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Consumer Economics Final Exam Study Guide. Economy Unit Define the following terms: –Supply –Demand –Scarcity –Opportunity.....

Dec 27, 2015

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  • Consumer EconomicsFinal Exam Study Guide

  • Economy UnitDefine the following terms:SupplyDemandScarcityOpportunity CostSurplusShortageInflation

  • Economy Unit Cont.Briefly explain the difference between needs and wants

  • Economy UnitExplain the following laws: (hint: how do prices affect buying & selling)Law of SupplyFactors that affect this law:Law of DemandFactors that affect this law:

  • Economy UnitName and describe the four parts of the business cycle

  • Economy UnitName and briefly describe the seven economic goals (Jaczaklonia Activity)

  • Economy Unit Cont.Identify and describe the four factors of production

  • Economy UnitIdentify and explain the differences between the three types of economies

  • EmploymentExplain each of the following roles of a person in our economy (hint: why are they all important)ConsumerWorkerCitizen

  • Consumers Beware UnitExplain the three different types of advertising and give an example of each Consumer Selective Primary

  • Consumers Beware Cont.Briefly describe what each of the following acts didFood, Drug, and Cosmetic Act of 1938Wool Products Labeling Act of 1939Flammable Fabrics Act of 1953Poultry Products Inspection Act of 1957

  • Consumers Beware Cont.Briefly describe what each of the following acts didNational Traffic and Motor Vehicle Safety Act of 1966Child Protection and Toy Safety Act of 1966Fair Packaging and Labeling Act of 1966Hazardous Substances Labeling Act of 1960

  • Consumers Beware Cont.Briefly describe what each of the following government agencies is responsible forDept of AgricultureDepartment of CommerceDepartment of Health and Human ServicesFederal Communications Commission

  • Consumers Beware Cont.Briefly describe what each of the following government agencies is responsible forFederal Trade CommissionUnited States Postal ServiceFederal Aviation AdministrationFederal Bureau of Investigation

  • Consumers Beware Cont.What are the 7 Consumer rights?

  • Consumers Beware Cont.Identify 8 advertising schemes and how they work

  • Consumers Beware Cont.Identify at least 3 private organizations that help consumers

  • BudgetingWhy use a budget?

    Define the following:IncomeExpensesFixedVariable

  • BankingDefine the following banking terms:ReconcilingCancelled checkDebit cardFDICOutstanding checkPayee

  • Banking Cont.Who runs the US banking system?

    What are they responsible for?

  • Banking Cont.What are the functions of money? What forms can money take?

  • Banking Cont.Identify and briefly describe the 3 types of special checks?

  • SavingsWhat is savings?

    What are 3 reasons to save?

  • InvestingWhat is investing?

    Is it the same as saving? Why or why not?

    Can you read a stock line? Indicate that below:

  • Investing Cont.Define the following terms:Savings accountCDStockBondMutual FundIRALiquidity

  • Investing Cont.Identify four types of stock Where are stocks traded?

    Who trades stocks?

  • Investing Cont.Identify the advantages of investing in stocks

    Identify the disadvantages of investing in stocks

  • CreditDefine the following terms:APRCreditorCo-SignerCollateralCharacterCapacityCapitalFinance Charge

  • Credit Cont.Identify the advantages of using credit Identify the disadvantages of using credit

  • Smart ConsumerDefine the following insurance terms:DeductiblePremiumHMOLife InsuranceUmbrella Policy

    Why do we get insurance?

  • Smart Consumer Cont.What are the types of Automobile Coverage? Which type of coverage is required by law in Illinois?

  • Smart Consumer Cont.How do we get discounts on auto insurance?

  • TaxesDefine the following terms:W-4W-2Voluntary ComplianceProgressive taxesRegressive taxesProportional taxesFICAMedicare

  • Taxes Cont.What is a tax?

    By what two ways do we judge fairness of taxes?

  • Application PortionYou will be preparing the following for your written portion of the final:

    Checks, deposits, check register, and Bank RecA Monthly Budget (Found on SharePoint)1040EZ tax form from a W-2 (1040EZ is on SharePoint)

  • Good Luck!! This study guide will prepare you for your final exam. We guarantee it. Use your notes, book, worksheets, workbook pages, whatever it takes!! If this is completed, it will be well worth your while. Study hard and good luck. See you for finals!!-Mrs. J & Mr. Miller