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Economics
"Economics" Unit Test Study Guide 2020
| Question | Answer |
|---|---|
| tangible items that result from production | goods |
| nonphysical results of production | services |
| products that are often used in combination with one another | complements |
| products that can replace one another | supplements |
| the study of how productive resources are used to provide the goods and services that satisfy human wants | economics |
| the basic economic problem - we can't have everything we want | scarcity |
| you must give up something if you want to get something (this is what every choice involves) | trade-off |
| when making a choice, the next best alternative not chosen (what you give up when you make a choice) | opportunity cost |
| inputs used to produce goods and services | productive resources |
| things that occur naturally in nature that make production possible | natural resources |
| man-made physical resources used in production | capital resources |
| the physical and mental work effort expended in production | human resources |
| deciding how to spend your money before you actually spend it | budget |
| anything that you spend money on | expense |
| money earned through work | income |
| the amount you owe on a loan | debt |
| the physical form of money, such as coin or paper money | cash |
| turning your money over to a financial institution for safekeeping | deposit |
| obtaining something you want with the understanding that you'll pay for it later | credit |
| a percentage charged when you borrow money; it can also be an amount earned for saving money in a savings account | interest |
| an amount available or owed on an account | balance |
| a bank account that allows quick access to money for everyday expenses | checking account |
| a budgeting method where you record your earnings twice: once in your account and once in your budget | double-entry accounting |
| moving money from one account to another | transfer |
| an amount removed from your bank account to pay for something | debit |
| a document that comes with your paycheck, showing how much you were paid and how much was withheld for taxes | pay stub |
| the time it takes for money to move from one account to another | cleared |
| a record or statement of financial expenditures or receipts, often related to a bank or credit union | account |
| the amount of money left on your paycheck after taxes are withheld | net pay |
| the amount you pay to a healthcare provider before your insurance takes the claim | copay |
| amount of money placed into savings or checking account | deposit |
| occurs when withdrawals have gone over the available limit | overdraft |
| a check that has been honored and processed | cleared check |
| an amount removed from savings or checking accoutns | withdrawal |
| document published by your bank that details your transactions | statement |
| a budget is _______ | a sum of money to be used for a particular purpose |
| a debit card is _______ | like a credit card, but it takes money from your checking account |
| a credit card is _______ | a card that lets you buy goods/services based on a promise to pay later; a card that charges monthly interest if the balance is not pay in full |
| a checking account is _______ | an account where the depositor can write checks |
| a savings account is _______ | an account where money is stored and returns a low interest rate |
| you have $300 - how should you keep track of it? | budget it by splitting it among your current and future expenses |
| what is it called when you spend more than you have? | debt |
| why open a checking account? | it's a safe place to store money; it lets you use a debit card; it makes it easy for you to pay others and for others to pay you |
| if you're really wanting to see your favorite band in concert this summer, what's the best way to get a tickets? | add "Entertainment" to your budget and allocate some cash there each week |
| if your lunch total is is $15.41 and you add a 20% tip, what will your total cost be? | $18.49 |
| if your account balance is at -$52.79 and you deposit $307. 74, what is your new account balance? | $254.95 |
| what is an overdraft fee? | a fee for overrspending |
| why does your employer withhold money from you on each paycheck? | to pay federal and state taxes |
| what is an example of a utility cost? | electric and heating bills |
| what happens if you try to use your credit card after you've already met your credit limit? | your card will get declined |
| what are necessary costs of car ownership? | gas, insurance, maintenance |
| if your car gets towed (or if anything else unexpected comes up), you should take money from which part of your budget? | reserves |
| what could be considered an emergency expense? | you broke your arm and you can't work for a few days (and you need to pay for your medical care) |
| what could be said about emergency expenses? | it's best to set money aside BEFORE emergencies happen |
| if "net worth" refers to the amount of money have (total), how does your budget measure it? | the amount of money you have in all of your accounts combined |
| what's the best way to pay for unplanned expenses? | keep an emergency fund |
| what could be said about debt? | debt negatively affects your net worth, regardless of what it's used for |
| what's the point of a budget? | it's a way to track your spending and work toward your saving goals |
| what type of economy does that United States have? | market economy |
| give an example of a good | an apple |
| give an example of a service | getting a haircut |
| give an example of complements | peanut butter and jelly |
| give an example of supplements | butter and margarine |
Created by:
Coach Rice