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Economics > Quiz 1 > Flashcards

Quiz 1 Flashcards

1
Q

Can a check bounce if you have ODP?

A

Yes

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2
Q

Who gives us the ultimate source of wealth?

A

God

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3
Q

What is the name of the amount owed to a company during a billing cycle?

A

Total amount due

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4
Q

How do you calculate interest?

A

Initial number is multiplied by the percentage of interest and added to the initial number to get the total

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5
Q

What is sent to a costumer to notify them of account activity?

A

An invoice

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6
Q

If a person takes out a 15 year mortgage on a house the loan payments will be higher than that of a 30 year mortgage but they will pay back less in interest over the length of the loan. T/F

A

True

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7
Q

Describe Economist.

A

Scholars of production, distribution, and consumption within an economy

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8
Q

The disadvantage of having a 401k is that companies will sometimes match your contributions. T/F

A

False

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9
Q

What economic system did the pilgrims try in order for everyone to share equally.

A

Socialism

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10
Q

Any system for ____,____ and consumption of goods and services is an economy.

A

Production, distrobution

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11
Q

A ___ is sent to an employee each pay period when a company has paid an employee money.

A

Paycheck summary

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12
Q

What is social security?

A

Automatic pay deduction for retirement

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13
Q

Name a problem with social security.

A

Employees have no control over the deduction

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14
Q

How did the pilgrims support themselves in the new world?

A

Profitable work

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15
Q

When receiving charges, it is important to do what?

A

Review invoices received to ensure proper amounts are charged

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16
Q

One of the deductions of a retirement for an employee paycheck that is automatic and they have no control over is a 401K plan. T/F

A

False

17
Q

Colonist in the new world discovered that private enterprise was successful and produced goods for themselves. T/F

A

True

18
Q

The ____ is the lowest amount a costumer can pay on an account without receiving a fee.

A

Minimum payment due

19
Q

___ is a service that is offered by a bank that allows for automatic transfer of funds linked to another account owned by the costumer to prevent returned checks or declined purchases

A

Over draft protection - ODP

20
Q

In order to develop a society, there needs to be a complex economy

A

True

21
Q

Describe economics

A

Study of choices of individuals and societies make in production and distribution of goods and the consumption

22
Q

Two levels of economics

A

Micro macro

23
Q

If intrest rates fall bond prices fall to T/F

A

False

24
Q

If a savings account of 300.00 is earning 7 percent interest per year at the end of one year I would have 421.00. T/F

A

False

25
Q

Describe Balance Transfers

A

Amounts transferred by a customer from other creditors owed to the account and added to balance owed

26
Q

Describe Cash Advance

A

Cash money given to a costumer as opposed to charge against the balance of the credit card

27
Q

Florida has state tax?

A

No

28
Q

Credits and adjustments on a bill and will appear on the invoice will have a negative impact

A

True

29
Q

Did the pilgrims start their economy from scratch

A

Yes

30
Q

The interest rate for cash advances on a credit card are usually less than the interest rates for purchases on a credit cars. T/F

A

False

31
Q

If you owe a bank fee, the bank automatically takes it from your bank account. T/F

A

True

32
Q

People do not create an economy in order to survive

A

False

33
Q

Any charges will be shown on credits/adjustments section during a billing cycle. T/F

A

False

34
Q

Purchasing a companys single stock is better than buying a mutual fund

A

False - a mutual fund is more safe incase a company goes under

34
Q

If a costumer does not have funds in their linked odp account, the bank issues a ___ for a bad check and decline the transaction

A

Non Sufficient Funds - NSF

35
Q

Available credit on a credit card is the amount that is left available on the account to charge without exceeding the cards credit limit. T/F

A

True

36
Q

To calculate due date add what 3 components?

A

Cycle Date, Due Date, Payment Date

Economics (2 decks)

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