
Economic Concepts Quiz
Authored by Sinan Sidheeq
Business
5th Grade
Used 1+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a want and a need?
a) Wants are things we must have; needs are things we desire.
b) Wants are things we desire; needs are essential for survival.
c) Wants and needs are the same thing.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ice cream, bicycles, and books are examples of:
a) Wants
b) Needs
c) Services
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a toy becomes very popular, what might happen to its price?
a) It goes up
b) It goes down
c) The price stays the same.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is bartering?
a) Buying and selling goods with money.
b) Exchanging goods or services without using money.
c) Saving money in a piggy bank.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the name of the paper money issued by the government?
a) Coins
b) Checks
c) Currency
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you put your allowance in a piggy bank, are you:
a) Saving
b) Spending
c) Donating
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do we call a person who starts and runs their own business?
a) Employee
b) Entrepreneur
c) Customer
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