Economics vocab usage

Which statement best explains why income is important for personal financial management?

• It allows you to avoid making a budget.

       

• It helps plan how to save, spend, and manage money.

      

• It reduces the need for savings.

• It guarantees financial success.

One of the BEST measures for businesses and entrepreneurs is

• loss

• marginal cash

• profit

• marginal revenue

Which of the following are benefits of creating a household budget? Select all that apply.

• Helps control spending

• Guarantees wealth

• Reduces financial stress

• Prevents job loss

What is one reason it is important to save money?

• To make large purchases immediately

• To prepare for emergencies and future needs

• To increase daily spending

• To avoid budgeting

Which situation best describes a risk of using debt?

• Paying bills early

• Borrowing more than you can repay

• Creating a savings account

• Building a household budget

How do Georgia’s transportation systems support trade?

• They limit trade to local businesses only.

• They make it easier to move goods within the state and across the world.

• They only support travel and tourism.

• They reduce the need for ports.

  Which jobs are supported by Georgia’s transportation systems? Select all that apply.

• Truck Drivers

• Pilots

• Bank Tellers

• Port Workers

Why is profit considered an incentive for entrepreneurs?

• It reduces taxes.

• It motivates them to take risks and create businesses.

• It prevents business failure.

• It eliminates the need for competition.

What kind of risk do entrepreneurs take when starting a new business?

•   Risk of losing money and time if the business fails

• Risk of increased savings

• Risk of too many customers

• Risk of stable income

.Which of the following are major industries in Georgia that impact the economy? Select all that apply.

• Agriculture

• Oil Drilling

• Entertainment

• Technology