Answers MCS Economics BLInsurance

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Federal and state governments protect victims of identity theft by

creating laws that impose fines and jail time for identity thieves.

passing laws requiring financial institutions to reimburse victims.

forcing credit-reporting agencies to notify victims of suspicious activity.

requiring people to do a better job protecting their personal information.

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Which information can be found on a person’s credit report? Check all that apply.

an unpaid utility bill that has been given to a collection agency

the person’s credit rating

the person’s yearly income

the person’s social security number

an inquiry from a bank that requested the person’s credit report

the person’s education level

best

writing them down on one list and keeping them in a safe place at home

typing them into her smartphone so they are easily accessible

typing them into an e-mail and sending it to her personal e-mail account

writing them down on one list and keeping them in her wallet

The chart shows pricing and payment options for two big items.

choosing installment plans for both items

choosing rent-to-own plans for both items

saving up enough money before buying either item

splitting the items between installment and rent-to-own plans

grossdiscretionarynet

gross

discretionary

net

Which is considered a good credit practice?

Use the credit card with the highest interest rate.

Make late payments.

Pay more than the minimum amount that is due.

Borrow more than one can afford to repay.

Bankruptcy is considered a last resort because it stays on someone’s record for

one to four years.

four to seven years.

seven to ten years.

eleven to fourteen years.

What does purchasing insurance for a business reveal about the business owner’s attitude toward financial risk?

It shows that the owner expects financial risk and is eliminating it by making an insurance company liable.

It shows that the owner acknowledges the financial risks and is willing to pay every month to transfer the risk to an insurance company.

It shows that the owner is willing to share ownership of the business to reduce financial risk.

It shows that the owner is willing to budget for short-term financial risks to avoid long-term risks.

In some cases, it is safe to avoid insurance because

it is too expensive.

it may not be needed.

only one person is at risk.

one is already in debt.

Which of these qualify as variable expenses? Choose three answers.clothing purchasesloan paymentmonthly groceriesapartment rentmedical bills

clothing purchases

loan payment

monthly groceries

apartment rent

medical bills

Which describes a set amount of pay received by a worker over the course of a year?

tuition

expense

salary

hourly wage

What is one cost of avoiding insurance?

falling into debt if faced with a serious problem

not benefitting from insurance deductibles

not being able to purchase a car or home

facing increased probability of accidents

The image shows a sales receipt.

6.25 percent

8.5 percent

10 percent

10.85 percent

What is the job outlook for a US postal worker?

The career is growing and will provide more opportunities over time.

The career is growing and will provide fewer opportunities over time.

The career is shrinking and will provide more opportunities over time.

The career is shrinking and will provide fewer opportunities over time.

A credit score tells a lender how

quickly someone will repay a loan.

much money someone will earn in the future.

trustworthy someone is as a lender.

trustworthy someone is as a borrower.

Quincy listed his assets and liabilities. CashRentStocksJewelryStudent LoanUtilitiesWhich are Quincy’s assets? Select three choices.

cash

rent

stocks

jewelry

student loan

Natalie’s income statement for the month of October is shown. What is Natalie’s net income for the month of October?

$930.00

$980.00

$1,930.00

$1,980.00

The best way to research an expensive product is to

visit multiple company websites.

watch many television commercials.

make a purchase and test it out.

read consumer information magazines.

At what point should consumers stop researching a product?

when the research costs more than the potential savings

when they want to make an immediate purchase

when the government does the research for them

when they know they have waited long enough to buy

A high-risk investment is characterized by

a greater percentage chance of loss.

superior prospects for short-term gains.

a smaller percentage chance of loss.

lower interest and compound interest rates.

The best reason to record income at the top of a budget is

to easily add expenses to it.

to know how much money is available.

to avoid spending too much money.

to see that is is more important than expenses.

Look at the table below showing an example of a checkbook ledger.

Adrienne forgot to include the $2.00 ATM transaction fee.

Adrienne did not use $320.00 as her starting balance.

Adrienne deducted $23.50 from her balance instead of $32.50.

Adrienne did not enter her ATM withdrawal correctly.

Which are shown on a balance sheet? Select three choices.

assets

liabilities

age

time period

date of birth

Jessica is trying to get a credit card. She has a credit score of 790. How is Jessica’s lender likely to view this credit score?

Jessica is low risk and will pay her outstanding balances on time.

Jessica is low risk but will not pay her outstanding balances on time.

Jessica is high risk and will pay her outstanding balances on time.

Jessica is high risk but will not pay her outstanding balances on time.

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