A record of your transactions complete during a billing period is called a

A record of your transactions complete during a billing period is called a 

a. statement of account
b. receipt
c. credit memorandum
d. credit check



Answer: A

Managers rather than employees would be most concerned about

Managers rather than employees would be most concerned about

a. profits
b. pay
c. working conditions
d. job security



Answer: A

Which of the following is true about APR?

Which of the following is true about APR?

a. it includes only interest charges
b. it is a disclosure required by law
c. it states the percentage cost of credit on a monthly basis
d. all of the above




Answer: D

Insurance that covers all or part of the surgeon's fees for an operation is

Insurance that covers all or part of the surgeon's fees for an operation is 

a. surgical insurance
b. hospital insurance
c. major medical insurance
d. basic health insurance




Answer: A

A business that moves goods from producer to consumer is a

A business that moves goods from producer to consumer is a 

a. manufacturer
b. marketer
c. extractor
d. government agency



Answer: B

The eight marketing functions do NOT include

The eight marketing functions do NOT include

a. purchasing
b. manufacturing
c. distributions
d. promotion



Answer: B

An agreement developed cooperatively by a creditor and debtor to reduce monthly payments to a more manageable level is called

An agreement developed cooperatively by a creditor and debtor to reduce monthly payments to a more manageable level is called

a. a truth in lending plan
b. a debt repayment plan
c. a debtor ripoff plan
d. none of the above



Answer: C

Which of the following is true about T&E cards?

Which of the following is true about T&E cards?

a. card holders pay yearly membership fees
b. there generally is no spending limit
c. generally, the balances due must be paid in full each month
d. all of the above




Answer: D

The risk of damage to or loss of property due to theft, wind, fire, flood, or some other hazard is

The risk of damage to or loss of property due to theft, wind, fire, flood, or some other hazard is 

a. insurance
b. liability risk
c. property risk
d. personal risk




Answer: C

People who become part owners of a corporation are called

People who become part owners of a corporation are called

a. partners
b. special owners
c. shareholders
d. cooperative owners




Answer: C

Today most promotion is done though

Today most promotion is done though

a. sales promotion
b. publicity
c. media advertising
d. personal selling


Answer: C

A life insurance policy that provides financial protection from losses resulting from loss of life during a definite period of time is

A life insurance policy that provides financial protection from losses resulting from loss of life during a definite period of time is

a. term life insurance
b. decreasing term insurance
c. level term insurance
d. renewable insurance


Answer: A

Gross domestic product is

Gross domestic product is

a. the total value of all goods produced in a year
b. the total value of all final goods and services produced in a year
c. the total value of all services produced in a year
d. none of the above

Answer: B

Which of the following is the correct formula for determining simple interest?

Which of the following is the correct formula for determining simple interest?

a. I=P*R+T
b. I=P*R/T
c. I=PRT
d. none of the above



Answer: C

To be effective, promotion must

To be effective, promotion must

a. be noticed
b. encourage consumers to pay attention to the message
c. result in consumers taking action
d. all of the above




Answer: D

Which of the following is true about inflation?

Which of the following is true about inflation?

a. it is a problem that our country has had to deal with
b. it is a sustained increase in he general level of prices
c. prices of goods and services rise faster than wages
d. all of the above




Answer: D

An amount you must pay before the insurance company pays a claim is

An amount you must pay before the insurance company pays a claim is 

a. a premium
b. a claim
c. self-insurance
d. a deductible



Answer: D

Which of the following is the correct sequence of phases of the business cycle?

Which of the following is the correct sequence of phases of the business cycle?

a. recovery, recession, depression, prosperity
b. prosperity, recovery, recession, depression
c. prosperity, recession, recovery, depression
d. prosperity, recession, depression, recovery




Answer: D

The part of the profits that are paid to shareholders is called

The part of the profits that are paid to shareholders is called

a. excess profit
b. a surplus
c. a dividend
d. none of the above




Answer: C

What is the major purpose of having the APR stated?

What is the major purpose of having the APR stated?

a. to increase the cost of lending money
b. to make it easier to compare the cost of credit
c. to make it easier for consumers to get loans
d. none of the above



Answer: B

Property permanently attached to land, such as a house or garage, is

Property permanently attached to land, such as a house or garage, is 

a. insured property
b. personal property
c. real property
d. attached property



Answer: C

A leader who has the personal trust and respect of group members will have what kind of influence?

A leader who has the personal trust and respect of group members will have what kind of influence?

a. reward
b. position
c. expert
d. identity



Answer: D

The two- month loan made on March 10 would be due on

The two- month loan made on March 10 would be due on

a. April 10
b. April 11
c. May 10
d. May 11


Answer: C

The amount of money received should a policyholder decide to surrender a permanent life insurance policy is

The amount of money received should a policyholder decide to surrender a permanent life insurance policy is

a. limited payment policies
b. cash value
c. face value
d. the premium



Answer: B

The form of business that represents two-thirds of US businesses is the

The form of business that represents two-thirds of US businesses is the

a. corporation
b. partnership
c. sole proprietorship
d. cooperative




Answer: C

Which of the following is NOT one of the economic roles performed in our country?

Which of the following is NOT one of the economic roles performed in our country?

a. leader
b. citizen
c. consumer
d. worker




Answer: A

Which of the following would make it possible for a teenager to get a credit card in his or her name?

