Economics and Financial Literacy

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Questions and Answers

Which statement accurately describes revolving credit accounts?

Credit is paid in installments within a certain period of time.

Credit is used for purchased items paid off within a month.

Interest is not charged if a credit user makes payments on time.

The credit limit is set at the time the credit account is closed. (correct)

What is a medium of exchange that is accepted and backed by the government?

Bank notes

Credit cards

Corporate bonds

Currency (correct)

Identify the main weakness of this opening paragraph in a job application: 'Your recent job post on Indeed for a customer service representetive is of interest to me.I would like to aply for the position.'

Punctuation

Spelling (correct)

Conciseness

Grammar

Which statement about the concept of price is correct?

Excess supply typically leads to a decrease in price. Signup and view all the answers

What does GAAP provide for accountants?

acceptable procedures Signup and view all the answers

What is a significant issue for individuals and businesses within a socialist command economy?

a lack of competition Signup and view all the answers

Which leadership style is displayed by a supervisor who gives general guidance and encourages independence?

Laissez-faire Signup and view all the answers

How can Cecelia's bank assist her in purchasing a home?

By giving her a loan for purchasing the house. Signup and view all the answers

What distinguishes hearing from listening?

Listening requires concentration to process meanings. Signup and view all the answers

What is the first step to monitor a project?

Decide what to monitor and who will do it. Signup and view all the answers

Which of the following is NOT a helpful trait for achieving personal goals?

giving up too soon Signup and view all the answers

What role does Tara have in the example provided?

She buys small items like thread and zippers. Signup and view all the answers

How should a salesperson ideally use a customer's name during a presentation?

Integrate it throughout to add a personal touch. Signup and view all the answers

What is the primary purpose of a letter of inquiry?

To request information on various topics. Signup and view all the answers

What effect do technical terms generally have on customers?

They can lead to confusion and negative attitudes. Signup and view all the answers

What is considered an inappropriate way to close a message in a letter of inquiry?

Stating that information is needed ASAP. Signup and view all the answers

How can a user exclude a specific word from a web search?

By placing a minus sign directly before the word. Signup and view all the answers

Which statement is true regarding the use of brand names in customer interactions?

Some customers may prioritize brand names over others. Signup and view all the answers

What is a key reason to integrate customer appreciation in a message?

It fosters goodwill and positive relations. Signup and view all the answers

How should exact phrases be searched in a query?

By placing quotation marks around the phrase. Signup and view all the answers

What is a limitation of personal vision in decision-making?

It is only useful for the individual. Signup and view all the answers

Which strategy could have benefited Sasha when listening to multi-step directions?

Taking notes on the directions. Signup and view all the answers

What characteristic defines achievement-oriented leaders?

They allow moderate risk-taking by followers. Signup and view all the answers

What is a primary function of an employee handbook?

To inform new employees about company policies. Signup and view all the answers

What can be expected from achievement-oriented leaders when setting goals?

They set challenging goals for followers. Signup and view all the answers

What would likely improve following complex directions?

Taking notes for future reference. Signup and view all the answers

Which action would not be helpful for Sasha in following directions?

Minimizing eye contact with the speaker. Signup and view all the answers

What type of risks do achievement-oriented leaders encourage among their followers?

Moderate risks that promote growth. Signup and view all the answers

What is one benefit of good communication among employees in the workplace?

Enhanced job responsibilities and efficiency Signup and view all the answers

What indicates that Courtney's solution to a problem was successful?

The customer expressed satisfaction with the resolution Signup and view all the answers

What does the finance process primarily involve?

Obtaining funds to achieve business goals Signup and view all the answers

Which factor is crucial when evaluating the relevance of a book?

The qualifications of the author Signup and view all the answers

What should be considered when determining a book's validity?

The publication group and its interests Signup and view all the answers

What is depreciation in the context of finance?

The reduction in value of goods or assets over time Signup and view all the answers

What role does selling play in a business?

Influencing purchase decisions through planned communication Signup and view all the answers

Why is competition essential in capitalism?

To encourage honest and healthy business practices Signup and view all the answers

Study Notes

Types of credit accounts

Revolving credit account has a set credit limit assigned when the account is opened.

Medium of Exchange

Currency is a medium of exchange, backed by the government.

Writing Skills

"Your recent job post on Indeed for a customer service representative is of interest to me. I would like to apply for the position." This opening paragraph suffers from spelling and grammatical errors.

Supply and Demand

Excess supply causes a decrease in price.

GAAP

GAAP is a system that provides accountants with acceptable procedures.

Socialist Command Economy

Businesses in a socialist command economy may experience a shortage of consumer goods.

Leadership Styles

Laissez-faire leadership style involves a supervisor giving general guidance and allowing employees to work independently.

Financial Services

A bank can provide a mortgage to help someone purchase a home.

Debt Management

It is not necessarily true that paying on time means no interest is incurred.

Listening Skills

Hearing and listening are not the same thing.
Passive listening means listening without full attention.

Personal Goals

Success is often just around the corner, but many people give up too soon.

Project Management

The first step in monitoring a project is to decide what to monitor and who will monitor it.

Interdependence

Specific people are often responsible for providing specific elements to complete a project.

Customer Relations

When interacting with customers, using their names brings a personal and positive touch to the sale.

Written Communication

Inquiries are requests for information.
A cordial way to close an inquiry message is to appreciate the recipient's time and effort.

Web Search

A minus sign (-) before a word in a web search query excludes the word from the search.

Communication in the Workplace

Good employee communication benefits the organization, contributing to efficiency and shared job responsibilities.

Problem-Solving

Evaluating the solution is the last step of problem-solving.

Finance in Business

Finance is the process of obtaining funds and using them to achieve business goals.

Evaluating Information Sources

Ensure the author of a book is qualified to write on the subject.

Personal Vision

Personal vision is only helpful to the individual whose vision it represents.

Following Oral Directions

Taking notes while receiving multiple directions is helpful when completing a project.

Achievement-Oriented Leaders

Achievement-oriented leaders encourage moderate risk-taking in employees.

New Employee Onboarding

An employee handbook provides new employees with key information about the organization, including company policies, benefits, and history.

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Description

Test your knowledge on various concepts in economics and financial literacy. This quiz covers topics such as credit accounts, supply and demand, GAAP, and leadership styles. Enhance your understanding of how these elements interact in the financial world.