How does a command economy influence the choices of individuals and businesses?

By having the government make most economic decisions

How does scarcity affect government choices?

A government must prioritize funding for healthcare over other services

Which factor is most likely to improve the standard of living in a nation?

Increased access to healthcare and education

How might a mixed economy influence the choices of businesses compared to a pure market economy?

Businesses in a mixed economy must consider both market forces and government regulations.

What strategic approach should a business use when facing limited resources and choosing between investing in new technology or expanding its workforce?

Analyze the expected marginal benefits and marginal costs of each option and select the one with the greatest net benefit

How should an individual use economic reasoning to decide between studying for an exam or working a part-time job?

Compare the marginal benefit of higher grades with the marginal benefit of earning money, and consider the opportunity cost of each option

Definition of a budget?

A plan for managing income and expenses over a period of time

What is the primary purpose of a credit score?

To measure a person's creditworthiness for borrowing money

If you want to increase your net worth, which of the following actions would be most effective? Increase your savings and reduce your debts Spend more on entertainment Take out more loans Ignore your budget

Increase your savings and reduce your debts

How can using a credit card responsibly help your personal finances?

By building a positive credit history and improving your credit score

Benefit of investing in a diversified portfolio?

Reduces risk by spreading investments across different asset types

Comparing two savings accounts: one with 1% annual interest and one with 2% annual interest, which earns more over time?

The account with a 2% interest rate

What should a person consider to make a financially sound decision when deciding whether to buy a new car with a loan or save up and pay cash?

Compare the total cost of the loan (including interest) to the benefits of immediate ownership, and consider opportunity costs of using savings.

Strategic factors to consider when choosing between a traditional IRA and a Roth IRA.

The tax implications now and in retirement, your expected income, and your long-term financial goals.

What is a primary purpose of insurance in personal finance?

To protect against financial loss from unexpected events

What is an example of an opportunity cost in personal finance?

Choosing to spend money on a vacation instead of saving for college

What is the purpose of a W-4 form when starting a new job?

To determine the amount of federal income tax to withhold from your paycheck

Why is it important to review your credit report regularly?

To check for errors or signs of identity theft

Which of the following strategies can help you avoid excessive debt?

Only borrow what you can afford to repay and pay bills on time

What is a recommended first step to build an emergency fund?

Take 10% of your paycheck and put it into a High Yield Savings Account

What should a student evaluate before taking out a student loan to pay for college?

The total cost of the loan, interest rates, repayment terms, and potential future income

How is a deductible different from an out-of-pocket maximum?

A deductible is the minimum the insured person pays before insurance kicks in, while the out-of-pocket max is the most the insured person pays for care.

The amount you pay to buy an insurance policy

What best demonstrates a positive work ethic in the workplace?

Consistently completing tasks on time and taking responsibility for mistakes

Which statement best explains the connection between education and future earnings?

Investment in education and training usually increases skills, making workers more valuable and leading to higher earnings

Which government agency primarily protects consumers in banking, credit and financial services?

Federal Deposit Insurance Corporation (FDIC)

What was the primary purpose of the Dodd-Frank Act of 2010?

To increase consumer protections in financial services and reduce risky practices by banks

Which of the following is an example of phishing? A scammer digging through trash to find old bank statements An email pretending to be your bank asking you to click a link and enter your password A person using a hidden device to copy credit card numbers from a gas station pump A criminal stealing a wallet with credit cards inside

An email pretending to be your bank asking you to click a link and enter your password

What is the BEST way to protect yourself from identity theft when dealing with unknown emails?

Delete the email without opening attachments or clicking links.

Which situation BEST represents how a Ponzi scheme operates?

An investor is promised high returns, but their "profits" are actually paid using money from new investors instead of real business earnings

Midterm Fall 2025 Flashcards

Student preview

49 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is scarcity in economics?

Back

The limited nature of resources compared to wants

Tags

GA.SS.12.SSEF1

2.

FLASHCARD QUESTION

Front

Which term describes the additional benefit received from consuming one more unit of a good or service?

Back

Marginal benefit

Tags

GA.SS.12.SSEF2

3.

FLASHCARD QUESTION

Front

Factor influencing the standard of living in a country?

Back

Access to education

Tags

GA.SS.12.SSEF4

4.

FLASHCARD QUESTION

Front

Scarcity forces individuals, businesses, and governments to:

Back

Make choices about how to use limited resources

Tags

GA.SS.12.SSEF1

5.

FLASHCARD QUESTION

Front

Which of the following best describes rational decision-making?

Back

Comparing marginal benefits and marginal costs before acting

Tags

GA.SS.12.SSEF2

6.

FLASHCARD QUESTION

Front

Which economic system allows individuals the most freedom in making economic choices?

Back

Market economy

Tags

GA.SS.12.SSEF3

7.

FLASHCARD QUESTION

Front

What is an example of a marginal cost?

Back

The cost of producing one additional unit

Tags

GA.SS.12.SSEF2

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