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Understanding Business Basics Quiz

Authored by Esther Ogunleye

Social Studies

5th Grade

Understanding Business Basics Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A family is struggling to pay all their bills each month. Using what you know about personal budgets, what steps should they take to improve their financial situation?

Spend more money on entertainment

Create a plan for income and spending, and track their expenses

Take out more loans without a plan

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Imagine you are starting a new business. What strategies could you use to make your business more competitive and attract more buyers?

Raise prices higher than everyone else

Lower prices and improve the quality of your goods or services

Only sell to friends and family

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose you want to save money for a new bicycle. How could you use a bank to help you reach your goal, and what should you consider when choosing a bank?

Hide your money at home

Open a savings account at a bank and compare interest rates

Spend all your money immediately

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business is not making a profit. What are some possible reasons for this, and what could the business do to improve its situation?

Ignore costs and keep prices the same

Analyze expenses, reduce unnecessary costs, and find ways to increase sales

Give away products for free

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a bank wants to increase its profits, what actions could it take, and what should it be careful about?

Charge higher interest on loans, but ensure rates are fair and legal

Give away free money to everyone

Stop offering loans

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You have $50 in income each week. If you want to “make ends meet” and also save some money, how should you plan your spending?

Spend all $50 every week

Create a budget to cover needs first, then save a portion of your income

Only buy things you want, not things you need

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A new business is opening in your town. How might this affect other businesses and buyers in the area?

It could increase competition, leading to better prices and quality for buyers

It will have no effect on anyone

It will only help the new business

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