and possessions.

 

____  19.   A short-term, high interest loanthat must usually be repaidon the borrower’s next payday.

 

____  20.   A business that gives customers high-interest loans with personal property, such as jewelry, held as collateral.

 

True/False

Indicate whether the statement is true or false.

 

____  21.   Consumer credit provides the extra buying power needed to support mass production and distribution of goods and services.

 

____  22.   Credit is more costly than using cash.

 

____  23.   Credit is only available to those with high incomes and valuable property.

 

____  24.   Most consumers have no need to use consumer credit.

 

____  25.   A chief advantage of using credit is the opportunity to use goods and services while paying for them.

 

____  26.   For the most part, it is a good idea to use credit any time you want something and do not have enough cash to pay for it.

 

____  27.   Using credit can simplify telephone, mail, and Internet shopping and make necessary returns and exchanges easier.

 

____  28.   Finance charges remain the same regardless of the amount of credit used or the length of time you take to repay.

 

____  29.   Open-end credit is used for loans.

 

____  30.   A sound credit rating is an important financial asset.

 

____  31.   Credit reporting agencies automatically send credit reports to consumers each month.

 

____  32.   There is one central credit reporting agency that keeps a running record of the financial and credit transactions of credit users.

 

____  33.   Credit cards are used primarily to obtain cash loans.

 

____  34.   Possessing credit cards tempts many people to spend more than they can afford.

 

____  35.   Regardless of where you shop for credit, the cost of a given amount of credit will be the same.

 

____  36.   You should never sign a credit contract without knowing the exact meaning of all of the terms it contains.

 

____  37.   Filing bankruptcy is the easiest and most practical solution for people who have credit problems.

 

____  38.   The Truth in Lending Law requires creditors to tell consumers what credit will cost them before they use it.

 

____  39.   According to the Equal Credit Opportunity Act, a person who is denied credit has the right to a written explanation of why credit was denied.

 

____  40.   The Electronic Funds Transfer Act puts a $50 limit on cardholder liability for unauthorized transfers.

 

Multiple Choice

Identify the choice that best completes the statement or answers the question.

 

____  41.   Which of the following is not an advantage of using credit?

a.

A source of cash for emergencies.

b.

Convenience.

c.

Ease of spending money you do not   have.

d.

Use of goods and services while paying   for them.

 

 

____  42.   Credit is available most readily to ____.

a.

anyone with a good job

b.

people who can offer the most   collateral

c.

people who use it for good reasons

d.

people with a good credit rating

 

 

____  43.   Which of the following is a type of closed-end credit?

a.

Credit card.

b.

Installment loan.

c.

Regular charge account.

d.

Revolving credit account.

 

 

____  44.   You can damage a good credit rating by ____.

a.

ignoring bills you cannot pay until   the creditors take collection action

b.

limiting your use of credit to amounts   you can repay with ease

c.

notifying creditors immediately if you   cannot pay as agreed

d.

refusing to pay amounts in dispute   because of billing errors

 

 

____  45.   A consumer should check out his or her credit rating periodically to ____.

a.

be sure the information on file is   correct

b.

receive a refund on credit charges

c.

find out the total amount owed to   creditors

d.

be sure all monthly statements are   accurate

 

 

____  46.   Which of the following is not one of the national credit reporting agencies?

a.

Equifax Credit Information Services,   Inc.

b.

National Credit Union Administration.

c.

Experian Information Solutions, Inc.

d.

TransUnion.

 

 

____  47.   Credit cards that allow consumers to use credit at many places can be obtained through ____.

a.

banks, credit unions, and credit card   issuers

b.

loan officers

c.

service stations

d.

the U.S. Government Treasury

 

 

____  48.   When comparing credit terms, it is important to consider ____.

a.

annual percentage rate of interest

b.

grace period

c.

method of computing the balance

d.

All of the above.

 

 

____  49.   Consumer credit counseling services sponsored by the National Foundation for Consumer Credit ____.

a.

provides debt consolidation loans with   high interest rates

b.

offers reliable low cost help and   advice to debt troubled consumers

c.

teaches consumers to manage their   money without using credit

d.

provides helpful counseling for high   fees

 

 

____  50.   If your credit card is lost or stolen, ____.

a.

you are liable for charges someone   else makes with your card

b.

you are responsible for charges made   by someone else even if you notify the creditor before the card is used

c.

you are responsible for only $50 in   charges per card

d.

All of the above.




Personal Finance
Due Date: 9/28/2015
Subject: Economics & Personal Finance

MONDAY: Lecture on Chapter 4, The Global Economy: Assign the review question at end of chapter and review for upcoming test.

