Opportunity Cost and PYF

Opportunity Cost and PYF

7th Grade

14 Qs

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Opportunity Cost and PYF

Opportunity Cost and PYF

Assessment

Quiz

Social Studies

7th Grade

Hard

Created by

Robert Winfree

Used 4+ times

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of opportunity cost?

The cost of an opportunity

The benefit of an opportunity

The value of an opportunity

The next best alternative given up when making a choice

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of opportunity cost?

Choosing to go to a party instead of studying for an exam

Buying a new phone with saved money

Eating pizza for dinner instead of cooking at home

Going on a vacation with friends

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of PYF?

Pay Yourself First

Plan Your Future

Protect Your Finances

Prioritize Your Family

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true about opportunity cost?

It is always monetary in nature

It is the same for everyone

It can be different for different individuals

It is not a relevant concept in decision making

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost of choosing to watch a movie instead of studying?

The cost of the movie ticket

The time spent watching the movie

The knowledge gained from studying

The enjoyment of watching the movie

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor affecting opportunity cost?

Time

Resources

Preferences

Weather

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost of buying a new car?

The cost of the car

The value of the car

The next best alternative that could have been purchased with the money

The pleasure of owning a new car

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