Unit 1 Test Review

Unit 1 Test Review

9th - 10th Grade

11 Qs

quiz-placeholder

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Unit 1 Test Review

Unit 1 Test Review

Assessment

Quiz

Business

9th - 10th Grade

Easy

Created by

Michelle Goudy

Used 17+ times

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Needs are __.

things you must have to survive

things you desire but don't need

are always public

are always private

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The 50/30/20 Rule states that 50% of your after-tax income should be spent on __.

housing

wants such as dining out, entertainment, & hobbies

saving opportunities such as investments, savings, accounts, etc.

needs like groceries, housing, & utilities

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

You spend time and money going to a movie. In return, you cannot spend your time at home reading a book and your money buying your mom a gift. This is next-highest-valued alternative illustrates what concept?

SWOT

Market alternative

Opportunity cost

Factors of production

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Resources are items that people use to make/obtain what they need/want

True

False

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Business is weakened if competition exists.

True

False

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which is NOT a factor of production?

Natural Resources/Land

Accounting

Labor Resources

Capital Resources

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Economics is the study of how individuals & groups of individuals strive to satisfy their needs/wants by making choices.

True

False

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