Download True or False

Know that HIRE
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ME!
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Inflation
EconoMY or Bust
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What do we call the
percentage index used to
measure inflation?
10
CPI
(Consumer Price Index)
What type of buying pattern is it
when consumers use logic to act
in their own best self-interests to
make purchases
20
rational buying
What type of raise will provide an
increase in your purchasing power:
30
merit raise or
bonus
When gasoline prices fall and
jump back up again, this is an
example of:
Choose:
deflation, hyperinflation, reflation
40
reflation
Name some examples of public
goods your tax dollars go to
pay for:
50
public education,
police, national and
local parks, roads,
firemen…
True or False:
Statistics show the amount and
type of education you complete
DOES NOT affect your income.
10
FALSE
True or False:
You should not smile during a job
interview because you want to show
you are serious about the job.
20
FALSE
The group of friends or
acquaintances you keep in
contact with and share
information with is called
your:
30
Social Network
(Helps in networking
for a job)
Type of self-employment
business that starts small but
intends to grow into a
corporation:
40
Venture
Name 3 factors that affect
your earning potential.
50
Education,
natural talent,
hard skills,
soft skills,
experience
True or False:
When demand exceeds supply,
businesses will charge lower
prices for a product
10
FALSE
Thankfully, the US has not
experienced this type of
inflation where the prices rise
out of control going 50%300% inflation
20
HYPERINFLATION
When a business sets prices on
the cost of production plus a
markup, they are using what
pricing strategy?
30
Cost-plus pricing
During this phase of the economic
business cycle, although you may
want to stop spending, it is better to
spend a little more than save :
Choose: peak, recovery, recession, trough
40
recession
When supply exceeds demand,
will business typically raise or
lower prices?
50
LOWER
True or False:
When prices are rising faster
than your income, you gain
purchasing power
10
FALSE
True or False:
The most common type of inflation is
demand-pull
(we cause demand which pulls up prices)
20
TRUE
If a business raises a price
because their cost to create the
product rises, this is known as
what type of inflation?
Choose:
demand-pull, cost-push, real-cost
30
Cost -push
What percentage of mild
inflation is said to be good for
the economy?
40
2-3%
This concept says that a dollar you
receive in the future will be worth
less than a dollar your receive
today.
50
time value of money
True or False:
Salaried workers usually do not
keep time cards or count hours
worked or receive overtime pay
10
TRUE
True or False:
With E-filing a tax return, tax
refunds will be a lot slower than
filing a paper return
20
FALSE
Overtime pay (over 40 hours per
week) is paid at what amount
times the regular rate?
30
1½
(1.5 times regular)
True or False:
Sales tax is considered a
progressive tax.
40
FALSE
True or False:
Lifelong learning of new skills
will help you get a job and
earn higher pay and
promotions.
50
TRUE
The following accomplishments
might earn you what type of
financial aid as a gift?...
grades, athletic skills, financial need
10
scholarship
On the job training is
considered what type of
education?
Choose: formal, self, informal
20
informal
What is income received from
sources other than working?
30
unearned income
True or False:
Using fancy fonts, special
paper and flashy elements is a
good idea to help your resume
stand out
40
FALSE
What is a set of moral
values that people
consider acceptable?
50
ethics
Final Jeopardy
Draw a diagram showing the
relationship between Supply,
Demand and Prices (use S, D, P)
** NOTE: reaching an equilibrium
of supply and demand is a desired
outcome in the long run