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economics final exam primavera questions and answers 2024
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economics final exam primavera(CHECKPOINT 01)
Read the scenario.
Alfonso is 19 years old and has a high school diploma. Recently, he was promoted to
assistant manager at the fast-food restaurant where he has worked since the age of
sixteen. His dream is to become the restaurant's manager.
What is his best option for achieving his dream?
He should work hard, work longer hours, and remain assistant manager.
He should attend classes at the local college to receive training in management.
He should hope that his manager transfers to another location and that he is his
replacement.
He should find another job and work his way up to a higher position. - answer He should
attend classes at the local college to receive training in management.
Why is cooperative advertising the most common form of advertising used by
wholesalers and manufacturers who jointly advertise a product?
(Select all that apply.)
The manufacturer receives free advertising.
Large quantities can be held in stock.
Tracking of sales is easier and more productive.
It allows for sales at a discounted price. - answerLarge quantities can be held in stock.
It allows for sales at a discounted price.
Which is the best example of direct vendor advertising?
television or radio ads from the local car dealer
a commercial during the Super Bowl for Starbucks coffee
social media ads highlighting sales at a grocery store
print ads and coupons in the Sunday newspaper - answera commercial during the
Super Bowl for Starbucks coffee
Why is it important to use multiple methods of both broadcast and online media
advertising?
Using multiple methods allows for the most opportunity in case there are power
outages.
Using multiple methods allows for the most criticism of the product or service.
Using multiple methods allows for wider exposure to advertise the product or service.
,Using multiple methods restricts opportunities to advertise the product or service. -
answerUsing multiple methods allows for wider exposure to advertise the product or
service.
Which are part of the marketing mix?
(Select all that apply.)
have the proper packaging
know what people will pay
have multiple locations
sell out in the first week - answerhave the proper packaging
know what people will pay
have multiple locations
Which items make up the marketing mix?
place, page, production, piece
place, product, personnel, pay
place, price, promotion, product
place, price, production, planning - answerplace, price, promotion, product
Where would you find the most useful information about post-secondary education and
training?
(Select all that apply.)
Department of Education
military and school websites
job fairs
college alumni associations - answerDepartment of Education
military and school websites
When should you start planning for retirement?
You should start planning only after receiving an income tax refund so that the money
can be deposited immediately.
You should start planning as soon as you decide on a career path.
You should start planning after college graduation and after you have developed your
financial goals.
You should start planning after starting a job and buying a home. - answerYou should
start planning as soon as you decide on a career path.
Which is the best reason for why companies use product advertising features?
to focus on a specific benefit
to barter with bulk retail stores
to cross-promote another product
to advertise the entire line of products - answerto focus on a specific benefit
,On average, who earns the highest salaries?
people with a professional degree
people with a bachelor's degree
people with an associate's degree
people with a master's degree - answerpeople with a professional degree
(CHECKPOINT 02)
Read the scenario.
Allen is balancing his checkbook. He starts his ledger with $98. He deposited a
paycheck of $453 from his first job and a paycheck of $127 from his second job. He
spent $114 at the grocery store and bought $20 of gas. He then paid the minimum due
on his credit card, which was $40. He also paid his electric bill for the month, which was
$120, and his water bill, which was $68. Finally, Allen transferred $75 from his checking
account to his savings account.
How much money does Allen have remaining in his checking account?
$316
$241
$339
$414 - answer$241
Which items are typically included in a monthly budget?
income, all expenses, and income taxes
income, savings, and donations to charity
income, fixed expenses, and variable expenses
income, income taxes, and savings - answerincome, fixed expenses, and variable
expenses
Read the scenario.
Miguel opened his first checking and savings accounts. Since Miguel now has checking
and savings accounts, he will not have any fees. If he uses a STAR-ATM, he will not be
charged a fee. However, if he uses a regular ATM, there will be a $2 fee for each use.
Miguel starts with a balance of $65. He wrote a check to his cell phone company for
$45. For his birthday, Miguel's family members sent him three checks for $20, $50, and
$20. He then received a paycheck for $1,050 through direct deposit. He wrote a check
for $305 for his car payment and a check for $95 for his car insurance payment. Miguel
then used his debit card to pay his $116 electric bill. Finally, Miguel wanted to go to
dinner and the movies with friends, so he withdrew $80 from a STAR-ATM.
What is Miguel's balance?
$544
$564
$562
$542 - answer$564
What is disposable income?
income that must be saved for unexpected emergencies and other variable expenses
income before taxes and mandatory expenses have been taken out
, income that is set aside to pay for fixed expenses, such as housing and loan payments
income that is available after taxes and other mandatory expenses have been paid -
answerincome that is available after taxes and other mandatory expenses have been
paid
Why must you make adjustments to your budget if your income changes?
(Select all that apply.)
to maintain an understanding of the amount of money you have available
to ensure that your expenses and income remain balanced
to notify your bank and other creditors of your change in income
to change your variable expenses to fixed expenses to address the change in income -
answerto maintain an understanding of the amount of money you have available
to ensure that your expenses and income remain balanced
Read the scenario.
Elizabeth has a checking account at a local bank. The bank charges account holders $5
at the end of the month if their account falls below $1,000. The bank also charges $35
at the time of an overdraft and $2 for every ATM use. Elizabeth has $43 in her checking
account when she begins balancing her checkbook. She received a paycheck for $216
and a check from her parents for $50. She wrote a $45 check to pay her cell phone bill
and a check for $117 to pay her electric bill. She also wrote another check for $110.
She used an ATM twice, withdrawing $20 each time. Two weeks later, Elizabeth
received her next paycheck for $197 and another check from her parents for $50.
What is the current balance in Elizabeth's checking account?
$240
$200
$204
$205 - answer$200
Read the scenario.
Zoe is preparing her monthly budget. She lists her income from her job. She then starts
to list her expenses. Her first list of expenses includes food, entertainment, clothes, and
gas.
What type of expenses are on Zoe's list?
variable
mandatory
optional
fixed - answervariable
Read the scenario.
Maxine needs to balance her checkbook. She has a starting balance of $1,237 in her
checking account. She received a $25 check for her birthday. She used her debit card
to pay $115 for a haircut and manicure. She then purchased books for her classes for a
total of $397. She wrote a check for $350 to pay her car loan as well as a check for $80
to pay her cell phone bill. She withdrew $50 from an ATM machine and paid a fee of $2.
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