G7-G8 LP-ASSESSMENT 1

Smith has Rs. 100 with him. Out of that, he purchased an ice-cream priced at Rs. 18 and some fruits for Rs. 27.  Smith also spent Rs.10 for buying paper bags.  Calculate the savings for Smith.

• 30

• 45

• 55

• 90

  _______ is the thing that stops a person from spending on wants.

• Self-control

• Greed

•  Wishes

• Desires

Mr. A sacrifices his wants for his family. Mr. A focuses on only fulfilling his needs and he does not think of satisfying his wants. This practice of Mr. A will lead to __________.

•  Instant Gratification

• Savings

• Impulsive buying

• Purchase Decision

________ means lack of availability of goods or service.

• Scarcity

• Loss

• Opportunity Cost

• Options

What are the main reasons to save money?

•   It helps in emergencies

• For major purchases

•  Future purpose

• All of the above

Another term for ________ is availability.

• Price

• Demand

•  Supply

• Goods

It's 25th December, all children are waiting for Santa Claus. This time Santa Claus gifted Rs. 500 to everyone. This is an example of ________.

• Active income

• Passive income

 Mr. B was going to his friend's house to make him a payment of Rs. 100, his friend is in urgent need of money. On the way to his friend's house, someone stole Mr. B's wallet. Now Mr. B was really tensed as to how he will make payment to his friend. Is there any other way to make payment? Can you help Mr. B? (Mr. B has Rs. 500 in his bank Account)

• Mr. B has no option left

• Mr. B can make payment through cheque

• Mr. B should search for his wallet

• Mr. B should complain to police

An advantage of having a ________account is that more funds can be withdrawn than the balance in the account.

• Savings

• Current

Less Demand and High Supply= ___________.

• Increase in Price

• No change in Price

• Negative Price

• Decrease in Price