 

TUESDAY: Test on Chapters 1, 3, 8, 11

 

WEDNESDAY:  Continue Working on Chapter 4 Lecture and case study Question

  

THURSDAY: Lecture on the Global Economy Review Question Due.

 

FRIDAY: Questions and Answer about Global Economy Critical Think question due: The Paper on Adam Smith, is due The Wealth of Nation.

 



Study Guide for Second Six Weeks Test
Due Date: 9/23/2015
Subject: Economics & Personal Finance

Second Six Weeks Test Review

 

Matching

 

Match the following terms and identifying phrases.

a.

command economy

b.

consumers

c.

human resource

d.

market economy

e.

needs

f.

nonhuman resource

g.

opportunity cost

h.

producers

i.

trade-off

j.

traditional economy

k.

wants

 

 

____    1.   Items a person must have to survive.

 

____    2.   A system in which economic decisions are based on a society’s values, culture, and customs.

 

____    3.   Buyers and users of goods and services.

 

____    4.   A system in which a central authority controls economic activities.

 

____    5.   External resources such as money, time, equipment, and possessions.

 

____    6.   Qualities and characteristics people have within themselves.

 

____    7.   Items a person would like to have but that are not essential to life.

 

____    8.   A system in which privately owned businesses compete for profits with limited government regulation.

 

____    9.   Individuals or businesses that provide goods and services to meet demand.

 

____  10.   The value of the best option or alternative given up.

 

Match the following terms and identifying phrases.

a.

antitrust laws

b.

collusion

c.

depression

d.

fiscal

e.

labor force

f.

labor union

g.

monetary

h.

monopoly

i.

oligopoly

j.

recession

k.

stagflation

 

 

____  11.   An extended period of slow or no economic growth.

 

____  12.   An extended period of economic recession.

 

____  13.   A period of slow economic growth and high inflation.

 

____  14.   Composed of people, age 16 and over, who are employed or looking for and able to work.

 

____  15.   Taxing and spending policies of government.

 

____  16.   Composed of workers who unite to negotiate with employers over issues such as pay, health care, and working conditions.

 

____  17.   Policies used by government to control the supply of money and credit.

 

____  18.   When a single seller is in control of the entire supply of a product or service.

 

____  19.   When a few large companies dominate an industry.

 

____  20.   Laws that ensure competition by preventing monopolies and other restraints of trade.

 

Match the following terms and identifying phrases.

a.

Consumer Product Safety Commission   (CPSC)

b.

Department of Agriculture (USDA)

c.

Department of Energy (DOE)

d.

Department of Labor (DOL)

e.

Department of Treasury

f.

Federal Communications Commission   (FCC)

g.

Food and Drug Administration (FDA)

h.

Department of Health and Human   Services (HHS)

i.

Department of Housing and Urban   Development (HUD)

j.

Securities and Exchange Commission   (SEC)

k.

Social Security Administration (SSA)

 

 

____  21.   Government agency that researches the nutrient content of food.

 

____  22.   Government agency responsible for the safety of food, drugs, and cosmetics.

 

____  23.   Government agency responsible forregulating communications by telephone, television, radio, cable, wire, and satellite.

 

____  24.   Government agency responsible for setting minimum wage standards.

 

____  25.   Government agency that manages the federal government’s retirement, survivors and disability insurance, and the supplemental security income programs.

 

____  26.   Government agency responsible for the safety of consumer and children’s products.

 

____  27.   Government agency that supervises the work of the Centers for Medicare & Medicaid, the Office of Public Health and Science, the National Institutes of Health, the Centers for Disease Control and Prevention, and the Food and Drug Administration.

 

____  28.   Government agency that works toward a reliable, affordable, and clean energy supply.

 

____  29.   Government agency that manages the finances of the federal government.

 

____  30.   Government agency that protects investors against fraud when buying or selling securities.

 

Match the following terms and identifying phrases.

a.

assets

b.

durable goods

c.

GDP per capita

d.

income tax

e.

investment

f.

labor productivity

g.

national standard of living

h.

personal standard of living

i.

property tax

j.

prosperity

k.

sales tax

 

 

____  31.   Products that have lasting value, such as furniture, appliances, and cars.

 

____  32.   The market value of final goods and services produced per person.

 

____  33.   Possessions of value, such as stocks, real estate, and bonds.

 

____  34.   The level of prosperity in a country.

 

____  35.   The value of the goods and services a worker creates in a given time.

 

____  36.   Periods of growth and financial well-being.

 

____  37.   An asset that increases wealth over time but carries the risk of loss.

 

____  38.   A tax paid on real estate owned by individuals and corporations.

 

____  39.   Tax added to the price of goods and services.

 

____  40.   A tax on the earnings of individuals and corporations.

 

Match the following terms and identifying phrases.

a.

