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					                              Personal Finance Common Assessment
                                          2011

Directions: Write the number in the blank that matches.

   1.)   Economics
   2.)   A Want
   3.)   A Need
   4.)   The difference between a want a need
   5.)   Define labor

_____ The study of how individuals and society make choices about ways to use
resources
_____ Something you desire
_____ A necessity such as water and food
_____ The difference between a want and a need is that a want is a desire and a need is a
necessity
_____ Human effort directed toward producing goods and service

                    On your Scan Tron Bubble in the Correct Answer:

   1. How many types of economic systems are there?
         a. one
         b. two
         c. three
         d. four
   2. What economic system doesn’t belong
         a.Command
         b.Equity
         c.Market
         d.Mixed
   3. How many major characteristics does a pure market economic system have?
         a. One
         b. three
         c. five
         d. six
         e. ten
   4. Expansion of the economy to produce more goods, jobs, and wealth is called
         a. Competition
         b. Economic growth
         c. Laissez-faire
         d. Market
   5. The luxuries and necessities that a person have is called
         a. Market economy
         b. Mixed economy
         c. Economic system
        d. Standard of living
6. What is a consumer?
        a. Money income a person has left after all taxes have been paid
        b. Any person or group that uses goods and services to satisfy personal needs
           and wants
        c. Income saved or spent on extras such as luxury items or entertainment
7. ______ is the receiving of funds either directly or indirectly to buy goods and
    services today with the promise to pay for them in the future.
        a. Principal
        b. Credit
        c. Interest
        d. Mortgage
8. What are the two major types of credit?
        a. Using credit cards and borrowing money directly from a financial
           institution
        b. Using bank card and lending money
        c. Selling food and begging for money
        d. Fundraising and buying goods
9. Loan that is backed up by collateral is known as
        a. Unsecured loan
        b. Collateral
        c. Secured loan
        d. Borrower
10. What is bankruptcy?
        a. The inability to pay debts based on the income received
        b. The ability to pay debts based on the income received
        c. When you buy everything you see
        d. The ability to be rich
11. Commercial banks, saving and loan associations, savings banks, ________, and
    finance companies are all types of financial institutions.
        a. Sources
        b. Loans
        c. Credit
        d. Credit unions
12. Payment people receive when they lend money or allow someone else to use their
    money is...
        a. Loan
        b. Interest
        c. Savings account
        d. None of the above
13. MMDA stands for what?
        a. Money market deposit account
        b. Market money deposit account
        c. Money making department association
        d. None of the above
14. A bond is a _______issued by a company or government in exchange for
    borrowed money.
        a. Receipt
        b. Contract
        c. Certificate
        d. None of the above
15. Mutual funds is an __________ company that pools the money of many
    individuals to buy stocks, bonds, or other investments
        a. Investment
        b. Loan
        c. Sales
        d. None of the above
16. Company plans that provide retirement income for their workers is…
        a. Workers plan
        b. Investing plan
        c. Pension plan
        d. None of the above
17. Occurs when are corporation joins with another corporation.
        a. Merger
        b. Public works projects
        c. Medicare
        d. Public goods
18. What is it when the government gives you the exclusive right to manufacture,
    rent, or sell your invention?
        a. Copyright
        b. Barriers to entry
        c. Social security
        d. Patent
19. Barriers to entry are_______ that prevent others from entering the market.
        a. Ways
        b. Obstacles
        c. Animals
        d. Markets
20. A _______ protects art, literature, song lyrics, and other creative works.
        a. Document
        b. Copyright
        c. Person
        d. Bill
21. Marketing’s sole purpose is to convince consumers that a certain product will add
    to their ________
        a. Promotion
        b. Utility
        c. Marketing
        d. Market research
22. What is the first step in market research is performing_______
        a. market research
        b. test-marketing
        c. a market survey
        d. distribution channels
23. What are people who sell consumer goods directly to the public?
        a. Retailers
        b. Promotions
        c. E-commerce
        d. Bankers
24. The use of advertising to inform consumers of a product is_______
        a. Wholesalers
        b. Promotion
        c. E-commerce
        d. Business owners
25. A company has to consider the cost of production, advertising, selling, and
    distribution, in order _____________.
        a. To decide if they should produce the product
        b. To set the price
        c. To set utility
        d. To know how to name the product
26. People who require no specialized training?
        a. Semiskilled
        b. Unskilled
        c. Professional
        d. Service
27. What kind of union is made up of skilled workers in a specific trade or industry?
        a. Labor
        b. Local
        c. Industrial
        d. Craft
28. What is economic pressure exerted by unions urging the public not to purchase
    the goods or services produced by a company?
        a. Boycott
        b. Injunction
        c. Lockout
        d. Picketing
29. The largest sector of the labor force is…
        a. Blue-collar workers
        b. White-collar workers
        c. Service workers
        d. Red collar workers
30. More than 70 unions with about 13 million members are associated with the…
        a. AFL-CIO
        b. CIO
        c. AFL
           d. NCAA

   31. States that limit union bargaining involvement in business are called

           a.   prohibition states
           b.   right to work states
           c.   union probationary states
           d.   Limited workers union states


   32. Which the following piece of legislation opened trade in the western hemisphere

           a.   New world order
           b.   The treaty of Los Angeles
           c.   North American free trade agreement
           d.   The Anglo-American trade treaty

   33. Which of the following is NOT associated with NAFTA?

           a.   relaxed import duties on good shipped from other countries
           b.   helped create the development of businesses and jobs in the Americas
           c.   created the alignment of ethical business practices
           d.   will include Cuba in 2012

   34. Which of the following is NOT and example of a monopoly?

           a.   Standard Oil company
           b.   Walmart
           c.   Carnegie Steel
           d.   The Dollar General store

   35.   The remaining unsold product at the end of a fiscal year is called.

           a.   Surplus
           b.   Overstock
           c.   Returns
           d.   Overhead



Essay.

             Explain and diagram how most businesses deal with the rising cost of fuel
and how this affects the consumer over a certain period of time.

				
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