WorksheetsYoung Ameritowne Final Test Practice
Total questions: 30
Worksheet time: 15mins
The study of the ways people produce, distribute, and consume goods and services is the definition of:
Entrepreneur
Economics
Investment
Resource
Which of the following is NOT an example of the flow of money in the economic cycle?
A business sells a product to a consumer.
A business pays its employees for their work.
A company goes out of business.
A consumer buys goods from a business.
Which business provides goods to consumers?
A doctor.
A computer technician.
A grocery store.
A hair stylist.
If bad weather causes most of the orange trees to die, the price of orange juice will probably rise.
True
False
If bad weather causes most of the orange trees to die, the price of orange juice will probably rise.
True
False
For a business to be successful, it is important to know_____________.
How much consumers are willing to save.
People with a lot of money.
Which goods were popular a long time ago.
What consumers want to buy and how much they are willing to spend.
Which of the following is an example of a service:
A jewelry store sells a bracelet.
A bank cashes a check for an account holder.
A clothing store sells a T-shirt.
A bookstore sells a book.
What are the three branches of government?
Economics, administration, and politics
Executive, legislative, and judicial
Congressional, banking, and legal
Producer, consumer, and entrepreneur
Your check register shows you have a checking account balance of $5.00. You have $2.00 in cash. You may _______________.
Write a check to the Containers Shop for $7.00 to buy a briefcase.
Write a check to the Snack Shop for a drink and chips for $6.00.
Pay $3.00 in cash to buy an address book.
Write a check for $5.00 to the Sign and Print Shop for a bottle of magic ink.
The prices for products in Young Ameritowne are determined (set/changed) by ________________________.
Salaries.
Supply and demand for items.
Cost of supplies.
Cost of advertising.
Which business made a profit?
Snack Shop: expenses -- $280, sold $280 worth of food.
Sign and Print: expenses -- $315, sold $345 worth of signs and products.
TV Station: expenses --$253, sold $227 worth of advertising.
Bank: expenses -- $476, made $467 in interest.
A good law should be ____________________.
Less than ten words.
Easy to understand.
Hard to enforce.
Fair only to the people who voted for it.
Which branch of government is responsible for making laws?
Judicial
Political
Legislative
Executive
People who go to the store to buy things are called...
Consumers
Employees
Producers
Providers
The Young Ameritowne Bank is a business. What is one way it earns a profit?
By printing dollar bills.
By making loans.
By making coins.
By paying interest on savings accounts.
Which situation would probably cause the price of candy to be lowest?
Only one shop sells candy.
Salaries are increased.
Two shops sell candy.
Candy is for sale in four different shops.
If you invest money in a company's stock...
You are a shareholder in that company.
You've made an ownership investment.
You may receive a portion of the money made by that company.
All of the above.
McDonald's restaurant deals mainly with_________________.
Services.
Goods.
Opportunities.
None of the above.
Rachel wants to play soccer and go to a movie. She chooses to play soccer. What does her decision cost?
Time used for playing soccer.
The movie.
Money for the movie.
Getting something for nothing.
John is working in the Snack Shop. He has seven customers who want to buy cookies. He has only four cookies left. What should John do?
Lower the price so more people can buy the cookies.
Raise the price of cookies so fewer people will want them.
Do nothing.
Spend more money on advertising.
Donna deposits $25.00 into her checking account. She then uses her debit card for $11.00. What is the balance in her checking account?
$36.00
$25.00
$14.00
$13.00
Nick has a $10.00 balance in his checking account. He deposits $20.00, and writes a check for $40.00 to buy some new shoes. How much money does Nick now have in his checking account?
$10.00
$30.00
$40.00
Overdrawn by $10.00
Savings accounts are used to save money, earn interest, and write checks.
True
False
A budget is used for...
Making sure you spend all your money.
Making sure expenses are always greater than income.
Making sure no one steals your money.
Planning how to save and spend your money.
To run a business successfully...
Employees should work together as a team.
The manager should do everything herself.
Employees should come and go as they please.
The accountant should not pay expenses.
The role of media in our economic system is to_________________.
Communicate with only small groups of people.
Exchange information and communicate with a large number of people.
Make sure people only find out what the government wants them to know.
Only advertise the products they like.
The most important reason for a job interview is to _________________.
Find out if you like the interviewer.
Let the interviewer know what you do not like to do.
Convince the interviewer you are the best, most qualified person for the job.
Find out how much you will get paid.
A business makes a profit when...
It makes more money than it spends.
Expenses are greater than income.
It sells all of its products.
It has $100.00 balance in its checking account.
You should never endorse checks you are going to deposit.
True
False
There is always risk involved while investing.
True
False