ATM card

b.

automated teller machine (ATM)

c.

bank statement

d.

cashier’s check

e.

certified check

f.

commercial bank

g.

credit union

h.

electronic funds transfer (EFT)

i.

endorse

j.

Federal Deposit Insurance Corporation   (FDIC)

k.

money order

l.

mutual savings bank

m.

National Credit Union Administration   (NCUA)

n.

savings and loan association

o.

signature card

p.

traveler’s checks

 

 

____  41.   A record of checks, deposits, and charges on a checking account.

 

____  42.   A bank owned by stockholders and organized to receive, transfer, and lend money to individuals, businesses, and governments.

 

____  43.   A card that allows customers to withdraw cash from and make deposits to their accounts using a cash machine.

 

____  44.   An order for a specific amount of money payable to a specific payee.

 

____  45.   An agency that grants federal charters to qualified groups, supervises credit unions, and insures accounts in all federally chartered and many state chartered credit unions.

 

____  46.   Checks that can be cashed in most places around the world. They are often used by people who travel and do not want to carry large amounts of cash.

 

____  47.   A nonprofit financial cooperative owned by and operated for the benefit of its members. It accepts deposits, makes loans, and provides other services.

 

____  48.   A U.S. government agency that protects bank customers by insuring deposits as well as examining and supervising financial institutions.

 

____  49.   A saving depository owned by the depositors that divides the profits among depositors in the form of dividends.

 

____  50.   The movement of money electronically from one financial institution to another.

 

____  51.   A computer terminal used to transact business with a financial institution.

 

____  52.   A personal check with a bank’s guarantee the check will be paid.

 

____  53.   To sign one’s name on the back of a check in order to cash or deposit the check.

 

____  54.   A for-profit financial institution that receives and pays dividends on depositors’ savings, makes mortgage loans, and offers most of the services commercial banks offer.

 

____  55.   A check drawn by a bank on its own funds and signed by an authorized officer of the bank.

 

Match the following terms and identifying phrases.

a.

annual percentage yield (APY)

b.

certificate of deposit (CD)

c.

compound interest

d.

money market deposit account

e.

regular savings account

f.

Rule of 72

g.

simple interest

h.

tax deferred

i.

tax exempt

j.

time value of money

k.

U.S. savings bond

 

 

____  56.   Interest computed only on the principal.

 

____  57.   Interest figured on money deposited plus interest.

 

____  58.   A method used to estimate the amount of time or interest it will take for savings to double in value.

 

____  59.   Earnings that are free of certain taxes.

 

____  60.   Savings or earnings that are not taxed until the funds are withdrawn.

 

____  61.   The rate of yearly earnings from an account, including compound interest.

 

____  62.   A savings account that pays interest and allows you to make deposits and withdrawals.

 

____  63.   A savings account that pays a higher interest rate, but usually requires a minimum balance and has limited check writing privileges.

 

____  64.   A savings tool in which money is deposited for a set period of time and earns a set annual rate of interest.

 

____  65.   A savings tool that loans money to the U.S. government for a specified period of time. The bondholder is repaid with interest at the time of maturity.

 

True/False

Indicate whether the statement is true or false.

 

____  66.   Services are physical items such as food and clothing.

 

____  67.   The free enterprise system is an economy in which privately owned businesses operate and compete for profits with limited government regulation or interference.

 

____  68.   In a market economy, consumer needs and wants determine, to a large extent, what goods and services will be produced.

 

____  69.   Most economies are mixed.

 

____  70.   Scarcity refers to the challenge of resources being limited while wants are unlimited.

 

____  71.   A trade-off is the choosing of one item, which involves giving up another.

 

____  72.   Technology refers to the application of scientific knowledge to practical uses and product development.

 

____  73.   The desire for profit motivates people to spend money.

 

____  74.   Demand is the amount of a product of a service producers are willing to provide.

 

____  75.   Markets are usually not in equilibrium.

 

____  76.   In a market economy system, government controls most of the productive resources.

 

____  77.   Consumer choices and needs are the most important factor in a command economy.

 

____  78.   All economic systems attempt to resolve the problem of unlimited needs and wants and limited resources.

 

____  79.   In a command economy, the government controls the important economic resources.

 

____  80.   Fulfilling one want will help prevent new wants from forming.

 

____  81.   There are two basic types of resources—human and nonhuman.

 

____  82.   Everyone has the same resources.

 

____  83.   Opportunity costs refer to sale prices after a discount.

 

____  84.   Government’s role in our economy is limited to making laws that guarantee fair competition and fair business practices.

