Buyers and sellers meet in a market to exchange ________________.

goods, services, and information

Market size refers to _____________.

the number of buyers of a product or service

the unit pricing of a product or service

the number of sellers of a product or service

the number of dealers in a particular area

A rebate is ________________.

a discount given after an item is purchased

a discount given before an item is purchased

generally smaller than a coupon

A tip is _________________.

an extra payment made voluntarily to a worker

rarely given because most people use debit or credit cards

rarely given because it is generally not expected

A unit price is equal to _________________.

price multiplied by the number of units

number of units divided by price

A charge account is an arrangement where a _____________.

customer receives a good or service and pays for it later

customer pays for a good or service and receives it later

credit limit does not apply for a large purchase

creditworthy customer usually has no credit limit

What is the purpose of a market?

It enables buyers and sellers to meet to exchange foods, services, or information.

Making an agreement where you pay for purchases in small amounts over time.

Diving the price by the number of units

Who is responsible for collecting sales tax?

The store or business making the sale collects the tax.

The individual making the purchase collects the tax.

No sales tax needs to be collected.

Is unit pricing best used as a tool to determine which brand of a product to buy?

No. It's best used to determine which size to buy.

Yes. It's best used to determine which brand to buy

Yes. The number of units is multiplied by price.

No. It's a flat rate applied to the sales price.

Identify two differences between coupons and rebates. (CHOOSE TWO)

Rebates are collected after the sale and coupons are used at the time of the sale.

Rebate amounts are typically more than coupons.

Coupon value is a retail price divided by the number of units.

Coupon amounts are typically higher than rebates.

Identify at least two major details that are defined in a contract. CHOOSE TWO

Meeting to exchange goods/services.

Financial Literacy Chapter 5

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Financial Literacy Chapter 5

Quiz

•

Mathematics

•

12th Grade

•

Practice Problem

•

Medium

•

CCSS

7.RP.A.3, 7.EE.B.3, 7.RP.A.1

+10

Standards-aligned

Robin Duncan

Used 3+ times

FREE Resource

50 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Price divided by the number of units.

Market size

Unit price

Sales tax

Tip

Tags

CCSS.7.RP.A.1

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Extra payment made voluntarily to a worker.

Sales tax

Rebate

Unite price

Tip

Tags

CCSS.7.RP.A.3

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Usually a flat rate applied to the sales price of a good or service.

Installment plan

Charge account

Sales tax

Coupon

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Number of buyers for a product.

Market size

Payment card

Contract

Rebate

Tags

CCSS.7.SP.A.1

CCSS.7.SP.A.2

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Paying for a purchase in small amounts over time.

Coupon

Rebate

Installment Plan

Market size

Tags

CCSS.7.EE.B.3

CCSS.7.EE.B.4

CCSS.7.RP.A.2

CCSS.7.RP.A.3

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Customer receives a good or service and promises to pay at a later date.

Contract

Charge account

Installment plan

Unit price

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Used to make a purchase instead of cash.

Payment card

Installment plan

Coupon

Tip

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Financial Literacy Chapter 5

50 questions

Price divided by the number of units.

Extra payment made voluntarily to a worker.

Usually a flat rate applied to the sales price of a good or service.

Number of buyers for a product.

Paying for a purchase in small amounts over time.

Customer receives a good or service and promises to pay at a later date.

Used to make a purchase instead of cash.

Formal agreement between two or more people or organizations.

Discount given after a purchase.

Discount given before a purchase.

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