Semester Test Fall 2014: Question Preview (ID: 22230)


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__________ goes into a federal program that provides financial support for people who are retired.
a) Social Security b) Net Pay c) Earnings Statement d) Federal Income Taxes
A bank that anyone can be a part of is called _________.
a) Credit Union b) Federal Reserve c) Commercial Bank d)
Net worth is the amount of money a person has in their bank account.
a) True b) False c) d)
What is it when two goods are generally bought and used together?
a) Substitute b) Complement c) d)
Who controls the decisions in a Command Economy?
a) Government b) Consumers c) Government and Consumers d)
A famous well known economist that came up with the bourgeoisie
a) Joseph Stalin b) Adam Smith c) Karl Marx d) Vladimir Lenin
Socialism is defined as____________.
a) a theory of social organize that means production b) the concept or idea of fairness c) d)
Traditional Economy makes all economic decisions on what?
a) Custom or Habit b) what ever makes sense c) government d)
A group of two or more people who own a business.
a) Sole Proprietorship b) Partnership c) Corporation d)
A single business owner.
a) Sole Proprietorship b) Partnership c) Corporation d)
A company or group of people allowed to act as a single entity.
a) Sole Proprietorship b) Partnership c) Corporation d)
Final goods and services produced in a nations total dollar value is known as _____.
a) GDP b) Price c) Stuff d)
What does FICA represent?
a) Federal Insurance Contributions Act b) Federal Income Contributions Account c) d)
Credit comes in only two forms: car loans and credit cards.
a) True b) False c) d)
The higher the interest rate on a credit card the lower the amount you have to pay.
a) True b) False c) d)
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