 

____  85.   Inflation is likely to occur when there is not enough money in circulation.

 

____  86.   Unemployment is harmful to both individuals and the nation.

 

____  87.   Fiscal policy is one of the tools government uses to ensure fair competition in the marketplace.

 

____  88.   GDP is sometimes called the “cost of living index.”

 

____  89.   The consumer price index (CPI) includes real estate prices.

 

____  90.   Government tries to control the amount of money in circulation by regulating interest rates and credit terms.

 

____  91.   When the Federal Reserve follows a “tight” monetary policy, money and credit are readily available.

 

____  92.   A subsidy gives financial assistance to a business or entity.

 

____  93.   When the government spends less than it receives, it results in a deficit.

 

____  94.   There are only 10 federal government agencies that serve and protect consumers.

 

____  95.   The way consumers carry out their economic activities determines how well they live and how well the economic system works.

 

____  96.   Overall economic conditions have little or no effect on individual job opportunities.

 

____  97.   If your income rises faster than prices of goods and services, your standard of living will rise.

 

____  98.   When consumers are doubtful about their economic future, they tend to spend less and save more.

 

____  99.   Consumer confidence is one of the indicators economists use to assess the state of the economy.

 

____ 100.   When you use credit, you are spending future income.

 

____ 101.   Government spending does not affect inflation.

 

____ 102.   The many options in a market economy make it a challenge to make intelligent choices.

 

____ 103.   When consumers plan ahead, they lack direction for spending and cannot control use of credit.

 

____ 104.   Communication between businesses and customers can lead to greater satisfaction with products and services.

 

____ 105.   Competent consumers rely on impulse spending to bring lasting satisfaction from marketplace choices.

 

____ 106.   Consumers who do not plan ahead often have trouble paying routine monthly bills.

 

____ 107.   Human emotions play a role in the economy.

 

____ 108.   Even informed consumers sometimes indulge in impulse spending.

 

____ 109.   Insurance weakens the overall economic stability of the nation.

 

____ 110.   The primary function of a financial institution is the safekeeping of consumer savings.

 

____ 111.   When you deposit money in a bank, your money becomes someone else’s source of credit.

 

____ 112.   Commercial banks typically offer a wide range of financial services to their customers.

 

____ 113.   A credit union lends funds to members at higher rates than other financial institutions.

 

____ 114.   Customers using EFT can request recurring bills to be paid automatically.

 

____ 115.   An overdraft is a check that is not included on your bank statement.

 

____ 116.   When you open a checking account, you are asked to sign a signature card, and this will be the only signature the financial institution will honor on your checks.

 

____ 117.   When you open a checking account, you normally receive personalized checks and a register for recording deposits and checks.

 

____ 118.   You can use a debit card to charge goods and services when you are shopping.

 

____ 119.   A blank endorsement may be used only for the specific purpose stated in the endorsement.

 

____ 120.   Financial institutions help keep money in circulation between consumers and businesses.

 

____ 121.   There are different types of checking accounts that meet different needs.

 

____ 122.   A bank statement is a quarterly record of interest earned on savings accounts.

 

____ 123.   A personal checking account will be pretty much the same no matter where you open your account.

 

____ 124.   With overdraft protection, banks will honor the a check written even if it exceeds the account balance.

 

____ 125.   A special endorsement is used to transfer a check to another part.

 

____ 126.   Destroyed checks should be recorded in the checkbook register as “void.”

 

____ 127.   Identifying check numbers are needed to replace lost or stolen travelers checks.

 

____ 128.   Money is a limited resource.

 

____ 129.   A certificate of deposit is a good savings tool to use for an emergency fund.

 

____ 130.   An emergency fund should contain enough money to cover two months of living expenses.

 

____ 131.   The lower the interest rate on a savings account, the higher the earnings.

 

____ 132.   Simple interest makes money grow more quickly than compound interest.

 

____ 133.   The more often interest is compounded, the faster savings grow.

 

____ 134.   The Rule of 72 is used to calculate how long it will take for savings to triple in value.

 

____ 135.   Interest earnings are considered taxable income.

 

____ 136.   Inflation increases the value of savings.

 

____ 137.   The Truth in Savings Act is designed to help consumers compare credit costs.

 

____ 138.   Regular savings accounts offer the highest interest earnings of all savings choices.

 

____ 139.   A money market deposit account is more liquid than a certificate of deposit.

 

____ 140.   I-Bonds pay a fixed interest rate plus a semi-annual inflation rate based on the consumer price index.

 

____ 141.   Series EE savings bonds are issued by the U.S. Treasury and sell at half their face value.

 

____ 142.   Interest on U.S. Savings Bonds is tax deferred.

 

Multiple Choice

Identify the choice that best completes the statement or answers the question.

