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ECONOMICS- Semester Exam – Review - Packet 2 of 2
Due on Monday, 12/15/14. Answers in bold.
How much do you know about basic and personal Economics? These questions are from the
various sources associated with JY HS, Room 3129 Economics. Carefully read each question,
and circle the letter of the ONE correct answer unless otherwise specified.
1. What is a SMART Goal?
a. Specific, Measurable, Attainable, Reasonable, True
b. Super, Measurable, Attainable, Reasonable, Timely
c. Specific, Measurable, Attainable, Reasonable, Timely
d. Specific, Measurable, Attainable, Reasonable, True
2. A goal of one year or less, is considered to be what?
a. Motivation
b. A SMART goal
c. A short-term goal
d. A mid-term goal
3. Which of these is an example of a “fixed expense”.
a. Groceries
b. Entertainment
c. Gas
d. Mortgage/Rent
4. Select the 6 Steps of Budgeting below:
a. Know your income, fixed expenses, variable expenses, prioritize, track, follow-up
b. Know your income, expenses, prioritize, track, follow-up, open an account
c. Get a job, Know your income, expenses, prioritize, track, follow-up monthly
d. Know your income, fixed and variable expenses, prioritize, track, follow-up, save
5. How many years in the future is a long-term goal?
a. 1-5 years
b. 10 years
c. 2-4 years
d. 5+ years
6. Circle an example of Delayed Gratification below:
a. Foregoing morning coffee from Starbucks…and bringing instant coffee from home.
b. Reduce going out for lunch from four times per week to once per week.
c. Renting more movies instead of attending a movie release at the movie theater.
d. All of the above.
7. What is the difference between gross versus net pay?
a. Gross pay is the amount of money you get after taxes. Net is before taxes
b. Gross and Net amounts are pretty much the same when you make between
$40,000.00 and $60,000.00 every year.
c. Net is the amount of money after taxes. Gross is the amount before taxes no
matter how much money you make.
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ECONOMICS- Semester Exam – Review - Packet 2 of 2
d. Net is the amount of money after taxes gross is the amount before taxes only when
you make more than $20,000.00.
8. Choose the terms below which best describe Economics. Select All that apply.
a. Plentiful Resources
b. Scarcity
c. Limited Resources
d. Exponentially Growing Population
9. Name 2 websites that are helpful for Economics information.
a. www.3129.weebly.com; census.gov
b. bls.gov; sba.gov; tx sos; federal reserve; cbo.gov;
10. BLS is an acronym for:
Bureau of Labor Statistics
Short Answer Essay
Please respond to the prompt using a minimum of 5 complete sentences pertaining to the topic
below. Please write in a manner that is generally legible. Note: if you cannot read your own
handwriting, neither can the instructor. This essay will be graded using the Fist of Five Scale.
Please allot a minimum of 10 minutes for your essay response. Please staple any extra paper.
Prompt: Explain Economics, budgeting and Opportunity Cost. How do the concepts of these
three apply to the individual? Analyze and explain their significance.
Response:
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