FREE AND STUDY GAMES ABOUT ECON GOV EXAM

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FREE AND STUDY GAMES ABOUT ECON GOV EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

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-Guarantee passing score -135 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: Clyde Cash owned two houses, three office buildings, a Bugatti Veyron, antiques, stocks, and a jet, all worth $25 million. He passed away. His heirs owe the government $9 million in taxes. What kind of taxes do his heirs owe?

Answer:

Estate Tax

Question 2: An example of a fixed expense is

Answer:

Auto insurance Question 3: You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?

Answer:

W-4

Question 4: If you are having trouble making auto loan payments, and are really following a tight budget, which recommendation below represents the worst advice?

Answer:

Stop making payments on some of your debts so you can focus on getting the most expensive or largest debts under control.Question 5: Chris was not paying attention to the flow of traffic and rear-ended the car in front of him. Both cars have damage, but he doesn't have car insurance. What will most likely happen?

Answer:

Chris will have to pay out-of-pocket for auto repair and possible medical bills for the person he hit.Question 6: your collection of financial investments like stocks, bonds, commodities, cash and mutual funds make up your ___

Answer:

portfolio Question 7: The shorter your term length, the _____ your monthly payments, and the _____ the total interest you will pay.

Answer:

higher, lower Question 8: Bigmart sells boots that are made in China and boots made in the United States.Bigmart must pay 27% tax on each pair made in China, but not on the U.S.-made pairs. What type of tax is Bigmart paying on each pair of boots made in China?

Answer:

Tariff

Question 9: when that goes away, all __ prices are going to go down.

Answer:

asset Question 10: All of the following represent a compelling reason to pay a higher insurance premium except

Answer:

You will receive a higher level of customer service and better care.

Question 11: Which of the following is a bad budgeting strategy to use if you want to save money at the grocery store?

Answer:

When comparing similar products, focus on the price only.Question 12: A minor may request a copy of his or her credit report after what age?

Answer:

14

Question 13: Which of the following could be considered good debt?

Answer:

Student loan Question 14: I forgot to pay my credit card bill one month. For how long will that payment information show up on my credit report?

Answer:

Seven years Question 15: Yvonne buys gloves that cost $10.00. At the register, she must pay $10.80. What type of tax did Yvonne pay?

Answer:

Sales Tax Question 16: she has been ___ 20 dollars from her paycheck every week for the last four years.

Answer:

withholding

Question 17: He will have to take out a ___ in order to buy the house.

Answer:

mortgage Question 18: the course offers a ___ overview of european history since the french revolution

Answer:

comprehensive

Question 19: the company made millions for investors but clearly engaged in ___ lending practices

Answer:

predatory Question 20: it is recommended by many to ___ your investments because it will reduce the volatility of your portfolio over time.

Answer:

diversify Question 21: Which of the following statements comparing credit and debit cards is true?

Answer:

With debit cards, you're spending your own money at point of sale, while with credit cards, you're promising to pay back the money eventually.Question 22: optimists ___ an immediate upswing in business as soon as vaccines are administered.

Answer:

forecase Question 23: What is the percentage return on your investment? You bought 10 shares of BigBlueCo for $100/share and later sold all of your shares for $80/share.

Answer:

-20%

Question 24: This is commonly considered a flexible expense.

Answer:

Entertainment

Question 25: How can your credit score impact your financial situation?

Answer:

Your credit score can determine whether you are approved for a loan and what the interest rate on that loan will be.