1.12 Unit Test: Personal Finance, Part 1

which is the opposite of a generic good

A brand-name good

Which of these can be used to protect consumers from unsafe products

A recall

A socially responsible consumer might boycott a company that uses what

Child labor

which of these statements describes the cost and benefits of taking a college loan

College loans help increase future earning power but result in a long-term commitment to monthly payments

why might a letter writing campaign get a company to change its business practices

The company might fear that the letter writing campaign will become a boycott if it doesn't respond

what is the grace period on a credit card

The number of days the customer can wait to pay for purchases without being charged interest

what do leases contain

The obligations of renters and landlords

which of these statements describes one of the opportunity cost of attending college

Time spent on school work takes away from the chance to earn money at a job

which of these shows how a loan is paid by listing the principle and interest associated with each payment

an amortization table

which of these allow someone to buy a car that cost more than he or she can afford

car loan

Which of these fees is the biggest problem for customers who need to use the credit card to take money from an ATM

cash advance fee

what do banks pay to their savings account customers

interest

which would cause a boycott to fail

most consumers didn't stay away from the company

Which of these is made easier by maintaining a good credit history

obtain a loan

why do consumers have influence over politicians

politicians rely on consumers votes to keep them in office

which step in the budget making process is the best way to offset an unexpected financial obligation

reduce expenses and flexible categories

Which of these is an example of a fixed expense

rent

because subjective decisions are based on a persons unique values and believes which statement is true about economic decisions

they vary from person to person

why do some auto insurance customers want medical coverage for their policies

to avoid having to pay for hospital bills resulting from an accident they cause

What is the main reason to use a personal budget

to stay out of debt

under what circumstances do people have to make a co-pay

when they go to a doctor because of an illness

what makes a checking account more convenient than a savings account

you can spend your money without having to withdraw cash first

in which situation with disability insurance be useful

you lose your job because of an injury or illness

What makes a credit card more convenient than a debit card

It can be used to buy things without immediate payment

with which type of account is a mortgage payment associated

Home loan