Question 1

What is the most commonly used currency in the world?

Accepted Answer

United States Dollar

Answer

Japanese Yen

Answer

British Pound

Answer

Euro

Question 2

What is inflation?

Accepted Answer

A sustained increase in the general price level of goods and services in an economy over a period of time

Answer

A decrease in the wages of workers over a period of time

Answer

An increase in the wages of workers over a period of time

Answer

A decrease in the general price level of goods and services in an economy over a period of time

Question 3

What is the name of the central bank of the United States?

Accepted Answer

Federal Reserve System

Answer

Bank of America

Answer

Wells Fargo

Answer

JPMorgan Chase

Question 4

What is the name of the currency used in the European Union?

Accepted Answer

Euro

Answer

European Franc

Answer

European Dollar

Answer

European Pound

Question 5

What is GDP?

Accepted Answer

Gross Domestic Product - the total value of goods and services produced in a country during a specific period of time

Answer

Gross Domestic Profit - the total amount of profit made by businesses in a country during a specific period of time

Answer

Gross Domestic Revenue - the total amount of revenue generated by businesses in a country during a specific period of time

Answer

Gross Domestic Price - the total amount of money spent on goods and services in a country during a specific period of time

Question 6

What is the term for the amount of money borrowed from a bank or other financial institution?

Accepted Answer

Loan

Answer

Mortgage

Answer

Interest

Answer

Investment

Question 7

What is the difference between 'saving' and 'investing'?

Accepted Answer

Saving involves putting money aside for a future purpose, while investing involves buying assets with the expectation of earning a profit

Answer

Saving and investing both involve lending money to another person or institution

Answer

Saving and investing are the same thing

Answer

Saving involves buying assets with the expectation of earning a profit, while investing involves putting money aside for a future purpose

Question 8

What is the meaning of the term 'deficit'?

Accepted Answer

The amount by which government spending exceeds revenue in a given period

Answer

The total amount of debt owed by a government or individual

Answer

The amount by which a person's income exceeds their expenses in a given period

Answer

The difference between a country's exports and imports

Question 9

What is the meaning of the term 'black market'?

Accepted Answer

An illegal market in which goods or services are traded outside the control of the government or official channels

Answer

A market in which financial instruments such as stocks or bonds are traded

Answer

A market in which all transactions are conducted electronically

Answer

A market in which commodities such as gold or oil are traded

Question 10

What is a monopoly?

Accepted Answer

A company or group that has exclusive control over a particular product or service.

Answer

A large corporation that is owned by its shareholders.

Answer

A type of government where the ruler has unlimited power.

Answer

An economic system where individuals and businesses compete freely without interference from the government.

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