 

____ 143.   A market economy and a command economy differ primarily in ____.

a.

the resources available

b.

the society’s welfare

c.

the types of goods and services   produced

d.

the way economic choices are made

 

 

____ 144.   Human resources include ____.

a.

energy, skills, talents, and knowledge

b.

furniture, car, and clothes

c.

money, tools, and materials

d.

All of the above.

 

 

____ 145.   Which of the following is one of the four qualities of a market economy?

a.

Scarcity.

b.

Opportunity cost.

c.

Free economic choice.

d.

Innovation.

 

 

____ 146.   What is the key incentive for individuals and businesses to produce goods and services?

a.

Competition.

b.

Profit.

c.

Job satisfaction.

d.

Government regulation.

 

 

____ 147.   Innovation is _____.

a.

another word for competition

b.

the process of creating something new

c.

the application for scientific   knowledge to practical uses

d.

the result of equilibrium

 

 

____ 148.   In a market economy, competition for profits encourages ____.

a.

product improvements

b.

lower prices

c.

greater variety of goods and services

d.

All of the above.

 

 

____ 149.   Which of the following is true of supply and demand?

a.

The higher the price of a good, the   more of it consumers will demand.

b.

The lower the price of a good, the   higher the quantity supplied by producers.

c.

Price and demand move in the same   direction.

d.

Price and supply move in the same   direction.

 

 

____ 150.   When a supply and demand chart’s coordinates are plotted on a graph, equilibrium is _____.

a.

a negative slope

b.

a positive slope

c.

where supply and demand curves   intersect

d.

found at 0 on t x-axis

 

 

____ 151.   Which of the following would be most likely to cause price to increase?

a.

Demand for an item is greater than the   supply.

b.

Demand decreases and supply remains   the same.

c.

Supply for an item is greater than the   demand.

d.

All of the above.

 

 

____ 152.   In a market economy, what determines how to divide the goods and services produced?

a.

Businesses that own productive   resources.

b.

The forces of supply and demand.

c.

The country’s religious leader.

d.

All of the above.

 

 

____ 153.   Opportunity cost refers to ____.

a.

an advantageous sale price

b.

the financial cost of purchases

c.

the loss of one alternative when   another is chosen

d.

the chance to buy goods or services at   a discount

 

 

____ 154.   In the business cycle, ____ is a period of slow or no economic growth.

a.

contraction

b.

trough

c.

recovery

d.

peak

 

 

____ 155.   A major cause of inflation is ____.

a.

too much money in circulation

b.

not enough money in circulation

c.

the supply exceeding the demand for   goods and services

d.

lack of competition

 

 

____ 156.   Demand-pull inflation occurs during which of the following business cycles?

a.

Recovery.

b.

Peak.

c.

Trough.

d.

Both A and B.

 

 

____ 157.   A worker who is over qualified for his or her job is an example of ____.

a.

cyclical unemployment

b.

seasonal unemployment

c.

structural unemployment

d.

underemployment

 

 

____ 158.   When the GDP declines for two or more quarters, the economy is said to be in ____.

a.

a depression

b.

a period of inflation

c.

a recession

d.

stagflation

 

 

____ 159.   CPI measures the ____.

a.

movement of prices

b.

national deficit

c.

rate of taxation

d.

unemployment rate

 

 

____ 160.   Which of the following Federal Reserve actions would help control inflation?

a.

Lower reserve requirements.

b.

Decrease the discount rate.

c.

Sell government securities.

d.

Follow an “easy” monetary policy.

 

 

____ 161.   Which of the following Federal Reserve actions would help ease a recession?

a.

Lower reserve requirements.

b.

Increase the discount rate.

c.

Sell government securities.

d.

Follow a “tight” monetary policy.

 

 

____ 162.   What is meant by a progressive tax?

a.

Every taxpayer pays the same amount of   taxes.

b.

People with higher incomes pay a   higher tax rate than those with lower incomes.

c.

People with lower incomes pay a higher   tax rate than those with higher incomes.

d.

People with lower incomes do not pay   any taxes.

 

 

____ 163.   When companies in an oligopoly make secret agreements to shut out competition, they are engaged in ____.

a.

collusion

b.

inflationary spending

c.

perfect competition

d.

unionizing

 

 

____ 164.   The amount you earn will depend on all of the following except ____.

a.

economic conditions

b.

education

c.

job performance and skills

d.

tax rates

 

 

____ 165.   Which of the following is not a major effect of consumer borrowing on the economy?

a.

A decrease in future income and   demand.

b.

An increase in consumer demand.

c.

An increase in future income and   demand.

d.

An increase in the amount of money in   circulation.

