QUIZ 101

The following are the four (4) basic economic activity of consumers except

• earning

• liquidating

• borrowing

• saving

It refers of gaining money by working, owning a

business, or receiving investment returns.

• saving

• investing

• earning

• spending

which of the following involves realizing that career choices greatly affect lifetime earnings & standard of living & considering these factors when making career choices.

• responsible borrowing

• responsible earning

• career choice

• planning

The way a person spends money determines the value received and influences the economy. This is an act of what economic activity?

• spending

• borrowing

• earning

• saving

An economic system cannot produce all

goods and services that consumers want, and most consumers

do not have the resources to purchase everything they want.

• Law of Demand

• Law of Scarcity

• Law of Supply

• All of the above

The highest-valued alternative that must be given up when a choice is made is called

• trade-off

• opportunity cost

• demand

• wants

The choice of one item while giving up another is called

• trade-off

• need

• wants

• opportunity cost

Putting aside money for later use is what economic activity.

• earning

• trading

• allocating

• saving

It refers to of obtaining money, goods, or services at present in exchange for the promise of future payment.

• saving

• borrowing

• investing

• earning

What is the full name of your FME 17 - Personal Finance?