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WorksheetsEconomics 5th Grade
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
Which statement BEST describes how banks make a profit?
a)
banks borrow money from the government
b)
banks charge interest on money from loans
c)
banks charge fees on personal savings accounts
d)
banks borrow money from people in the community
2.
The law of supply and demand is very important in economics. Which of the following correctly describes supply and demand?
a)
consumers will buy whatever is produced
b)
producers will make what consumers demand
c)
suppliers will make whatever they decide to
d)
investors will put money into any business
3.
People have different roles in our economic system:
-Producers
-Providers
-Consumers
-Investors
The person who buys a stock in a company is:
-Producers
-Providers
-Consumers
-Investors
The person who buys a stock in a company is:
a)
a producer
b)
a consumer
c)
an investor
d)
a provider
4.
Banks provide services in many areas that deal with an individual's money. What impact does a savings account have on an individual's money?
a)
interest is paid on money in a savings account
b)
savings accounts stopped being offered after WWII
c)
the government takes interest away each time a savings account is opened
d)
loans are given out to only those individuals who have a savings or checking account
5.
What is given up when a choice is made is:
a)
price incentive
b)
rationing
c)
specialization
d)
opportunity cost
6.
The cost a consumer pays to purchase a good or service from a producer
a)
price
b)
cost
c)
incentive
d)
income
7.
The place where producers and consumers engage in the exchange of goods and services for money
a)
store
b)
market
c)
bank
d)
government
8.
Which is not an example of a price incentive?
a)
a sale on cereal
b)
a new candy display
c)
a "buy one, get one free" offer
d)
a coupon offering one dollar off
9.
When a country uses specialization, the cost of the items produced
a)
is lower
b)
is higher
c)
stays the same
d)
is not affected
10.
During the Civil War, the North had an advantage because it specialized in:
a)
agriculture
b)
tourism
c)
fishing
d)
manufacturing
11.
Taxes paid on money earned at work are called:
a)
income taxes
b)
estate taxes
c)
sales taxes
d)
property taxes
12.
____________ is a way to keep track of spending.
a)
a savings account
b)
a budget
c)
an investment
d)
a price incentive
13.
The part of the economy that provides financial support for individuals and businesses
a)
Household Sector
b)
Banking Sector
c)
Business Sector
d)
Government Sector
14.
This sector produces goods and services for consumers
a)
Household Sector
b)
Banking Sector
c)
Business Sector
d)
Government Sector
15.
This sector is responsible for providing resources (through work) and for consuming goods and services
a)
Household Sector
b)
Banking Sector
c)
Business Sector
d)
Government Sector
16.
The part of the economy that collects taxes and provides and manages public services
a)
Household Sector
b)
Banking Sector
c)
Business Sector
d)
Government Sector
17.
a person who starts and runs their own business
a)
investor
b)
producer
c)
entrepreneur
d)
inventor
18.
money earned through employment (job) and investments
a)
incentive
b)
taxation
c)
income
d)
costs
19.
Goods-or-Services:
doctors
lawyers
barbers
electricians
Wi-Fi
doctors
lawyers
barbers
electricians
Wi-Fi
a)
Goods
b)
Services
20.
Goods-or-Services:
food
cars
clothes
cellphone
pencils
food
cars
clothes
cellphone
pencils
a)
Goods
b)
Services
21.
When buyers and sellers freely agree to buy/sell/trade goods and services
a)
opportunity cost
b)
trade
c)
voluntary exchange
22.
What would MOST LIKELY increase a store’s sales of a product?
a)
reducing the store's hours
b)
reducing the store's employees
c)
lowering the price of the product
d)
limiting advertising of the product
23.
The U.S. government had a food rationing program during World War II. This was an example of which economic concept?
a)
specialization
b)
opportunity cost
c)
supply and demand
d)
voluntary exchange
24.
During the 19th Century Texas Ranchers sent cattle to eastern and northern cities, to make more money. This was an example of which economic concept?
a)
specialization
b)
opportunity cost
c)
supply and demand
d)
voluntary exchange
25.
What are the two MAIN elements of a personal budget?
a)
capital and labor
b)
needs and wants
c)
supply and demand
d)
income and expenses
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