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Semester Test Fall 2014
Test Description: Personal Finance and some econ fundamentals
Instructions: Answer all questions to get your test result.
1) Final goods and services produced in a nations total dollar value is known as _____.
A
Stuff
B
GDP
C
Price
2) A company or group of people allowed to act as a single entity.
A
Sole Proprietorship
B
Partnership
C
Corporation
3) A single business owner.
A
Sole Proprietorship
B
Partnership
C
Corporation
4) A group of two or more people who own a business.
A
Partnership
B
Sole Proprietorship
C
Corporation
5) Traditional Economy makes all economic decisions on what?
A
Custom or Habit
B
government
C
what ever makes sense
6) Socialism is defined as____________.
A
the concept or idea of fairness
B
a theory of social organize that means production
7) A famous well known economist that came up with the bourgeoisie
A
Joseph Stalin
B
Vladimir Lenin
C
Adam Smith
D
Karl Marx
8) Who controls the decisions in a Command Economy?
A
Government and Consumers
B
Government
C
Consumers
9) What is it when two goods are generally bought and used together?
A
Substitute
B
Complement
10) Net worth is the amount of money a person has in their bank account.
A
False
B
True
11) A bank that anyone can be a part of is called _________.
A
Commercial Bank
B
Credit Union
C
Federal Reserve
12) __________ goes into a federal program that provides financial support for people who are retired.
A
Net Pay
B
Social Security
C
Earnings Statement
D
Federal Income Taxes
13) What does FICA represent?
A
Federal Insurance Contributions Act
B
Federal Income Contributions Account
14) Credit comes in only two forms: car loans and credit cards.
A
False
B
True
15) The higher the interest rate on a credit card the lower the amount you have to pay.
A
False
B
True
*select an answer for all questions
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