GACE PRACTICE TEST QUESTION AND ANSWERS 100% CORRECT
2025/2026
1. 1. A command economy is characterized by: D
a. A laissez-faire approach by the government
b. A moderate amount of government
interven- tion in the economy
c. Businesses commanding all aspects
of the economy
d. The government controlling prices and
produc- tion
2. 2. Which of the following is not a responsibility of C
the Securities and Exchange Commission (SEC)?
a. Regulating securities
b. Investigatirg insider trading
c. Setting interest rates
d. Processing applications for initial public
offer- ings (IPOS)
3. 3. In marketing, the demand for a product is di- D
rectly influenced by:
a. Customers' desire for a product
b. Customers' ability to obtain a product
c. Availability of a product
1/
78
, GACE PRACTICE TEST
Study online at https://quizlet.com/_8soqta
d. Both A andB
4. 4. The Sarbanes-Oxley Act of 2002: C
a. Vastly reduced the financial reporting
obliga- tions that corporations face
b. Deregulated public utilities
c.Was intended to fight corporate and
accounting fraud
d. Reduced tariffs on trade among North
Ameri- can countries
5. 5. An employee earns $2,000.00 per month in
B gross pay, but pays 9% in federal taxes,
3% for state taxes, and 2% for local taxes.
After tax, the company withholds $104.36 for
health insurance. What is the employee's net
pay?
a. $2,000.00
b. $1,615.64
c. $1,820.00
d. $1,720.00
6. 6. A market in which product availability exceeds C
2/
78
,demand is called
a: a. Free
market
3/
78
, GACE PRACTICE TEST
Study online at
https://quizlet.com/_8soqta
Seller's market
Buyer's market
Black market
7. 7. Which of the following is not a part of Maslow's D
hierarchy of needs?
a. Self-actualization
b. Esteem
c. Safety
d. Supply and demand
8. 8. Which of the following countries is not part of D
NAFTA?
a. Mexico
b. United States
c. Canada
d. China
9. 9. A consumer's credit score is directly influenced A
by which of the following factors?
a. Debt repayment history
4/
78
2025/2026
1. 1. A command economy is characterized by: D
a. A laissez-faire approach by the government
b. A moderate amount of government
interven- tion in the economy
c. Businesses commanding all aspects
of the economy
d. The government controlling prices and
produc- tion
2. 2. Which of the following is not a responsibility of C
the Securities and Exchange Commission (SEC)?
a. Regulating securities
b. Investigatirg insider trading
c. Setting interest rates
d. Processing applications for initial public
offer- ings (IPOS)
3. 3. In marketing, the demand for a product is di- D
rectly influenced by:
a. Customers' desire for a product
b. Customers' ability to obtain a product
c. Availability of a product
1/
78
, GACE PRACTICE TEST
Study online at https://quizlet.com/_8soqta
d. Both A andB
4. 4. The Sarbanes-Oxley Act of 2002: C
a. Vastly reduced the financial reporting
obliga- tions that corporations face
b. Deregulated public utilities
c.Was intended to fight corporate and
accounting fraud
d. Reduced tariffs on trade among North
Ameri- can countries
5. 5. An employee earns $2,000.00 per month in
B gross pay, but pays 9% in federal taxes,
3% for state taxes, and 2% for local taxes.
After tax, the company withholds $104.36 for
health insurance. What is the employee's net
pay?
a. $2,000.00
b. $1,615.64
c. $1,820.00
d. $1,720.00
6. 6. A market in which product availability exceeds C
2/
78
,demand is called
a: a. Free
market
3/
78
, GACE PRACTICE TEST
Study online at
https://quizlet.com/_8soqta
Seller's market
Buyer's market
Black market
7. 7. Which of the following is not a part of Maslow's D
hierarchy of needs?
a. Self-actualization
b. Esteem
c. Safety
d. Supply and demand
8. 8. Which of the following countries is not part of D
NAFTA?
a. Mexico
b. United States
c. Canada
d. China
9. 9. A consumer's credit score is directly influenced A
by which of the following factors?
a. Debt repayment history
4/
78
