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WorksheetsEconomics Review
Total questions: 16
Worksheet time: 8mins
Name
Class
Date
1.
A person who takes a risk to start a business. Ex. Bill Gates, founder of Microsoft
a)
cashier
b)
entrepreneur
c)
capitalist
d)
proprietor
2.
How do banks, credit unions, and savings and loans, encourage savings?
a)
pay interest on deposits
b)
free gift card to a saver
c)
free checking account
d)
low interest rates on loans
3.
All of the following are examples of private property EXCEPT
a)
Sheetz
b)
Ruth's Place
c)
U. S. Postal Service
d)
Eagle Cinema
4.
Waid Park is an example of private property.
a)
True
b)
False
5.
All of the following are examples of private financial institutions except
a)
Member One Credit Union
b)
Carter Bank & Trust
c)
BB&T
d)
Long & Foster Property Management
6.
Which amendment gives Congress the power to tax income?
a)
16th
b)
5th
c)
1st
d)
10th
7.
All of the following are characteristics of a free market economy EXCEPT
a)
centrally planned economy
b)
private ownership of property and resources
c)
competition between business
d)
desire to make a profit
8.
All of the following are characteristics of a free market economy EXCEPT
a)
centrally planned economy
b)
private ownership of property and resources
c)
competition between business
d)
desire to make a profit
9.
If the government needs more money to pay for public goods and services, what are 3 ways the government can raise more revenue?
a)
raise taxes
b)
have a bake sale
c)
borrow funds
d)
charge fees (ex. parks)
10.
All of the following are reasons the United States and Virginia trades with other countries EXCEPT
a)
to buy goods at a lower cost
b)
to obtain goods they cannot produce
c)
decrease employment
d)
to sell goods to other countries
11.
U.S. coins and currency are accepted by people because
a)
there is a gold reserve as a guarantee to depositors
b)
of the confidence in the U.S. government
c)
the government will reimburse depositors for all funds saved in a bank
d)
currency is not used in the United States
12.
Select the 3 recognized forms of money in the United States.
a)
debit cards
b)
federal reserve notes
c)
checks
d)
credit cards
13.
Which of the following is an example of an employee with a good work ethic?
a)
Harper arrives at work 15 minutes early everyday with a positive attitude
b)
Bryce complains about each task he is asked to perform.
c)
Ty is late for work 2 or 3 days each week.
d)
Savannah spends a portion of the workday on her phone texting her friends.
14.
All of the following are ways to be fiscally responsible EXCEPT
a)
keeping to a budget
b)
saving for the future
c)
spending more money each month than you earn
d)
having insurance
15.
Michael has $10; he wants to see the new Star Wars movie and go to the trampoline park. He decides to go to the trampoline park with some friends. What is his opportunity cost?
a)
the admission price of the trampoline park
b)
the time spent at the trampoline park
c)
the amount of gas used to drive to the trampoline park
d)
the value of viewing the movie
16.
All of the following are characteristics of a mixed economy EXCEPT
a)
lack of consumer choice
b)
government makes decisions for the public sector
c)
individuals and business owners make decisions for the private sector
d)
competition
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