Social Studies Exam 5A

A promise to pay for something is called what?

• profit

• credit

• consumer

• income

Money a person earns but does not spend is called what?

• income

• expense

• savings

• budget

An example of a good could be all of the following except what?

• groceries

• cutting hair

• fruits

• vegetables

​ ​ (a)   , ​ ​ (b)   ,​ (c)   , ​ (d)   , and ​ (e)   are all examples of how to earn money.

• Babysitting
• tutoring
• mowing the lawn
• dog walking
• selling lemonade
• groceries
• vegetables
• buying toys
• giving money to your friend
• buying a car

If it is a hot day and the snow cone stand runs out of snow cones, what is happening with the snow cone supply?

• Scarcity

• Surplus

• Supply

• Demand

If a freeze ruins half the apples, then there would be fewer apples to buy. This is an example of what?

• income

• scarcity

• producer

• profit

If more people wanted apples, what would happen to the price?

• The price would go down.

• The price would go up.

• The price wouldn't change.

FILL IN THE BLANK

Scarves are cheaper in the summer because ​ (a)   people need them.

• fewer
• more
• many
• a lot

By keeping a little of what you earn and putting it into a bank, you are building up your what?

• credit

• income

• savings

• expenses

FILL IN THE BLANK

If I saved money for a whole year, I would be saving for ____________. I would be saving for this because __________.