Social Studies Quiz (final) for grade 3

What is the definition of "Profit"?

• Sending products to other countries.

• The money earned after paying for costs.

• Bringing in products from other countries.

What is the definition of "Export"?

• Sending products to other countries.

• The money earned after paying for costs.

• Bringing in products from other countries.

What is the definition of "Import"?

• Sending products to other countries.

• The money earned after paying for costs.

• Bringing in products from other countries.

What does saving mean?

• Giving money to your friend.

• Putting money aside to use later.

• Spending all your money.

Who collects the taxes?

• The government.

• The supermarket.

• The teacher.

Oil is a renewable resource.

• True
• False

A refinery is where oil is turned into products like gasoline.

• True
• False

The kingdom of Saudi Arabia is one of the world’s largest producers of oil.

• True
• False

Match the term with their correct description:

Commodity

• Energy source formed from ancient plants and animals.

• Something valuable that can be bought and sold.

• Another name for refined oil used in vehicles.

Match the term with their correct description:

Petroleum

• Energy source formed from ancient plants and animals.

• Something valuable that can be bought and sold.

• Another name for refined oil used in vehicles.