 

 

____ 166.   Consumers invest money primarily to ____.

a.

help grow the economy

b.

create jobs

c.

support government projects

d.

improve their own financial position

 

 

____ 167.   Consumer investment is a key factor in ____.

a.

maintaining the Social Security system

b.

paying for business growth, research,   and development

c.

paying for government operation

d.

protecting consumers against financial   risks

 

 

____ 168.   Which of the following characteristics of a market economy does not complicate the process of making choices?

a.

Careless spending.

b.

Conflict of interest.

c.

Confusing variety.

d.

Questionable selling methods.

 

 

____ 169.   Which of the following is not a form of savings?

a.

Buying goods such as food.

b.

Contributions to a life insurance   policy.

c.

Money in the bank.

d.

Purchases of goods such as furniture   or a car.

 

 

____ 170.   Buying insurance makes it possible for consumers to ____.

a.

eliminate financial losses

b.

share the financial risks related to   life, health, and property

c.

make money on financial losses

d.

invest in the future

 

 

____ 171.   Consumer mistakes that lead to poor choices in the marketplace include all except ____.

a.

careful prepurchase shopping and   comparisons

b.

lack of planning

c.

impulse spending

d.

failure to seek and use available   consumer information

 

 

____ 172.   Which of the following is not an advantage of checking accounts?

a.

A record of spending and receipts of   payments made.

b.

Convenience of bill payment.

c.

High interest on balances.

d.

Safekeeping of cash on deposit.

 

 

____ 173.   A good choice for a consumer who writes a large number of checks and can keep the required minimum amount of money in the account at all times would be a ____ checking account.

a.

basic

b.

interest-bearing

c.

lifeline

d.

All of the above.

 

 

____ 174.   A joint checking account may be a good idea if you ____.

a.

have difficulty keeping track of   checks and deposits

b.

want someone else to assume   responsibility for paying your bills

c.

want someone to have access to your   account in an emergency

d.

want to simplify record keeping

 

 

____ 175.   When writing a check, be sure to write clearly and accurately the ____.

a.

amount of the check in numbers and   words

b.

name of the payee

c.

date

d.

All of the above.

 

 

____ 176.   A bank statement provides a record of all the following except ____.

a.

opening balance

b.

outstanding checks

c.

service fees

d.

the deposits received

 

 

____ 177.   A financial institution owned by its stockholders and operated for profit is a ____.

a.

commercial bank

b.

credit union

c.

mutual savings bank

d.

savings and loan association

 

 

____ 178.   Which of the following can be done from a home computer with online banking?

a.

Accessing your account balance.

b.

Requesting an automatic bill payment.

c.

Reviewing your account history.

d.

All of the above.

 

 

____ 179.   An opportunity cost of spending money is ____.

a.

increased future spending power

b.

lost opportunity to earn interest on   savings

c.

more material goods

d.

the ability to satisfy wants and needs

 

 

____ 180.   A savings plan consists of all of the following except ____.

a.

choosing a variety of savings   instruments

b.

creating an emergency fund

c.

opening a credit card account

d.

setting goals for savings

 

 

____ 181.   All goals for savings should be ____.

a.

long term

b.

obtained within a three-year time   frame

c.

typical of the life cycle pattern

d.

realistic, specific, and measurable

 

 

____ 182.   Simple interest is computed on ____.

a.

the principal

b.

the principal plus the interest earned

c.

the principal minus the interest   earned

d.

the principal divided by the interest   earned

 

 

____ 183.   Compound interest is computed on ____.

a.

the principal

b.

the principal plus the interest earned

c.

the principal minus the interest   earned

d.

the principal divided by the interest   earned

 

 

____ 184.   Which of the following ways of figuring interest on savings will produce the most earnings?

a.

Daily compounding.

b.

No compounding.

c.

Quarterly compounding.

d.

Monthly compounding.

 

 

____ 185.   The annual interest rate needed to double savings in 10 years is ____.

a.

6.2

b.

7.0

c.

7.2

d.

7.5

 

 

____ 186.   The number of years it will take to double savings at a 3 percent annual interest rate is ____.

a.

18

b.

20

c.

22

d.

24

 

 

____ 187.   Due to inflation, a dollar buys ____.

a.

less this year than last year

b.

more this year than last year

c.

the same amount as last year

d.

None of the above.

 

 

____ 188.   Liquidity of savings refers to ____.

a.

availability of your funds on short   notice

b.

earning potential of savings

c.

security or safety of funds on deposit

d.

tax-free accumulation of savings

 

 

____ 189.   Which of the following does not apply to a money market deposit account?

a.

They are a liquid savings choice.

b.

They have unlimited check writing   privileges.

c.

They usually earn a higher rate of   interest than regular savings accounts.

d.

They usually require a minimum deposit   of $100 to $2,500.

 

 

____ 190.   Which of the following does not apply to a certificate of deposit?

a.

