What is the purpose of a paycheck?

to give you money in exchange for work

to keep track of your withdrawals

What does a savings account allow you to do?

have money on hand for unexpected expenses or emergencies

How does your money increase in a savings account?

The bank pays because it uses your money for other investments.

The longer you leave you money in savings account, the more it grows by a government-set rate

It grows by sitting in the bank account

Your money is multiplied by other people's money.

Why should you Pay Yourself First (PYF) when you receive money?

because it helps your savings grow

because it keeps track of your money

because it will help banks make more money

Making an electronic payment is one of several ways to do what?

record a transaction in your money tracker

What do you need to make an electronic payment?

account number and current date

debit card and your phone number

What does philanthropy mean?

the effort to increase the well-being of others through charitable giving

the effort to provide health care by the government

the ability to sell goods and services at a discount

the requirement to pay taxes as a citizen

What is a responsibility of U.S. citizens?

participating in group activities

What is required of responsible citizens?

to volunteer at a community event

Why are taxes required instead of voluntary?

Not everyone was willing to pay their part.

Tax money is spent on private goods.

Taxes can be automatically taken out of your paycheck.

Which of the given options fits with the "businesses produce products" part of the circular flow of an economy?

A factory delivers furniture to a store for sale.

A restaurant gives out paychecks to employees.

Citizens buy vegetables at a store.

Which specific act can a government do to directly make a change in the circular flow of the economy?

require businesses to pay for a license

approve the previous meeting's plan

encourage people to buy and sell products and provide services to move money in an economy

What is a role of business in the economy?

provide labor to build products

Free enterprise is different from a command economy because ________.

businesses set the price based on consumers' decisions

businesses are given the prices to set

businesses are free from any laws

What are the three basic economic questions?

what to produce, how to produce, who to produce for

when to produce, where to produce, who to produce for

how much to produce, how much to charge, how to make it

who will buy, how much to charge, what resources are needed

One option to solving the challenge of scarcity in a free market economy is ________.

have people make better choices

encourage philanthropy among citizens

make the government provide for everyone's needs

decrease the amount of resources

Why do people pay taxes?

to pay for the things government provides to people

to pay the government for private goods

to be gifted to business owners

Select the true statement. a. Gross pay is how much money you have after taxes are taken out. b. Net pay is the amount of money you receive in your paycheck. c. Gross pay is divided by the tax percentage to equal net pay. d. Net pay is multiplied by gross pay to find your tax amount.

Net pay is the amount of money you receive in your paycheck.

Gross pay is how much money you have after taxes are taken out.

Gross pay is divided by the tax percentage to equal net pay.

Net pay is multiplied by gross pay to find your tax amount.

What should this young man do if he wants to reach his goal?

research what it takes to be a successful actor

do what his parents want him to do

Which behavior is appropriate during a job interview?

show up within 15 minutes of interview time

share your Internet connection problems

Which behavior is important in all workplaces?

attending early morning meetings

JA BizTown Classroom Curriculum Pre-Program Survey

Quiz

•

English

•

5th Grade

•

Practice Problem

•

Hard

•

CCSS

RI.5.5, RI.5.3, RL.5.1

+40

Standards-aligned

T Skinner

Used 1+ times

FREE Resource

69 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which option lists financial institutions?

banks and credit unions

libraries and schools

clothing and food shops

credits and debits

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which services is a bank likely to offer?

balance and net deposit

savings and checking accounts

advertising and Web searches

time management

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is private property?

property that the government owns

property that is free

property that no one can see

property that you own

What is required on a bank application?

transaction list

full name

checkbook number

health ID number

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which bank service do you need for money to start a new store?

business loan

savings account

safe deposit box

electronic payment

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of institution is at the center of JA BizTown's economy?

educational

entrepreneurial

financial

social

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which action is required when depositing money into an account?

include your account number

list your income

swipe your credit card

sign your deposit ticket

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JA BizTown Classroom Curriculum Pre-Program Survey

69 questions

Which option lists financial institutions?

Which services is a bank likely to offer?

What is private property?

What is required on a bank application?

Which bank service do you need for money to start a new store?

Which type of institution is at the center of JA BizTown's economy?

Which action is required when depositing money into an account?

What is the purpose of a paycheck?

Where do you endorse a paycheck?

What happens when you have insufficient funds in your bank account?

Create a free account and access millions of resources

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