Economic Concepts Quiz

Economic Concepts Quiz

12th Grade

62 Qs

quiz-placeholder

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Economic Concepts Quiz

Economic Concepts Quiz

Assessment

Interactive Video

Social Studies

12th Grade

Easy

Created by

Susanna Hitt

Used 1+ times

FREE Resource

62 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the business cycle describe?

The process of starting a new business

The economic decisions made by a single company

The ups and downs, or fluctuations, in an economy

The creditworthiness of a consumer

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a command economy?

An economy where the market is free from government intervention

An economy where consumers make all the economic decisions

An economy where economic decisions are largely made by a central authority

An economy based on the creditworthiness of consumers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is considered a consumer?

A person who provides goods and services

A person who buys goods and services to satisfy their wants and needs

A central authority in a command economy

A lender assessing the creditworthiness of an individual

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is credit?

The history of a person's financial decisions

The ability of a consumer to obtain financing necessary to purchase goods or services before payment

The economic cycle of a country

The system of economic decision-making in a command economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does creditworthiness refer to?

The economic stability of a country

The ability of a consumer to buy goods and services

The level of confidence a lender has in awarding financial credit to a person or company

The decision-making process in a command economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is debt?

The act of making a purchase with the expectation of a profit.

Money owed to others or the state of owing money.

A plan to get a debt under control through financial planning and budgeting.

Income remaining after deduction of taxes and other obligations.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of debt management?

To control the way a business can operate.

To study the economics of a country as a whole.

To get a debt under control through financial planning and budgeting.

To motivate people to respond in predictable ways.

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