Which of the following would make it possible for a teenager to get a credit card in his or her name?

a. if she or he had a part-time job
b. if she or he has good grades in school
c. if she or he got a parent or guardian to cosign the agreement
d. none of the above



Answer: C

Which of the following is NOT true about raising capital?

Which of the following is NOT true about raising capital?

a. start up money is critical to a business
b. capital may come from the owner's personal funds
c. once raised, capital does not have to be raised again
d. loans from financial institutions are common sources of capital




Answer: C

The risk of potential losses to others as a result of injury or damage you may have caused is

The risk of potential losses to others as a result of injury or damage you may have caused is

a. insurance
b. liability risk
c. property risk
d. personal risk




Answer: B

Which of the follow bf is the best definition of supply?

Which of the follow bf is the best definition of supply?

a. the quantity consumers are willing and able to buy
b. the quantity producers would like to produce
c. the quantity producers are able to produce at a given price
d. the quantity businesses would like consumers to buy




Answer: C

Permanent insurance that extends over the lifetime of the insured is

Permanent insurance that extends over the lifetime of the insured is 

a. whole life insurance
b. decreasing term insurance
c. level term insurance
d. a renewable policy



Answer: A

A charge account in which you agree to pay a fixed amount each month to cover purchases of gas or electricity is called

A charge account in which you agree to pay a fixed amount each month to cover purchases of gas or electricity is called

a. a revolving charge account
b. a budget account
c. a regular charge account
d. none of the above




Answer: B

Which of the following is a type of manufacturing?

Which of the following is a type of manufacturing?

a. custom manufacturing
b. mass production
c. processing
d. all of the above




Answer: D

Productivity is affected by

Productivity is affected by 

a. the number of worker in the work force
b. technology and worker training
c. the wages paid to workers
d. all of the above



Answer: B

The person who checks out purchases at a supermarket is part of

The person who checks out purchases at a supermarket is part of

a. natural resources
b. human resources
c. capital resources
d. none of the above



Answer: B

Which of the following can be used as credit references

Which of the following can be used as credit references

a. banks where you have checking and/or savings accounts
b. former employers
c. other creditors where you have account balances
d. all of the above



Answer: D

The money a policyholder may pay for insurance coverage is

The money a policyholder may pay for insurance coverage is 

a. a premium
b. a claim
c. self-insurance
d. a deductible



Answer: A

The way that managers treat and direct employees is

The way that managers treat and direct employees is 

a. human relations ability
b. leadership style
c. formal influence
d. team building



Answer: B

Laws that require you to carry certain types of automobile insurance before your car can be licensed are called

Laws that require you to carry certain types of automobile insurance before your car can be licensed are called

a. compulsory insurance laws
b. financial responsibility laws
c. insurance laws
d. assigned-risk plans



Answer: A

The right to own, use, and dispose of things of value is the right of

The right to own, use, and dispose of things of value is the right of

a. private property
b. profit
c. competition
d. choice



Answer: A

A plan that normally consists of a staffed medical clinic organized to serve its members is

A plan that normally consists of a staffed medical clinic organized to serve its members is

a. coinsurance
b. a health maintenance organization
c. a deductible additional expense
d. a preferred provider organization

Answer: B

The means through which goods and services are produced are called

The means through which goods and services are produced are called

a. factors of production
b. natural resources
c. production materials
d. human resources



Answer: A

What law requires that you be told the cost of a credit purchase in writing before you sign a credit agreement

What law requires that you be told the cost of a credit purchase in writing before you sign a credit agreement

a. the fair credit reporting act
b. the fair credit billing act
c. the truth-in-lending law
d. the equal credit opportunity act

Answer: C

The risk associated with illness, disability, loss of income, unemployment, old age, and premature death is

The risk associated with illness, disability, loss of income, unemployment, old age, and premature death is

a. insurance
b. liability risk
c. property risk
d. personal risk



Answer: D

Collision insurance occurs

Collision insurance occurs

a. injuries to people other than the policyholder
b. damage to the property of others
c. injuries to the policyholder and the policyholder's family
d. damage from a collision with another car or object




Answer: D

Which of the following is NOT one of the three key economic questions?

Which of the following is NOT one of the three key economic questions?

a. what goods and services should be produced?
b. for whom should goods and services be produced?
c. where should goods and services be produced?
d. how should goods and services be produced?



Answer: C

The law that requires prompt correction of billing errors after they have been reported to a creditor is

The law that requires prompt correction of billing errors after they have been reported to a creditor is

a. the fair credit reporting act
b. the fair credit billing act
c. the truth-in-lending law
d. none of the above



Answer: B

Which of the following would generally be considered a need?

Which of the following would generally be considered a need?

a. food
b. housing
c. clothing
d. all of the above




Answer: D

A market economy is one in which

A market economy is one in which

a. buyers and sellers operate according to government guidelines
b. stores stay open late at night
c. individuals are free to engage in business transactions
d. there is a central market committee that solves problems




Answer: C

Which of the following is true about APR?

Which of the following is true about APR?

a. it includes only interest charges
b. it is a disclosure required by law
c. it states the percentage cost of credit on a monthly basis
d. all of the above



Answer: B