Unit 5 Vocabulary Quiz

What is a free enterprise system?

• A market system where people have freedom as consumers and producers

• A plan for managing a person's income and expenses

• Money you save for a "rainy day"

• The money made by a business after paying all expenses

What does the term 'budget' refer to?

• A plan for managing a person's income and expenses

• The costs a person has for goods and services they buy

• The money a person gets from working or selling goods and services

• Money you make by doing a service or selling goods

What is meant by 'income'?

• The costs a person has for goods and services they buy

• The money saved for future use

• The money a person gets from working or selling goods and services

• The money given to a charity

What are 'profits'?

• Money you save for a "rainy day"

• The money made by a business after paying all expenses

• A plan for managing a person's income and expenses

• The costs a person has for goods and services they buy

What does 'scarcity' mean in economic terms?

• The money a person gets from working or selling goods and services

• There are not enough resources to meet every want and need

• A person who starts a business

• Money you make by doing a service or selling goods

Who is an entrepreneur?

• A person who starts a business

• Someone who saves money for a "rainy day"

• A person who donates to charity

• Someone who has a plan for managing income and expenses

What is the difference between 'Wants' and 'Needs'?

• Wants are things you have to have to survive, while needs are things you would like but don't have to have

• Wants are things you would like but don't have to have, while needs are things you have to have to survive

• Wants are the money you save for a "rainy day," while needs are the money you donate to charity

• Wants are the money made by a business after paying all expenses, while needs are the costs a person has for goods and services they buy

What is 'Market'?

• Money you save for a "rainy day"

• Somewhere where people sell goods or services

• A plan for managing a person's income and expenses

• The money a person gets from working or selling goods and services

What does 'Savings' refer to?

• The money made by a business after paying all expenses

• Money you save for a "rainy day"

• The costs a person has for goods and services they buy

• A plan for managing a person's income and expenses

What does the term "earning" mean?

• giving items to a charity

• money you use to buy a service or good

• money you make by doing a service or selling goods

• the costs a person has for goods and services they buy