Final Unit 1

Question 1

Work

Answer 1

Labor

Question 2

choosing between things

Answer 2

cost-benefit analysis

Question 3

if you write a check and there is not enough money in the account, your check will

Answer 3

bounce

Question 4

a system that transfers your pay directly to your bank account

Answer 4

direct deposit

Question 5

this money goes from your paycheck to the government to cover your income taxes

Answer 5

withholding tax

Question 6

this money is pre-tax and set aside for health care and family expenses

Answer 6

flexible savings

Question 7

money that goes to social security

Answer 7

FICA

Question 8

this tax goes to support a program for health care for the elderly

Answer 8

Medicare

Question 9

study of scarcity

Answer 9

Economics

Question 10

Different types of degrees you can earn?

Answer 10

Associate’s, PhD, Bachelor’s Diploma

Question 11

How long does it take to earn an Associate’s degree?

Answer 11

2 years

Question 12

How long does it take to earn your PhD?

Answer 12

4-6 years

Question 13

How long does it take to earn your Bachelor’s?

Answer 13

4 years

Question 14

How long does it take to earn your Diploma?

Answer 14

2 years

Question 15

What are financial benefits/drawbacks of education/ obtaining different levels of degrees?

Question 16

What happens to jobs as the economy changes? What if it gets worse? What if it improves?

Question 17

How often can people change jobs?

Answer 17

every 1-3 years

Question 18

How many decisions do people tend to make in a day?

Answer 18

hundreds