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KDE SS 3rd Grade Economics

Total questions: 22

Worksheet time: 11mins

Name
Class
Date
1.

The entrepreneur that founded Sam's Club and Wal-Mart

a)

Walt Disney

b)

Sam Walton

c)

Sam Williams

d)

Walter Samuels

2.

A _______ is someone that uses goods and services to satisfy their needs and wants.

a)

consumer

b)

producer

c)

budget

d)

spender

3.

To give money to help someone or an organization.

a)

supplying

b)

demanding

c)

donate

d)

service

4.

He co-founded Microsoft, one of the largest computer software companies.

a)

Wallace Amos

b)

Sam Walton

c)

Bill Gates

d)

Bill Cosby

5.

People that make and provide goods or services are called _______ .

a)

a producer

b)

a provider

c)

savers

d)

spenders

6.

Using money to pay for something.

a)

demanding

b)

serving

c)

consuming

d)

spending

7.

He founded the chocolate company that makes famous bars and kisses.

a)

Milton Bradley

b)

John Hershey

c)

Famous Amos

d)

Milton Hershey

8.

Money that is put away for future use.

a)

Savings

b)

Donating

c)

Goods

d)

Scarcity

9.

The amount of product that businesses are able to offer for sale is called _____ .

a)

budgeting

b)

supply

c)

spending

d)

earning

10.

She was a leading business woman that created a booming cosmetics company.

a)

MaryKay Anderson

b)

Abigail Adams

c)

Mary Kay Ash

d)

Hilary Clinton

11.

The amount of a product that people want to buy.

a)

Free enterprise

b)

Supply

c)

Scarcity

d)

Demand

12.

What you receive as payment is called _____ .

a)

budget

b)

goods

c)

earning

d)

supplies

13.

Things that you buy or consume such as food, books or toys.

a)

limit

b)

payment

c)

groceries

d)

goods

14.

Founder of the "Famous" chocolate chip cookie brand.

a)

Milton Hershey

b)

John Hershey

c)

Wallace Armstrong

d)

Wallace Amos

15.

The system where business are free to decide prices based on supply and demand is called _______ .

a)

free choice

b)

free enterprise

c)

free service

d)

land of the free

16.

Deciding how and when your money goes.

a)

Budget

b)

Scarcity

c)

Bank

d)

Choice

17.

A _______ is something someone does for you.

a)

choice

b)

service

c)

decision

d)

goods

18.

He is known for developing the assembly line.

a)

William Ford

b)

Wallace Amos

c)

Henry Ford

d)

Bill Gates

19.

When the supply of goods or services does NOT meet the demand because supplies are limited.

a)

Sarcasm

b)

Scarcity

c)

Sacred

d)

Scared

20.

Which statement below describes a SERVICE?

a)

"Bouncy Balls: 25 cents each"

b)

"Popcorn: $1.00 per bucket"

c)

"Face Painting: $1.00 per person"

d)

"Glitter Pens: 50 cents each"

21.

Which item in a NEED.

a)

video game

b)

comic book

c)

rain boots

d)

skateboard

22.

Which item is important to have when creating a budget.

a)

A list of monthly bills.

b)

A good guess of your monthly income.

c)

A list of all the stores you like to shop at.

d)

A grocery list.