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Economics

Total questions: 20

Worksheet time: 22mins

Name
Class
Date
1.

What does it mean when you save money?

a)

You buy a new outfit.

b)

You put money away for later.

c)

You invent a new good.

d)

You give money to help animals.

2.
What is a service?
a)
A job
b)
Something someone does for you
c)
A need
d)
Something you do for another person
3.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
4.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
5.

What is giving?

a)

To give a service, a good, or your time for free

b)

To take something

c)

To get something with money, trading, or bartering

6.

Income is

a)

free money

b)

money given to you

c)

money that you earn for work that you do

7.

A Bank is

a)

under your bed

b)

at your house

c)

not safe

d)

a place where you put your money to keep it safe

8.

Money that you put in a savings account______.

a)

can never be spent

b)

can earn interest

c)

will be stolen

d)

is going to be donated

9.

Taxes is money paid to the

a)

government

b)

bank

10.

When you borrow money, it is

a)

taking it without permission

b)

when you have to return it

c)

selling it

11.

Spending

a)

time at the mall

b)

using money to buy goods or services

c)

buying wants

d)

buying needs

12.
Which of these is a good?
a)
Librarian
b)
Teacher
c)
Computer
d)
Mechanic
13.
Which of these provides a service?
a)
Pumpkins
b)
Mailman
c)
Turtles
d)
Cars
14.
The people who grow or create goods are called...
a)
producers
b)
consumers
c)
banker
d)
traders
15.
The people who buy goods and services are called...
a)
producers
b)
consumers
c)
banker
d)
traders
16.
Which of the following is a need?
a)
Crayons
b)
Video Games
c)
Basketballs
d)
Houses
17.
If video games are not a need, what are they?
a)
a wish
b)
a dream
c)
a want
d)
a necessity
18.
All people have the same wants and needs.
a)
True
b)
False
19.
How do most people obtain goods or services today in America?
a)
Money
b)
Trading
c)
Bartering
20.
I want to buy new shoes for $20. I only have $5. How can buy the shoes?
a)
Pay $5
b)
Save my money
c)
Trade my old shoes for the new shoes