Financial Lit Ch 1 Vocab

25 Questions | Total Attempts: 100

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Financial Lit Ch 1 Vocab

Vocabulary test on basic economic terms such as needs, want, values, goals, supply, demand, etc.


Questions and Answers
  • 1. 
    Things that you would like to have but can live without
    • A. 

      Resources

    • B. 

      Needs

    • C. 

      Wants

    • D. 

      Goals

  • 2. 
    Anyone who buys or uses products
    • A. 

      People

    • B. 

      Businesses

    • C. 

      Government

    • D. 

      Consumer

  • 3. 
    A paid form of communication sent out by a business about its product or service
    • A. 

      Puffery

    • B. 

      Advertising

    • C. 

      Production

    • D. 

      Resources

  • 4. 
    A plan to reach long-term goals within a person's life is
    • A. 

      Life span

    • B. 

      Goals

    • C. 

      Opportunity cost

    • D. 

      Life-span plan

  • 5. 
    The quantity of a product that producers are willing and able to make available for sale at various prices over a given time period is demand.
    • A. 

      True

    • B. 

      False

  • 6. 
    The quantity of a good or service that consumers are willing and able to buy at various prices during a given time period is supply.
    • A. 

      True

    • B. 

      False

  • 7. 
    Things you cannot live without are called ___________________________________.
  • 8. 
    The things you want to accomplish in your life are called ____________________________.
  • 9. 
    Something you hope to achieve within a year is called a ______________________________.
  • 10. 
    The study of the role consumers play in an economic system is called
    • A. 

      Equilibrium price

    • B. 

      Resources

    • C. 

      Economics

    • D. 

      Consumer economics

  • 11. 
    The price at which the quantity supplied exactly equals the quantity demanded of a product.
    • A. 

      Equilibrium price

    • B. 

      Resources

    • C. 

      Economics

    • D. 

      Consumer economics

  • 12. 
    The study of how we make use of our resources is called:
    • A. 

      Consumer economics

    • B. 

      Resources

    • C. 

      Equalibrium price

    • D. 

      Economics

  • 13. 
    The gradual increase in the earth's average temperature is called:
    • A. 

      Resources

    • B. 

      Economics

    • C. 

      Global warming

    • D. 

      Production

  • 14. 
    The time between a person's birth and death is called a life-span goal.
    • A. 

      True

    • B. 

      False

  • 15. 
    Long-term goal that you want to reach during your life is called a long term goal.
    • A. 

      True

    • B. 

      False

  • 16. 
    Something you hope to achieve over a period of years is called
    • A. 

      Short-term goal

    • B. 

      Life-span goal

    • C. 

      Puffery

    • D. 

      Long-term goal

  • 17. 
    The value of your next best alternative whenever you make a choice is called
    • A. 

      Resources

    • B. 

      Opportunity cost

    • C. 

      Production

    • D. 

      Profit

  • 18. 
    The creation of goods and services is called production.
    • A. 

      True

    • B. 

      False

  • 19. 
    The difference between the money received from selling a product and the cost of producing that product is called
    • A. 

      Equilibrium price

    • B. 

      Puffery

    • C. 

      Scarcity

    • D. 

      Profit

  • 20. 
    Innocent exaggerations used to sell products is called
    • A. 

      Equilibrium price

    • B. 

      Puffery

    • C. 

      Scarcity

    • D. 

      Profit

  • 21. 
    A choice made in an organized, logical manner, so that it will most likely fulfill your need or want is a rational buying decision.
    • A. 

      True

    • B. 

      False

  • 22. 
    The basic economic problem that consumers' wants are always greater than the resources available to satisfy those wants is called
    • A. 

      Scarcity

    • B. 

      Economics

    • C. 

      Resources

    • D. 

      Profit

  • 23. 
    All things used to create other goods or services is called
    • A. 

      Scarcity

    • B. 

      Economics

    • C. 

      Resources

    • D. 

      Profit

  • 24. 
    Something you hope to achieve within a year is called a goal.
    • A. 

      True

    • B. 

      False

  • 25. 
    The standards you use to judge what is right and wrong, good and bad, important and unimportant for you are goals.
    • A. 

      True

    • B. 

      False

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