| When did economies begin? | ancient times |
| What are taxes that are levied on imports and/or exports? | tariffs |
| What is the main characteristic of a laissez-faire economy? | a lack of regulations |
| Individuals play what role in the economy | important |
| Capitalism is characterized by which of the following? | A market economy, profits, and privately owned businesses. |
| In the United States, which agency oversees workplace safety and ensures that businesses comply with safety and health regulations to protect workers and consumers? | occupational heath and safety administration |
| In a capitalist system, what are the goods and tools that are used to make products? | capital |
| Anti-trust laws or suits may be used to break up which of the following? | monopolies |
| Privately owned businesses are common in which type of economy? | capitalist economies |
| Characteristics of Market economies are what? | Economic freedom, economic incentives, and competition. |
| What are companies that have complete control over a particular product or industry? | monopolies |
| Societies did not develop monetary commodity systems until the mid-nineteenth century. | false |
| Capitalism is an example of a planned economy. | true |
| Tariffs are used to encourage global trade between two countries. | false |
| What happens in one sector of the economy often affects other sectors of the economy. | true |
| What is the governmental allocation and collection of money within the state? | fiscal policy |
| What is true about economic resources? | limited |
| Governments collect money through which of the following? | taxes, bonds, and selling resources |
| In economic terms, marginal is another word for which of the following? | additional |
| A balanced economy generally has which economic stance? | neutral |
| The New York Stock Exchange is an example of what type of stock market? | physical |
| Why do most companies sell shares of stock? | to generate income |
| What is a sort of auction for stocks in which traders verbally submit their offers? | open outcry |
| What is one economic principle? | resources are limited |
| When talking about economic resources, capital refers to which of the following? | tools and machinery |
| Example of an economic resource | entrepreneurial ability |
| Entrepreneurial ability refers to the human resource of finding resources, making business decisions, and creating new products. | true |
| Stock market crashes have relatively little effect on the overall economy. | false |
| The NASDAQ features an open outcry. | false |
| While we talk about the stock market as if it were one big entity, the reality is that there are many stock markets around the world. | true |
| What is the first step in financial planning? | analyzing the current situation |
| What is true about personal financial planning? | your goals will change |
| Interest rate risks would be most relevant to what purchase? | a house |
| What is true about emotions and financial decisions? | leave emotions out |
| What is NOT one of the three primary resources that families have to reach financial goals? | education |
| What is a disadvantage of shared decision-making? | create competition |
| About what percentage of lottery winners end up with financial troubles? | 70% |
| What is true about financial planning? | reviewed regularly |
| There are two the means for achieving financial goals–you either need to increase your savings or reduce your spending. | true |
| Shared decision making is always a positive strategy to take. | false |
| Personal financial planning is the process of creating and achieving financial goals | true |
| The FDIC in the United States insures some financial accounts up to what amount? | 250,000 |
| Web-only financial institutions do not have which of the following? | physical locations |
| Mutual savings institutions are owned by who? | members of the institution |
| An example of a nondepository financial institution is which of the following? | brokerage firms |
| Brokerage firms make their profits primarily in which of the following ways? | fees or commissions on transfers or sales |
| What is true about certificates of deposit? | The money has to remain in the account for a specified period of time. |
| How many government agencies does the United Kingdom have to oversee the financial industry? | one |
| Commercial banks are funded through which of the following? | customer deposits |
| Mutual fund companies are what type of companies? | investment |
| Accounts in non-depository institutions are almost always insured by the government. | false |
| In the United States, all financial institutions are required to conduct business at a physical location only. | false |
| Check cashing businesses do not require that an individual be an account holder; they will cash any valid check. | true |
| The government provides no oversight of financial institutions in most countries. | false |
| 401k accounts are those that are partially funded by employers using a portion of wages before tax. | true |
| Credit unions are non-profit organizations | true |
| The United States began collecting federal income tax in which year? | 1913 |
| Which country use tax brackets as part of their tax system? | Australia, Canada, South Africa |
| All sources of income is also known as which of the following? | gross income |
| In a progressive tax system, who pays a greater proportion of their income in taxes? | those with high income |
| Which of these is a common tax form in the United States? | 1040EZ |
| Which type of audit occurs at your home or business? | field |
| Taxes are used for which of the following? | Maintaining roads, social services, and parks and public cultural sites |
| The United States has a regressive tax system. | false |
| Your adjusted gross income is your gross income minus specific deductions | true |
| All individuals in the United States file their taxes under the same status. | false |
| In the United States, if someone is unable to file by the tax deadline, they can file an extension, but any taxes due must still be paid by the deadline to avoid penalties. | true |
