Chapter 1: Making the Most of Your Resources Quiz

What is a resource?

• Only physical objects like buildings and cars

• Only financial assets like money and stocks

• Only natural elements like water and land

• Anything we can use to meet our needs or achieve our goals

Which of the following is NOT a type of resource mentioned in the text?

• Financial resources

• Time resources

• Emotional resources

• Natural resources

What are physical/capital resources?

• Sources of money like income and savings

• Natural elements like water and land

• Goods made by people and used to make other goods and provide services

• Skills and abilities of individuals

Which of the following is an example of a natural resource?

• Income from employment

• A smartphone

• A family car

• Land

What are financial resources?

• Skills and abilities of individuals

• All types and sources of money

• Goods made by people

• Natural elements like water and land

Which of the following is NOT an example of a financial resource?

• Income from benefits

• Savings

• Problem-solving abilities

• Borrowed money

What do human resources refer to?

• Only financial assets like money and stocks

• All the people available to help you

• Natural elements like water and land

• Only your own personal skills and abilities

Which of the following is an example of a human resource?

• Income from employment

• Problem-solving abilities

• A smartphone

• Land

Why is time considered a valuable resource?

• Because it is unlimited

• Because it can be bought and sold

• Because it is a natural resource

• Because it is limited and cannot be earned, borrowed, or bought

What is the difference between needs and wants?

• Wants are essential for survival, needs are not

• Both are essential for survival

• Neither are essential for survival

• Needs are essential for survival, wants are not