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ECONOMICS UNIT EXAMS 1-5 PRIMAVERA QUESTIONS WITH COMPLETE ANSWERS
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ECONOMICS UNIT EXAMS 1-5 PRIMAVERA QUESTIONS WITH COMPLETE ANSWERS
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ECONOMICS UNIT EXAMS 1-5PRIMAVERA QUESTIONS WITH
COMPLETE ANSWERS
Read the sentence.
You own a greeting card startup business with a limited advertising budget.
Which form of advertising offers the greatest benefit at the lowest cost?
online, because it reaches the widest consumer base and is cost-effective
television, because it reaches the widest consumer base once production costs are met
newspaper, because it reaches a small but educated subscriber base in most markets
radio, because it has a focused consumer base and is cost-effective - Answer-online,
because it reaches the widest consumer base and is cost-effective
Read the scenario.
Ronnie is 21 and has three credit cards, each of which has a balance. His debt-to-credit
ratio is 80 percent, and he has applied for his first car loan.
Why will his interest rate be higher than what is typical?
His interest rate will be higher because he is 21, has perfect credit, and has proof of
previous loans.
His interest rate will be higher due to having several credit cards and a high debt-to-
credit ratio.
His interest rate will be higher due to having only three credit cards, which he pays each
month.
His interest rate will be higher because he has had a car loan in the past and made
payments. - Answer-His interest rate will be higher due to having several credit cards
and a high debt-to-credit ratio.
Read the scenario.
Joanne just changed jobs and has the option of receiving a paper check or using direct
deposit. She has an account with a credit union 10 miles from her home and is a very
busy person with little free time.
Which is most appropriate for Joanne?
She should drive to her credit union and deposit the check there using the automated
teller machine.
She should have her pay direct deposited so that she does not have to drive to the
credit union every week.
She should cash the check at the local check-cashing company near her house and pay
the extra fee.
,She should stand in line at her local bank every week to cash her check in person. -
Answer-She should have her pay direct deposited so that she does not have to drive to
the credit union every week.
Read the scenario.
Bill recently graduated from high school. He has decided to enter military service.
Which statements best describe potential outcomes of joining the military?
(Select all that apply.)
Bill may receive tax credits if he earns a teaching credential following his military
service.
Bill may receive tuition assistance for school after serving for a certain number of years.
Bill may have to pay higher taxes to repay the government for his military benefits.
Bill may have access to job training while he is earning a salary in the military. - Answer-
Bill may receive tuition assistance for school after serving for a certain number of years.
Bill may have access to job training while he is earning a salary in the military.
Which items can a person use to ensure the return of funds to a payday loan company?
(Select all that apply.)
certified note
personal check
ACH authorization
verbal contract - Answer-
Read the scenario.
Sally wants a new exercise machine but does not want to pay for it right away. She has
a private label card with a sporting goods store offering zero percent interest for six
months and then 29 percent interest. She also has a general-purpose card offering 16
percent interest after 30 days. She will receive a bonus from work in three months that
will cover the cost of the machine she wants.
Which is her best choice to pay the least amount of interest?
the general-purpose card
a payday loan
the private label card
a cash advance - Answer-the private label card
Where would an allowance be reflected on a budget sheet?
available to save
income
variable expenses
fixed expenses - Answer-income
,Which is the term for borrowing money to make purchases right away and then paying
the money back later?
credit
capital
debit
savings - Answer-credit
When actively applying for a loan, what should you avoid doing with your credit?
paying as much as you can afford to pay down credit cards and paying on time
using your credit cards to complete a shopping spree at the local mall
applying for new types of credit, such as credit cards or store cards
calling your credit card company and asking for a lower interest rate - Answer-applying
for new types of credit, such as credit cards or store cards
Read the scenario.
Rob is balancing his checkbook. His beginning checking account balance was $1. He
deposited a check for $77 from his part-time job and $37 in cash that he received in tips
into the account. Using his debit card, he purchased $25 worth of gas. On a night out
with friends, Rob used his debit card to spend $8 on a movie ticket and $12 on snacks.
Rob's mother told him that he needs to put money into a savings account. So Rob
withdrew the tip money from his checking account and put it into a new savings
account.
What is Rob's checking account balance?
$32
$69
$70
$33 - Answer-$33
Why is most insider trading against the law?
It creates opportunities for company employees that are not widely available.
It allows government officials to profit on every stock trade.
It helps insiders benefit from information that no one else can access.
It hurts the economy by increasing the number of trades made in a short time. - Answer-
It helps insiders benefit from information that no one else can access.
Read the scenario.
Company A uses social media to advertise, while company B places its product in the
store.
Which is an example of a push marketing strategy?
company A
company B
, both companies
neither company - Answer-company B
What are possible consequences for not monitoring your budget?
(Select all that apply.)
You may run low on available money to spend.
Your 401(k) account will have plenty of money for retirement.
Your ability to save and invest for the future may be negatively affected.
You will be able to pay for any unexpected expenses that arise. - Answer-You may run
low on available money to spend.
Your ability to save and invest for the future may be negatively affected.
Which factors impact returns on investments?
(Select all that apply.)
level of diversification of a financial portfolio
level of risk involved with the investment
length of time of the investment
length of time the broker has been licensed - Answer-GOT PARTIAL 75% WITH ONLY
FIRST 3 ANSWERS
level of diversification of a financial portfolio
level of risk involved with the investment
length of time of the investment
length of time the broker has been licensed
Read the sentence.
Taxes are mandatory financial contributions to the government.
What purpose do taxes serve in the United States?
to provide savings for future government use
to redistribute wealth
to pay for government expenses
to decrease undesirable behavior - Answer-
Read the scenario.
June has $8,000 in an online savings account at six percent interest. She needs to
reach $10,000 to pay off her credit cards.
How long does June have to save to reach her goal?
three years
six years
five years
four years - Answer-five years
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