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WorksheetsChapter 7 Review
Total questions: 19
Worksheet time: 10mins
Name
Class
Date
1.
When each person has a special skill and does one job or one part of a project it is called _________.
a)
value
b)
savings
c)
specialization
d)
profit
2.
When people use money to buy and sell goods and services, it is called ___________.
a)
trade
b)
value
c)
demand
d)
interdependence
3.
When people depend on each other to get the things they need and want, it is called ___________.
a)
savings
b)
specialization
c)
demand
d)
interdependence
4.
__________ is what something is worth to a person.
a)
value
b)
profit
c)
demand
d)
trade
5.
________ is the amount of goods or services that people want and can buy.
a)
value
b)
savings
c)
demand
d)
trade
6.
The money a person earns but does not spend is called ________.
a)
interdependence
b)
demand
c)
specialization
d)
savings
7.
The money that businesses have left after their costs are paid is called ________.
a)
profit
b)
savings
c)
demand
d)
value
8.
Using money and credit cards are both ways to __________for goods and services.
a)
pay
b)
borrow
c)
loan
d)
collect
9.
Which of the following is an example of a community budget?
a)
A town uses tax money to buy new police cars.
b)
A person takes out a loan to open a new store.
c)
A welder goes to school to learn more skills.
d)
A mayor buys a new home on credit.
10.
What does import mean?
a)
to bring products and resources into the country
b)
to send products and resources out of the country
11.
Which of the following is an example of a want that you could live without?
a)
A winter coat and hat
b)
A warm house
c)
A new video game
d)
Healthy food
12.
In the United States, who controls the kind of furniture that a furniture store sells?
a)
The government
b)
The consumers
c)
The furniture delivery person
d)
The furniture store
13.
How does improved and faster transportation affect the supply of a product?
a)
It has no effect
b)
It helps keep the supply up
c)
It helps keep the supply down
14.
The teachers, postal workers, and bus drivers in your community have different types of ______________.
a)
Jobs
b)
Loans
c)
Credit cards
d)
Savings
15.
Which country do you live in?
a)
United States
b)
Kansas
c)
Wichita
d)
Goddard
16.
Human, natural, and capital are three types of ______________ that producers need to make a good.
a)
services
b)
resources
c)
markets
d)
goods
17.
What is your job, or role, in your community as a student?
a)
Follow school and community rules
b)
Be respectful of property
c)
Keep your community clean
d)
All of the answers
18.
A computer that is made in a factory and then sold in a store is an example of a__________________.
a)
producers
b)
consumer
c)
good
d)
service
19.
What is a benefit of people working together using specialization and division of labor?
a)
People are kind
b)
It saves time and money
c)
There are no benefits
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