Business and Economics Worksheet (Grade 6)

What is the main role of businesses in daily life?

• To provide entertainment

• To produce and sell goods and services

• To enforce laws

• To teach in schools

How does the concept of business differ when referring to a product versus a company?

• A product is a company; a company is a product

• A product is something sold; a company is an organization that makes or sells products

• There is no difference

• A company is always a nonprofit

What is economics, and why is it important to understand in business?

• The study of money only; it helps people get rich

• The study of how resources are used to satisfy wants and needs; it helps businesses make decisions

• The study of government rules; it helps businesses avoid taxes

• The study of technology; it helps businesses build websites

What is a profit, and why is it essential for a business to function?

• Profit is the total money spent; it helps a business grow

• Profit is the difference between money earned and money spent; it allows a business to continue operating

• Profit is the money given to customers; it keeps them happy

• Profit is the money saved in banks; it is not essential

What are operational activities, and what do they include?

• Short breaks for employees; they include lunch and meetings

• Daily activities that help generate profit; they include production, research, and hiring employees

• Activities that only involve finances; they include paying bills

• Community service activities; they include donations

What is the role of a CEO in a company, and how do responsibilities differ in small vs. large companies?

• CEO manages social media; small companies have no CEO

• CEO makes key decisions; small company CEOs handle day-to-day tasks, large company CEOs focus on growth and vision

• CEO only hires employees; responsibilities are the same in all companies

• CEO handles taxes; large companies don’t need a CEO

How do businesses contribute to the economy and society beyond making a profit?

• By providing products, creating markets, and increasing economic benefits

• By only selling luxury items

• By hiring only CEOs

• By avoiding taxes

What is the main purpose of a business model?

• To provide free services to the public

• To plan how a company will secure customers and generate income

• To create legal paperwork for a business

• To hire employees and manage payroll

Which of the following is an example of a freemium business model?

• Netflix subscription service

• Spotify offering free music with optional paid upgrades

• Chain restaurants like McDonald’s

• Young Living Essential Oils direct sales

What is a key advantage of a limited liability company (LLC) compared to a sole proprietorship?

• LLC owners have unlimited liability for business debts

• LLC owners pay double taxes on profits

• LLC owners are not personally responsible for company losses

• LLCs cannot have more than one owner