You may deposit funds in any amount and   withdraw as you wish.

b.

You must deposit a set amount of   money.

c.

You must leave funds on deposit for a   given period of time.

d.

You receive a higher rate of interest   if you commit to a longer term deposit.

 

 

Essay

 

        191.   Explain the concept of scarcity.

 

        192.   What are the three basic economic problems common to all societies, and how are these problems addressed in a market economy?

 

        193.   List and explain the four qualities of a market economy.

 

        194.   Based on your reading of the case studies, name at least five ways your economic life would be different if you lived in a command economy.

 

        195.   List three human resources and three nonhuman resources you possess.

 

        196.   Name and describe the parts of the business cycle.

 

        197.   Name and describe the components included in gross domestic product (GDP).

 

        198.   Explain the consequences of deficit spending.

 

        199.   Explain how government spending can both help and harm the economy.

 

        200.   Explain how the free market system helps resolve the conflict of interest between producers and consumers.

 

        201.   Explain how impulse buying can lead to overspending and debt.

 

        202.   In a short paragraph, list and describe three types of questionable selling methods some businesses use.

 

        203.   Explain how financial institutions aid the flow of money between consumers and businesses. Use a diagram to illustrate your answer.

 

        204.   List three advantages of online banking.

 

        205.   List important characteristics you would look for when shopping for a financial institution to handle your money management needs.

 

        206.   Explain why you would be asked to sign a signature card if you opened a checking account at a bank.

 

        207.   List strategies to help your savings grow.

 

        208.   Explain how to estimate the amount of savings needed in an emergency fund.

 

        209.   Calculate compound interest earnings after three months on a $2,575 deposit. The interest rate is 3 percent and interest is compounded monthly.

 

        210.   Compare and contrast the advantages and disadvantages of online-only savings accounts.


 

Second Six Weeks Test Review

Answer Section

 

MATCHING

 

            1.   ANS:  E                    PTS:   1

 

            2.   ANS:  J                     PTS:   1

 

            3.   ANS:  B                    PTS:   1

 

            4.   ANS:  A                    PTS:   1

 

            5.   ANS:  F                    PTS:   1

 

            6.   ANS:  C                    PTS:   1

 

            7.   ANS:  K                    PTS:   1

 

            8.   ANS:  D                    PTS:   1

 

            9.   ANS:  H                    PTS:   1

 

          10.   ANS:  G                    PTS:   1

 

          11.   ANS:  J                     PTS:   1

 

          12.   ANS:  C                    PTS:   1

 

          13.   ANS:  K                    PTS:   1

 

          14.   ANS:  E                    PTS:   1

 

          15.   ANS:  D                    PTS:   1

 

          16.   ANS:  F                    PTS:   1

 

          17.   ANS:  G                    PTS:   1

 

          18.   ANS:  H                    PTS:   1

 

          19.   ANS:  I                     PTS:   1

 

          20.   ANS:  A                    PTS:   1

 

          21.   ANS:  B                    PTS:   1

 

          22.   ANS:  G                    PTS:   1

 

          23.   ANS:  F                    PTS:   1

 

          24.   ANS:  D                    PTS:   1

 

          25.   ANS:  K                    PTS:   1

 

          26.   ANS:  A                    PTS:   1

 

          27.   ANS:  H                    PTS:   1

 

          28.   ANS:  C                    PTS:   1

 

          29.   ANS:  E                    PTS:   1

 

          30.   ANS:  J                     PTS:   1

 

          31.   ANS:  B                    PTS:   1

 

          32.   ANS:  C                    PTS:   1

 

          33.   ANS:  A                    PTS:   1

 

          34.   ANS:  G                    PTS:   1

 

          35.   ANS:  F                    PTS:   1

 

          36.   ANS:  J                     PTS:   1

 

          37.   ANS:  E                    PTS:   1

 

          38.   ANS:  I                     PTS:   1

 

          39.   ANS:  K                    PTS:   1

 

          40.   ANS:  D                    PTS:   1

 

          41.   ANS:  C                    PTS:   1

 

          42.   ANS:  F                    PTS:   1

 

          43.   ANS:  A                    PTS:   1

 

          44.   ANS:  K                    PTS:   1

 

          45.   ANS:  M                   PTS:   1

 

          46.   ANS:  P                    PTS:   1

 

          47.   ANS:  G                    PTS:   1

 

          48.   ANS:  J                     PTS:   1

 

          49.   ANS:  L                    PTS:   1

 

          50.   ANS:  H                    PTS:   1

 

          51.   ANS:  B                    PTS:   1

 

          52.   ANS:  E                    PTS:   1

 

          53.   ANS:  I                     PTS:   1

 

          54.   ANS:  N                    PTS:   1

 

