Mr.B final exam Consumers Ed (EHS)

What is the equilibrium price for a product?

The price at which the quantity supplied is exactly equal to the quantity demanded.

What is an example of a life-span goal?

Earning a college degree.

What is an impulse purchase?

A purchase made without thinking, often on a whim.

What is a tax-deferred retirement savings plan offered by employers?

401(k) plan.

What is a unit of ownership in a corporation?

Share of stock.

What is the profit from selling stock at a higher price than paid?

Capital gain.

What does ETF stand for?

Exchange traded fund.

On which stock exchange does the ticker symbol 'AAPL' trade?

NASDAQ.

What are 401(k) plans?

Plans set up by employers for retirement.

What agency was created to enforce environmental protection laws?

EPA.

What is a loss leader?

An item priced below cost to attract consumers.

What is the exchange rate?

The price of one currency in terms of another currency.

What is a deep, extended decline in a nation's economy called?

Depression.

What is inflation?

A general increase in prices that reduces the purchasing power of money.

What determines the number of pesos Monique can obtain for her U.S. dollars?

Exchange rate.

What indicates a car's mileage?

Odometer.

What are examples of car dealer add-ons?

Rust proofing, paint sealers, stain-resistant upholstery.

What is a maintenance schedule?

A timetable for checking systems and replacing parts on a new car.

What is the invoice price?

The amount the dealer paid to buy the car from the manufacturer.

What is a building that has two apartments under one roof called?

Duplex.

What is a furnished apartment?

An apartment available with furniture.

What is a security deposit?

Money paid by a renter that a landlord holds to cover damages.

What is appreciation in real estate?

An increase in the value of a piece of real estate.

What is an insurance contract called?

Policy.

What is a premium in insurance?

A regular payment required to purchase insurance.

What is property damage liability insurance?

Insurance that pays only for damage you cause to another vehicle.

What is a deductible?

The amount you pay for a loss before the insurance company pays anything.

What is added to Guy's driving record that could increase his car insurance premium?

Points.

What is market value in insurance?

The amount property is insured for based on its current worth.

What is the largest manufacturing economy in the world?

China.

What type of arbitration requires following the arbitrator's decision?

Binding arbitration.

What is a short-term goal?

Something one hopes to achieve within the next year.

What is an appraisal?

An expert's determination of the value of a piece of property.

What is comparative advertising?

Advertising that compares its product's qualities to those of a competitor.

What is gross income?

The amount you earn before taxes are withheld.

What taxes must employers withhold from your paycheck?

Payroll taxes.

What would be the balance in your savings account after depositing $200 at 6% simple interest for one year?

$212.

What makes up the largest percentage of your credit score?

Payment history.

What is fraud?

Deliberate deception designed to secure unfair or unlawful gain.

What is your credit rating?

A measure of your credit worthiness.

What must U.S. employers provide employees by January 31 each year?

A summary of earnings and withholdings.

What form must U.S. employers provide to employees by January 31 each year?

W-2 form

What is a company's written promise that a product will meet specific standards?

Warranty

What actions can help increase your credit score?

Paying bills on time, low credit utilization, long credit history

What is a loan to buy real estate called?

Mortgage

What is the term for the quantities of a product that producers are willing to sell at various prices?

Supply

What type of health insurance plan requires a referral from a primary care physician?

HMO

What is a car defined as if it has multiple serious issues during the warranty period?

A lemon

What is property insured for its current worth called?

Market value

What is the legal contract that specifies loss coverage and compensation in insurance?

Policy

What type of insurance coverage should someone have to replace furniture at today's prices?

Replacement value

What part of automobile insurance covers damage caused to another vehicle?

Property damage liability insurance

What type of mortgage allows for the same payment amount every month over 30 years?

Fixed-rate mortgage

What form do you fill out to file your taxes?

1040

What is the deadline for filing taxes unless an extension is filed?

April 15

What does renters' insurance cover?

Personal belongings, not damage to the building

What is a summary of your insurance policy called?

Declaration page

What is the amount you pay for a loss before the insurance company pays anything?

Deductible

If your car repair costs $5,000 and you have a $500 deductible, how much will the insurance cover?

$4,500

What is the term for a financial plan set up by your employer for retirement?

401(k) plan

What is the term for the price at which the quantity demanded equals the quantity supplied?

Equilibrium price

What is the term for a strategy to reduce risk by investing in a variety of assets?

Diversification

What is the legal term for a false representation made to deceive?

Fraud

What is the term for a product sold at a price below its market cost to attract customers?

Loss leader

What is the term for the interest rate that does not change over the life of a loan?

Fixed-rate mortgage

What is the term for the initial amount of money borrowed or invested?

Principal