Economics EOCT Review #2 - Personal Finance For High School Question Preview (ID: 40121)
This Review Is For The Georgia EOC Test Based On The Updated 2017 GSE Standards. These Questions Focus On Personal Finance Topics.
TEACHERS: click here for quick copy question ID numbers.
What is the significance of an investment in education?
a) less educated people usually get higher paid jobs and are rarely unemployed
b) a college background is not expected for most high paying jobs
c) education is not an investment because it is not guaranteed
d) higher educated people are less often unemployed and tend to make more money
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
Which of the following are so-called 'soft skills' that make a person a better employee?
a) flattery, pompousness, punctuation
b) slyness, gossip, self-serving, conniving
c) punctuality, team work, communication skills, and good character
d) dress, closeness, friends, smell, eating habits
'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) two people are sharing in a lie to cover up about an accident
d) everyone shares responsibility for the accident
Which type of insurance does not have a deductible but does have a premium?
a) Life Insurance
b) Property/Home
c) Health
d) Automobile
Automobile, life, health, disability, and property are:
a) problems that monetary policy must deall with
b) issues that are taxed differently in different states
c) different types of insurances
d) reasons that doctors have patients
What protects against financial loss due to an accident or something bad happening?
a) a football helmet
b) air bags
c) the flu shot
d) insurance
Which of the following is correct about the different types of Interest Rates?
a) variable interest rates remain the same during the loan
b) compounded interest rates charge interest on both the principal and the accumulated interest
c) simple interest rates are flat taxes based on the credit scores
d) fixed interest rates are established by the government so they are fair to everyone
Which of the following is most likely to provide the highest interest rates for loaned money?
a) credit unions
b) title pawns
c) credit cards
d) banks
What are the three C's that determine if a person is credit worthy?
a) copay, character, consequences
b) collision, comprehensive, compression
c) collateral, capacity, character
d) coincidence, collateral, coordinated
The majority of a person's Credit Score is based on which of the following?
a) payment history and who they know in the bank
b) the amount they owe and where they live
c) the amount they owe and their payment history
d) their type of job and their amount of insurance
Although a Sales Tax is a flat tax it is also considered a 'Regressive Tax' because:
a) the sales taxes paid by poor people on necessities etc. will cost them more of their income than it will for the wealthy
b) the wealthy get to pay more sales tax money because they buy more stuff
c) the middle income people are not influenced by the amount of sales tax
d) Sales taxes are not the same in different regions
Which type of tax is designed to take more money from the wealthy than from other groups?
a) regressive
b) proportional
c) progressive
d) tariffs
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) banks make money by the difference in the loan interest rate and the savings interest rate
c) savings accounts have higher interest rates than loans so that the banks will lose profits
d) charging on credit cards is the way that people have lower interest rates than banks
What is the direct relationship between an investment's risk and return?
a) investments that have little risk generally have a low return and vice versa for high risk having high return
b) investments that have little risk generally have high returns and vice versa for high risk have low returns
c) risky investment returns have the same possible return as non-risky investment returns
d) risky businesses could get you arrested but this is NOT the answer to this question
Which terms below are in the order from LEAST Return to the MOST Return possible?
a) CD's, bonds, savings accounts, mutual funds, stocks
b) stocks, mutual funds, savings accounts, CD's, bonds
c) savings acounts, CD's, bonds, mutual funds, stocks
d) mutual funds, Savings aaccounts, stocks, CD's, bonds
Which institution provides the best loan rates because it makes loans to its 'members'?
a) credit union
b) bank
c) title pawn
d) payday lender
What could help a person make good decisions about a life choice such as a career?
a) production possibilities curve
b) venn diagram
c) circular flow chart
d) rational decision-making model
If a future goal requires additional amounts of money, then a person should plan to reach that goal by:
a) robbing a bank
b) buying penny stocks
c) planning a budget
d) gambling
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