Financial Literacy Pt 2

Question 1

Taxes required on specific goods or services like fuel, tobacco, and alcohol.

Answer 1

What is an excise tax

Question 2

What is non-binding offer?

Question 3

What is a binding offer?

Question 4

This is normally considered the “regular” utility application.

It’s what you file to get the USPTO to review your utility application and grant your patent.

Answer 4

Non-provisional patent application

Question 5

This does not get reviewed.

It is quick and inexpensive way for inventors to establish a U.S. filing date for their invention > which can be claimed in a later filed _________ application

Answer 5

Provisional patent application

Question 6

An applicant who decides to initially file a provisional application has how long of a decency period to file a corresponding non-provisional application?

Answer 6

12 months

Question 7

The most commonly used measure for the size of an economy

Answer 7

GDP

Question 8

The GDP is the total of all what?

Answer 8

Value added created in an economy

Question 9

Raising interest rates essentially does what?

Answer 9

Makes borrowing money more expensive

Question 10

What is the Fed trying to do by raising interest rates?

Answer 10

Slow the economy and consumer demand for goods and services

Question 11

The hope of raising the Fed interest rate is what?

Answer 11

Eventually prices will stop growing so quickly if demand falls