Consumer Economics Final Exam Review

Front

The U.S. has which type of economic system? Options: Command, Mixed, Traditional, Pure Market

Back

Mixed

Front

If a stay-at-home parent is NOT seeking employment, are they part of the unemployment rate?

Back

No

Front

The amount of money the federal government owes is called the:

Back

National Debt

Front

The change in the price of goods over time for specific groups of goods is called the:

Back

Consumer Price Index

Front

Inflation is:

Back

The rise in the level of prices of goods/services

Front

A document that lists a person's income & expenses is called a(an):

Back

Budget

Front

Car payments and mortgage payments are examples of: Fixed expenses, Flexible expenses

Back

Fixed expenses

Front

Cell phone & grocery bill would be examples of:

Back

Flexible expenses

Front

Rent & a boat payment would be examples of: Assets, Loans, Flexible Expenses, Liabilities

Back

Liabilities

Front

If you are single, have no dependents and make $30,000 per year, which form do you use? Options: W2, W4, 1040A, 1040EZ

Back

1040EZ