Question

1. Interest earn on another interest is called?

                a. Simple interest  

                b. Multiple interests

                c. Compound interest

                d. All of the above

2. The lump sum of future value of money to be received today is termed

               a. Future value

               b. Present value

               c. Compound value

               d. Simple value

3. Sarah’s boyfriend requested that they should go out to the movies, but she had a mid-semester test the next day, she was in a fix as to whether to go or not. What economic concepts are applicable in her situation?
   1. Choice making & Scale of Preference
   2. Choice making & Opportunity Cost
   3. Scale of Preferences & Opportunity Cost
   4. None of the Above
4. While reading this year’s budget, the finance minister mentioned that there were economic downturns this year compared to last year. What does he mean by this statement?
   1. The economy was at the trough
   2. The economy was at the peak
   3. The economy was at the declining stage
   4. The economy was at the growth stage
5. Ante Kokor has to pay for her child school fees being a single mother, and see to the rent as well as their meals for the week. These are so pressing that she cannot wait till the month ends for her salary. She decided to sell some of her personal assets. Which of the following best describes her action?
   1. Liquidity
   2. Opportunity cost
   3. Choice making
   4. Marginal Utility
6. Ruth is so worried because last year her salary was able to buy her shoes, food, pay her rent and transportation until her next pay. However, this time she was only able to pay the rent, transportation and food but had to ask a friend for a loan before her next pay cheque. What is accounting for this situation?
   1. The increase and decrease of prices
   2. The increase in the general level of prices
   3. The persistent increase or decrease in the general level of prices
   4. The persistent increase in the general level of prices
7. Ruby graduated from Family and Consumer Sciences Department, she was successful in getting a job in line with her career aspirations. On receiving her first salary, she could take care of her expenses, but she decided only to take care of the pressing ones and save something out of her salary. Which of the following best describes her action?
   1. She is striving to be financially prudent
   2. She is striving to be financially responsible
   3. She is striving to be financially successful
   4. She is striving to be financially accountable
8. Which of the following best describes the economic management by the government?
   1. Business cycle
   2. Economic management
   3. Economic cycle
   4. Management cycle
9. Choose the odd one out
   1. Resume’
   2. Cover letter
   3. Interview skills
   4. Work experience
   5. Interest earn on another interest is called?

   6.                 a. Simple interest  

                      b. Multiple interests

                      c. Compound interest

                      d. All of the above

   7. The lump sum of future value of money to be received today is termed

   8.                a. Future value

                     b. Present value

                     c. Compound value

                     d. Simple value

   9. Sarah’s boyfriend requested that they should go out to the movies, but she had a mid-semester test the next day, she was in a fix as to whether to go or not. What economic concepts are applicable in her situation?
      1. Choice making & Scale of Preference
      2. Choice making & Opportunity Cost
      3. Scale of Preferences & Opportunity Cost
      4. None of the Above
   10. While reading this year’s budget, the finance minister mentioned that there were economic downturns this year compared to last year. What does he mean by this statement?
       1. The economy was at the trough
       2. The economy was at the peak
       3. The economy was at the declining stage
       4. The economy was at the growth stage
   11. Ante Kokor has to pay for her child school fees being a single mother, and see to the rent as well as their meals for the week. These are so pressing that she cannot wait till the month ends for her salary. She decided to sell some of her personal assets. Which of the following best describes her action?
       1. Liquidity
       2. Opportunity cost
       3. Choice making
       4. Marginal Utility
   12. Ruth is so worried because last year her salary was able to buy her shoes, food, pay her rent and transportation until her next pay. However, this time she was only able to pay the rent, transportation and food but had to ask a friend for a loan before her next pay cheque. What is accounting for this situation?
       1. The increase and decrease of prices
       2. The increase in the general level of prices
       3. The persistent increase or decrease in the general level of prices
       4. The persistent increase in the general level of prices
   13. Ruby graduated from Family and Consumer Sciences Department, she was successful in getting a job in line with her career aspirations. On receiving her first salary, she could take care of her expenses, but she decided only to take care of the pressing ones and save something out of her salary. Which of the following best describes her action?
       1. She is striving to be financially prudent
       2. She is striving to be financially responsible
       3. She is striving to be financially successful
       4. She is striving to be financially accountable
   14. Which of the following best describes the economic management by the government?
       1. Business cycle
       2. Economic management
       3. Economic cycle
       4. Management cycle
   15. Choose the odd one out
       1. Resume’
       2. Cover letter
       3. Interview skills
       4. Work experience

Answer 1

1. c. Compound Interest

2. b. Present Value

3. c. Scale of preferences and opportunity costs

4. c. The economy was at the declining stage

5. a. Liquidity

6. d. The persistent increase in the general level of prices

7. b. She is striving to be financially responsible.

8. b. Economic Management

9. c. Interview skills