Unit 7 Quiz 1

Which of the following definitions best describes opportunity costs

• Resources are limited

• A plan on how you spend your money

• Money that you save in a bank

• What is given up when a choice is made (second-best alternative)

You and your friends want to hang out after school. However, you've got an SOL test tomorrow, so you decide to study. What term best describes hanging out with your friends in this scenario?

• Scarcity

• Opportunity Cost

• Budget

• Warranties

Which of the following would best describe scarcity?

• Because resources are limited, we need to make choices

• Saving money to use later is helpful

• Recycling leads use to use resources more wisely

• We use human, capital, and natural resources to make new items

Mr. Barry wants to get something for lunch on his day off. He lists off his favorite places from his most favorite to his least favorite. He decides to go to McDonald's. Which of the following would be his opportunity cost for this choice?

• Lunch at McDonald's

• Lunch at Chick-Fil-A

• Lunch at Wendy's

• Lunch at Burger King

Which of the following is the best example of STORE OF VALUE?

• Ms. Bland gets a loan to purchase a new car

• Mr. Barry pays cash to get his daughter new shoes for school

• Ms. Washington begins to put money in a retirement plan

• Ms. Burgess checks over the price tags on a new bookcase

Which of the following means "money that a person stores at a bank"?

• Deposit

• Budget

• Insurance

• Warranty

Which of the following is an example of MEASURE OF VALUE?

• The PS5 is selling for $599

• Mandy hands over a $5 bill to pay for some Takis

• Helen swipes her debit card to pay for her groceries

• Robin puts money in her savings account every month

SELECT TWO: Choose all of the decisions that a fiscally responsible person would make.

• Ms. Bland decides to purchase the warranty on her new coffee maker

• Mr. Barry decides to not make his next credit card payment.

• Ms. Washington decides to purchase the trip insurance for her vacation.

• Mr. Bruce gets paid on Friday and decides to spend all his money on a trip to Las Vegas

Which of the following best describes a budget?

• Serves as a medium of exchange and measure of value

• An agreement that protects both the producer and the consumer

• A plan on how a person will spend their money

• An agreement that protects the consumer

Which of the following describes why insurance is a fiscally responsible decision?

• Insurance is a store of value

• Insurance protects producers and consumers

• Insurance lowers the risk of huge losses in the future

• Insurance shows how people are going to spend their money