chapter 1 financial literacy

All goods or services an economy produces require

• The four factors of production

• scarcity

• the government

• opportunity costs

An example of a self-employed person would be:

• delivery driver for Tesco

• a school teacher

• a trades person, builder, plumber, mobile hairdresser

• a BBC TV presenter

A shift worker

• ca choose their hours

• never works nights

• has the same 9 to 5 job, Monday to Friday

• works a 8 hours within a 24 hour period

A _____ economy is based on customs and traditions.

• command

• traditional

• market

• non of above

Every two weeks" means

• biweekly

• semi monthly

• monthly

• weekly

Additional compensation from an employer" is

• fica tax

• benefits

• form w-4

The most needy people qualify for Income Support

• true

• false

What is the benefit that allows employees paid time off to care for sick children or newborns?

• childcare leave

• gross pay

• individual health care

An economy in which supply and demand determine what is produced is a (n) _____.

• command economy

• traditional economy

• market economy

• none of above

If Johnny who sells shoes, have more shoes on hand to sell and less people are demanding to buy them what occurs?

• shortage

• surplus

• price floor

• price ceiling