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WorksheetsSS8E1-E3 Economics
Total questions: 48
Worksheet time: 25mins
In what ways do Hartsfield-Jackson International Airport, Interstates, Georgia railroads, and the ports in Savannah and Brunswick impact Georgia’s economy?
They allow imports to arrive and reach Georgians, but don’t allow Georgia to export goods to other countries.
They make Georgia accessible to people from all over the world, help provide jobs for state citizens, and allow the state to import and export products.
They help provide numerous forms of travel to people living in rural areas such as Montgomery County.
They have very little impact because they are just modes of transportation.
Which of the following is an example of an entrepreneurship?
A person invests his or her own money to develop a kitchen cleaning tool and sales the product via the internet.
A small lumber mill manager decides to expand his or her work force by hiring more people.
An employee at the local bakery creates a new product and increase sales earn the bakery more money.
A sales representative for building company gets a contract to supply the products needed to build new apartments in town.
How is profit an incentive for entrepreneurs?
Earning a profit is not an incentive for entrepreneurs.
Earning a profit encourages entrepreneurs to take the necessary risks of starting and maintaining a business.
Earning a profit causes entrepreneurs to no longer want to be in business.
Earning a profit is not a big deal to an entrepreneur.
The term entrepreneur is best defined as
Someone who runs a business but does not own it.
A buyer of goods and services.
Someone who takes on the operation, management, and risk of a new business.
An employee of the airline industry.
The money left over after a business owner has paid all of the expense associated with making a product is called
Debt.
Profit.
Credit.
Savings
Which Georgia industry has economically impacted Georgia since colonial times?
Entertainment
Manufacturing
Agriculture
Technology
Which Georgia industry provides job opportunities and involves arts, film, TV, music, and tourism?
Entertainment
Manufacturing
Agriculture
Technology
Georgia has restructured learning opportunities for kindergarten through 12th grade to meet the needs of which growing industry in Georgia that requires highly skilled workers?
Entertainment
Service
Agriculture
Technology
Taking out a loan to buy a house or car is an example of
income
credit
saving
investing
Retirement, college education, weddings, a vacation, and a new car are all reasons why responsible citizens
save
vote
spend
boycott
How are credit cards and bank loans both similar?
They both involve saving money.
They both involve paying interest.
They are both forms of income.
They do not have any similarities.
What is the first step in creating a budget?
Calculate expected expenses
Determine short-term goals
Calculate expected income
Determine long-term goals
Which of the following describes the process of getting clothing now but paying for it at a later date.
Savings
Expenses
Credit
Income
Which is of the following is true about borrowing money from a bank?
Only the amount of the loan must be repaid.
The amount of the loan plus interest must be repaid.
There is no repayment necessary if unemployment occurs.
There is no benefit in repaying the loan quickly.
What is the main purpose of having a budget?
To make sure you have money leftover at the end of the month.
To make sure you have a plan for spending and saving your money.
To make sure you have enough money to go to a concert.
To make sure you have enough money to quit your job.
Which of the following would NOT be considered a good use of debt?
Purchasing a home
Paying for a family vacation
Starting a business
Going to college
Cell phone bill, electric bill, mortgage payment, and car payment would all be considered what part of a budget?
Income
Savings
Expenditures
Investments
How do interstate highways benefit Georgia’s economy?
The highways connect to GA's deepwater ports, airport and railroads, which allows goods to be moved quickly and efficiently to national and international markets.
It doesn't benefit the economy it actually harms it by congesting the roads with big trucks.
By only allowing the deepwater ports to ship their international goods on them.
The interstate highways benefit the states economy by localizing all trade.
How does the transportation systems have a local economic impact on the state of Georgia?
Bring tourists to the state & provide job opportunities for Georgia's citizens
Help in the development of cities in the state
Allows the state to trade both domestically and internationally
All of these
The tourism industry is the fifth largest employer in the state. What is the number one employer in the state?
Which of the following is a service?
car
shoes
oil change
computer
It has been around since the beginning of Georgia providing jobs.
Which form of transportation started to move Georgia's cotton?
Railroads
Airport
Highway system
Which forms of transportation would be best used for international travel?
Which of these is the fastest growing in the country and 4th busiest in the country?
Railroads
Savannah Port
Interstate highway system
Hartsfield Jackson International Airport
Who is the Atlanta airport named after?
Ivan Allen and William Hartsfield
William Hartsfield and Andrew Jackson
Maynard Jackson and William Hartsfield
Which Georgia city was built because of the railroad and once called Terminus?
Savannah
Macon
Atlanta
Mount Vernon
What is an expenditure?
Money earned by a worker
Money spent
Benefits from a job
Money saved
What is income?
Money earned by a worker in a year
Money spent
Money set aside for future use
Using money in hopes of gaining more in the future
What is saving?
Amont of money used for purchasing items
Setting aside money for future use
Amount of money a worker earns
Amount of money spent in a day
My family uses a _____________
Which of the following is not true about the difference between credit cards and debit cards?
purchases made with a debit card come directly out of your bank account
you must pay off your credit card bill monthly or there will be penalties
you must have a bank/checking account to use a debit card
credit cards use money from your savings account
Joey was approved for a credit card and soon spent over $2000. What is the money owed called?
Debit
Savings
Debt
Bankruptcy
What is bankruptcy?
a legal proceeding involving a person or business that is unable to repay outstanding debts
making money off of investments
saving money for a business when making purchases
Getting an extremely high mortgage
Georgia is a leading producer of all of the following agriculture products EXCEPT which of the following:
Broilers (chickens) and soybeans
Pecans and Peanuts
Cotton, Blueberries, Peaches
Goats, Trees and Fish
Georgia leads the country in the production of peanuts and pecans.
True
False
What general impact would tax incentives to film in Georgia have on its economy?
The incentives make film companies pay more money to move to Georgia.
The film companies do not have to pay taxes on anything that they purchase in Georgia.
The incentives allow film companies to pay less in taxes which makes it more profitable.
The film companies do not have to pay any taxes in Georgia.
Which of the following is NOT a reason why many companies film in Georgia?
Georgia has a mild climate and many diverse locations to film.
Georgia provides free lodging for all film companies which save money.
Georgia provides tax incentives to shoot films in Georgia.
Georgia has growing production resources and professional support to help in filming.
Which of the following is NOT true of the Savannah Port expansion?
The Savannah port creates $67 billion in revenue.
The Savannah port directly and indirectly creates around 350,00 jobs.
Savannah is the busiest port in the country.
Savannah handles over 3 million containers per year.
Savannah decided to expand its port to keep with the larger and heavier loads due to the expansion of what other location?
Brunswick
New York City
Panama Canal
California
Which of the following is NOT a true statement about tourism in the state of Georgia?
Over 100 million people visit Georgia each year to see the many attractions and varied land features.
The tourism industry provides jobs to many Georgians.
Tourism is Georgia's largest industry.
The tourism industry makes over $59 billion each year.
