What is perhaps the most important responsibility that consumers have?
Educating themselves on products before making a buying decision
. What are the four rights of a consumer?
What is history of your payment record?
Payment history is
your track record of paying your credit accounts
. It's the most important factor in your score. Your payment history is a record of your payment behavior on all credit accounts, such as credit cards and loans.
Which government agency deals most directly with consumers in how it protects their rights quizlet?
Which government agency deals most directly with consumers and their rights and protection?
Federal Trade Commission
.
What is the purpose of interest quizlet economics?
What is the purpose of interest?
for the lender to make money in exhange for giving money to those who need it
.
Which portion of US government spending took up the largest percentage of the 2016 budget?
Social Security and labor, Medicare and health programs, and military spending
will make up 76 percent of the total budget, leaving just 24 percent, or $957 billion of the $4.1 trillion total, to spend on all other programs.
Is 99% payment history good?
There is a very slim margin allowing for late payments before your credit score starts to suffer:
100% – Great
.
99% – Good
. 98% – Fair.
What you give up when you make a choice?
Opportunity cost
is what you give up (the benefits of the next best alternative) when you make a choice.
What is perhaps the most important responsibility that consumers have quizlet?
What is perhaps the most important responsibility that consumers have?
Educating themselves on products before making a buying decision
.
Which economic factor was a major cause of the Great Depression *?
The stock market crash of 1929
touched off a chain of events that plunged the United States into its longest, deepest economic crisis of its history. It is far too simplistic to view the stock market crash as the single cause of the Great Depression.
How much of a good or service that consumers want to buy at a certain price?
Demand
is simply the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period.
What effects do low interest rate have on the economy?
The lower the interest rate, the more willing people are to borrow money to make big purchases, such as houses or cars. When consumers pay less in interest, this gives them
more money to spend
, which can create a ripple effect of increased spending throughout the economy.
How do interest rates affect the economy quizlet?
Higher interest rates encourage people to save their money as it cost more to borrow, and encourages people to invest. Generally
slows down economic activity
. Lower interest rates increases economic activity and causes people to spend their money on loans and things. Less investment occurs.
What is the purpose of interest?
Interest is
the monetary charge for the privilege of borrowing money
, typically expressed as an annual percentage rate (APR). Interest is the amount of money a lender or financial institution receives for lending out money.
When a government pays out more money than it takes in?
A deficit
occurs when money going out exceeds the money coming in. In 2020, the federal government spent more than it collected.
What type of tax does the government get most of its money from?
About 50 percent of federal revenue comes from
individual income taxes
, 7 percent from corporate income taxes, and another 36 percent from payroll taxes that fund social insurance programs (figure 1). The rest comes from a mix of sources.
When a government spends more money in one year than it collects in taxes there is a budget?
When the federal government spends more money than it receives in taxes in a given year, it runs a budget deficit. Conversely, when the government receives more money in taxes than it spends in a year, it runs
a budget surplus
.
