Personal Financial Literacy 12 - Module 2 | Study Set #4 (LUOA)

After signing a contract, what should you be aware of? - Nothing - It is not important to be aware of such things. - Ways to break the contract when you feel like it - Ways to have another person become responsible for what you agreed to - Any related legal aspects such as the right to rescission

- Any related legal aspects such as the right to rescission

Which type of agreement will ask you to agree to be a customer for a certain amount of months, usually while you are paying off equipment? - Cellphone agreement - Property rentals - Mortgage agreement - Parental agreement

- Cellphone agreement

Which of the following is/are true regarding co-signing? Choose the three that apply. - It can legally bind both parties as responsible for whatever that contract demands. - It can damage relationships. - It can damage credit scores. - It can build your credit score.

- It can legally bind both parties as responsible for whatever that contract demands. - It can damage relationships. - It can damage credit scores.

Which is true of contracts? - Most contracts do not have any information that you should read first. - Contracts contain language meant only for lawyers, so it is not necessary to read them. - It is incredibly important to read and understand all that is written in the contract. - It is important to read and sign the contract as quickly as possible.

- It is incredibly important to read and understand all that is written in the contract.

Which of the following use an online contract? - Coffee shops - Movie theaters - Farmers markets - Online social media apps such as TikTok

- Online social media apps such as TikTok

Economic harmony comes from the balance of which things? - Debt, banking, and loans - Wealth, power, and abundance - Products, services, and consumers - Spending, saving, and hoarding

- Products, services, and consumers

The wages paid to workers can be affected by what? - The worker's shoe size - Supply and demand - The weather on Tuesdays - A store's internal temperature

- Supply and demand

A cosigner legally agrees to which of the following? - To return any items that were not completely paid for - To stand beside the borrower while they sign the contract - To pay off the loan if the borrower cannot make the payments - To pray for the borrower to have the funds to make the payments

- To pay off the loan if the borrower cannot make the payments

Verizon, Sprint, or AT&T connects to what type of contract? - mortgages - rental properties - cellphone agreements - online contracts

- cellphone agreements

An equilibrium price is one at which a producer can sell all he wants, and a consumer can buy all he ________. - supplies - demands - creates - destroys

- demands

An important aspect to consider regarding contracts is what __________ may present themselves during the life of your contract. - legal ramifications - banking hours - signature styles - loopholes

- legal ramifications

Buying a home connects to what type of contract? - mortgages - rental properties - cellphone agreements - online contracts

- mortgages

Streaming services such as Netflix and Hulu and online games connects to what type of contract? - mortgages - rental properties - cellphone agreements - online contracts

- online contracts

Apartments or condos connects to what type of contract? - mortgages - rental properties - cellphone agreements - online contracts

- rental properties

An increase in demand for workers, or a reduction in the ________ of them, will raise wages. - supply - training - demand - cost

- supply

Equilibrium is where the quantity ________ equals the quantity ________

1) demanded 2) supplied

If demand for an item rises and supply stays the same, the price will ________. If the demand for an item goes down and the supply stays the same, the price will _______

1) rise 2) fall

If the market is oversaturated with a certain group of laborers (for example, construction workers), based on the law of supply and demand, what will potentially happen to the wages of these workers? - They could increase. - They will stay the same. - Supply and demand does not give us any indication of what could happen to wages. - They could decrease.

They could decrease.

"A consumer's desire to purchase goods and services" represents supply or demand?

demand

"Based on the idea that the lower the price of a product, the more of it people will demand" represents supply or demand?

demand

"What consumers are willing to pay for goods and services" represents supply or demand?

demand

________ is the study of how we as a society use limited resources. Those resources could be goods and services, or even labor.

economics

a contract is a __________ agreement between two entities.

legal

The "right to _____________" entitles the signer of a loan a certain amount of days to rescind, or cancel, the contract.

rescission

"Amount of a resource that producers are willing and able to produce" represents supply or demand?

supply

"Based on the idea that the higher the price of a product, the more of it producers will supply" represents supply or demand?

supply

"How much of something is available" represents supply or demand?

supply

The price moves toward a point where the quantity demanded is equal to the quantity supplied = - Equilibrium - Higher equilibrium price and higher quantity - Lower equilibrium price and lower quantity

Equilibrium

Demand increases and supply stays the same = - Equilibrium - Higher equilibrium price and higher quantity - Lower equilibrium price and lower quantity

Higher equilibrium price and higher quantity

Demand decreases and supply stays the same = - Equilibrium - Higher equilibrium price and higher quantity - Lower equilibrium price and lower quantity

Lower equilibrium price and lower quantity