Module Two Exam FLVS Economics

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Julia earns $8,000 per year at her college work-study job. Her earnings put her in the 10% tax rate. What is her tax owed?

If the Federal Reserve lowers the federal funds rate, what will happen to bank savings accounts?

The interest rate offered would decrease

Which of these are loans to businesses or governments?


Your friend’s job pays $10 per hour, and he works 40 hours per week. His tax rate is 20 percent. Assuming he works 50 weeks of the year, his yearly gross income is


Who would pay the most as a percentage of income under a progressive tax?

CEO earning 2.5 million per year

To what does tax progressivity refer?

The relation of tax rate to income

Why might stores choose to list $5 items for "two for $10"?

To encourage customers to buy more than one item 🙂

What are the advantages of a bank savings account?

High liquidity, high rate of return

Which type of credit card carries the most risk?

Secured Credit cards

If an investor possesses a portfolio heavily concentrated in futures, a financial advisor would most likely suggest adding which conservative investment to diversify the portfolio?

Certificate of Deposit

Johann maintains a $75,000 insurance policy on his boat. He pays $50 per month in premiums and his deductible is $2,500. If he is involved in an accident that does $2,000 worth of damage to the boat, how much will he have to pay?

If he is involved in an accident that does $2,000 worth of damage to the boat, he will have to pay the full $2,000, since his deductible is $2,500, meaning that his insurance company only starts to pay for damage after it exceeds $2,500.

Making a down payment reduces the

loan principle amount

You earn $50,000 per year, and the federal tax rate is 10 percent. Your gross income is

Gross income is the total income, from all sources, before taxes. So it’s not relevant what your tax rate is, if you earn 50 000 a year, then this is your gross income.

What is likely to happen if a borrower is late on a payment for a credit card account?

The credit card company applies a penalty rate, increasing the card’s interest rate.

Which of these is an example of indirect tax?

Gasoline Tax

Which of the following investment plans best reflects diversification?

"Kenya invests in stocks, bonds, and mutual funds" is the one among the following choices given in the question that these investment plans best reflects diversification. The correct option among all the options that are given in the question is the second option or option "B". I hope it helps you.

What will happen if Jonathan is habitually late on loan payments?

His credit score will suffer

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