Unit 5 Running a Business in the Community

Many people earn money working at a job. Another way to earn money is by —

• buying new things at the store

• volunteering

• keeping money in a savings account

Some students baked cookies for the school bake sale fundraiser. This is an example of —

• consuming

• donating

• spending

Which of the following are characteristics of a Free Market economy?

• competition

• freedom of choice

• little or no government control

• all of the above

Look at a Maria’s budget above. How is Maria earning money?

• by providing services

• by earning interest on her savings

• by selling goods to her customers

If the demand for a product is low, what will the seller most likely do?

• lower the price

• raise the price

• keep the price the same

There were two grocery stores in a small town. One grocery store closed. What will most likely happen to the price of groceries in the town?

• They will increase.

• They will decrease.

• They will stay the same.

The ice cream company wants to make a profit. The cost of sugar used to make ice cream has increased. The company does not want to raise prices. What will most likely happen to profits for the ice cream company?

• profits will increase

• profits will decrease

• profits will stay the same

How is a small business different from a corporation?

• A corporation employs only a few people. A small business can employ thousands.

• A corporation can be run in a house. A small business needs much more space.

• A corporation can be run by one person. A small business needs many people

• A small business only employs a few people. A corporations employs thousands.

Is this an income or expense?

Pocket money

• Income

• Expense

Is this an income or expense?

Going to the batting cages

• Income

• Expense

Tags

CCSS.6.NS.C.5