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Economics EOCT Review #2 - Personal Finance For High School
Test Description: This review is for the Georgia EOC Test based on the updated 2017 GSE standards. These questions focus on Personal Finance topics.
Instructions: Answer all questions to get your test result.
1) What is the significance of an investment in education?
A
a college background is not expected for most high paying jobs
B
less educated people usually get higher paid jobs and are rarely unemployed
C
higher educated people are less often unemployed and tend to make more money
D
education is not an investment because it is not guaranteed
2) Training and skill development is it relative to future earnings because...
A
highly skilled employees that are in demand in specified fields can earn higher pay
B
future earnings cannot be predicted based on a person's skills
C
future earnings are unpredictable
D
skills are usually natural and a person cannot be trained to learn them
3) Which of the following are so-called 'soft skills' that make a person a better employee?
A
dress, closeness, friends, smell, eating habits
B
slyness, gossip, self-serving, conniving
C
punctuality, team work, communication skills, and good character
D
flattery, pompousness, punctuation
4) 'Shared Liability' is an insurance term that means...
A
nobody is reasponsible for the accident
B
both the insured person and the company are liable for paying for an accident
C
everyone shares responsibility for the accident
D
two people are sharing in a lie to cover up about an accident
5) Which type of insurance does not have a deductible but does have a premium?
A
Property/Home
B
Health
C
Life Insurance
D
Automobile
6) Automobile, life, health, disability, and property are:
A
issues that are taxed differently in different states
B
different types of insurances
C
problems that monetary policy must deall with
D
reasons that doctors have patients
7) What protects against financial loss due to an accident or something bad happening?
A
air bags
B
insurance
C
the flu shot
D
a football helmet
8) Which of the following is correct about the different types of Interest Rates?
A
fixed interest rates are established by the government so they are fair to everyone
B
simple interest rates are flat taxes based on the credit scores
C
compounded interest rates charge interest on both the principal and the accumulated interest
D
variable interest rates remain the same during the loan
9) Which of the following is most likely to provide the highest interest rates for loaned money?
A
credit cards
B
banks
C
title pawns
D
credit unions
10) What are the three C's that determine if a person is credit worthy?
A
collision, comprehensive, compression
B
collateral, capacity, character
C
coincidence, collateral, coordinated
D
copay, character, consequences
11) The majority of a person's Credit Score is based on which of the following?
A
the amount they owe and where they live
B
the amount they owe and their payment history
C
their type of job and their amount of insurance
D
payment history and who they know in the bank
12) Although a Sales Tax is a flat tax it is also considered a 'Regressive Tax' because:
A
Sales taxes are not the same in different regions
B
the sales taxes paid by poor people on necessities etc. will cost them more of their income than it will for the wealthy
C
the middle income people are not influenced by the amount of sales tax
D
the wealthy get to pay more sales tax money because they buy more stuff
13) Which type of tax is designed to take more money from the wealthy than from other groups?
A
progressive
B
tariffs
C
proportional
D
regressive
14) The reason for the spread in interest rates offered and charged by banks is:
A
banks are legally responsible to have flat rates no matter what the credit score
B
savings accounts have higher interest rates than loans so that the banks will lose profits
C
charging on credit cards is the way that people have lower interest rates than banks
D
banks make money by the difference in the loan interest rate and the savings interest rate
15) What is the direct relationship between an investment's risk and return?
A
risky investment returns have the same possible return as non-risky investment returns
B
investments that have little risk generally have a low return and vice versa for high risk having high return
C
investments that have little risk generally have high returns and vice versa for high risk have low returns
D
risky businesses could get you arrested but this is NOT the answer to this question
16) Which terms below are in the order from LEAST Return to the MOST Return possible?
A
mutual funds, Savings aaccounts, stocks, CD's, bonds
B
stocks, mutual funds, savings accounts, CD's, bonds
C
savings acounts, CD's, bonds, mutual funds, stocks
D
CD's, bonds, savings accounts, mutual funds, stocks
17) Which institution provides the best loan rates because it makes loans to its 'members'?
A
title pawn
B
payday lender
C
bank
D
credit union
18) What could help a person make good decisions about a life choice such as a career?
A
venn diagram
B
production possibilities curve
C
rational decision-making model
D
circular flow chart
19) If a future goal requires additional amounts of money, then a person should plan to reach that goal by:
A
gambling
B
buying penny stocks
C
robbing a bank
D
planning a budget
*select an answer for all questions
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