          55.   ANS:  D                    PTS:   1

 

          56.   ANS:  G                    PTS:   1

 

          57.   ANS:  C                    PTS:   1

 

          58.   ANS:  F                    PTS:   1

 

          59.   ANS:  I                     PTS:   1

 

          60.   ANS:  H                    PTS:   1

 

          61.   ANS:  A                    PTS:   1

 

          62.   ANS:  E                    PTS:   1

 

          63.   ANS:  D                    PTS:   1

 

          64.   ANS:  B                    PTS:   1

 

          65.   ANS:  K                    PTS:   1

 

TRUE/FALSE

 

          66.   ANS:  F                    PTS:   1

 

          67.   ANS:  T                    PTS:   1

 

          68.   ANS:  T                    PTS:   1

 

          69.   ANS:  T                    PTS:   1

 

          70.   ANS:  T                    PTS:   1

 

          71.   ANS:  T                    PTS:   1

 

          72.   ANS:  T                    PTS:   1

 

          73.   ANS:  F                    PTS:   1

 

          74.   ANS:  F                    PTS:   1

 

          75.   ANS:  T                    PTS:   1

 

          76.   ANS:  F                    PTS:   1

 

          77.   ANS:  F                    PTS:   1

 

          78.   ANS:  T                    PTS:   1

 

          79.   ANS:  T                    PTS:   1

 

          80.   ANS:  F                    PTS:   1

 

          81.   ANS:  T                    PTS:   1

 

          82.   ANS:  F                    PTS:   1

 

          83.   ANS:  F                    PTS:   1

 

          84.   ANS:  F                    PTS:   1

 

          85.   ANS:  F                    PTS:   1

 

          86.   ANS:  T                    PTS:   1

 

          87.   ANS:  F                    PTS:   1

 

          88.   ANS:  F                    PTS:   1

 

          89.   ANS:  F                    PTS:   1

 

          90.   ANS:  T                    PTS:   1

 

          91.   ANS:  F                    PTS:   1

 

          92.   ANS:  T                    PTS:   1

 

          93.   ANS:  F                    PTS:   1

 

          94.   ANS:  F                    PTS:   1

 

          95.   ANS:  T                    PTS:   1

 

          96.   ANS:  F                    PTS:   1

 

          97.   ANS:  T                    PTS:   1

 

          98.   ANS:  T                    PTS:   1

 

          99.   ANS:  T                    PTS:   1

 

        100.   ANS:  T                    PTS:   1

 

        101.   ANS:  F                    PTS:   1

 

        102.   ANS:  T                    PTS:   1

 

        103.   ANS:  F                    PTS:   1

 

        104.   ANS:  T                    PTS:   1

 

        105.   ANS:  F                    PTS:   1

 

        106.   ANS:  T                    PTS:   1

 

        107.   ANS:  T                    PTS:   1

 

        108.   ANS:  T                    PTS:   1

 

        109.   ANS:  F                    PTS:   1

 

        110.   ANS:  F                    PTS:   1

 

        111.   ANS:  T                    PTS:   1

 

        112.   ANS:  T                    PTS:   1

 

        113.   ANS:  F                    PTS:   1

 

        114.   ANS:  T                    PTS:   1

 

        115.   ANS:  F                    PTS:   1

 

        116.   ANS:  T                    PTS:   1

 

        117.   ANS:  T                    PTS:   1

 

        118.   ANS:  F                    PTS:   1

 

        119.   ANS:  F                    PTS:   1

 

        120.   ANS:  T                    PTS:   1

 

        121.   ANS:  T                    PTS:   1

 

        122.   ANS:  F                    PTS:   1

 

        123.   ANS:  F                    PTS:   1

 

        124.   ANS:  T                    PTS:   1

 

        125.   ANS:  T                    PTS:   1

 

        126.   ANS:  T                    PTS:   1

 

        127.   ANS:  T                    PTS:   1

 

        128.   ANS:  T                    PTS:   1

 

        129.   ANS:  F                    PTS:   1

 

        130.   ANS:  F                    PTS:   1

 

        131.   ANS:  F                    PTS:   1

 

        132.   ANS:  F                    PTS:   1

 

        133.   ANS:  T                    PTS:   1

 

        134.   ANS:  F                    PTS:   1

 

        135.   ANS:  T                    PTS:   1

 

        136.   ANS:  F                    PTS:   1

 

        137.   ANS:  F                    PTS:   1

 

        138.   ANS:  F                    PTS:   1

 

        139.   ANS:  T                    PTS:   1

 

        140.   ANS:  T                    PTS:   1

 

        141.   ANS:  T                    PTS:   1

 

        142.   ANS:  T                    PTS:   1

 

MULTIPLE