Worksheets7th Grade Civics Final
Total questions: 36
Worksheet time: 18mins
In the budget above, what does Column 1 represent?
According to the budget, does the student have a surplus or a deficit? Explain how you figured this out.
Command Economy
When customs and habit answer economic questions
When the government agencies answer economic questions
The payment people receive when they lend money
A part of the purchase price that must be paid first and the rest can be paid in increments.
Economic system
Way of determining how to produce things it's people want and need
When customs and habit answer economic questions
When the government overseas market functions and provides some serves and people make other choices based on habit and custom.
An employment form required by law that you complete so that your employer can determine the proper amount to withhold from your paycheck
Market economy
Economic questions are answered by individualsand businesses
When customs and habit answer economic questions
When the government overseas market functions and provides some serves and people make other choices based on habit and custom.
An employment form required by law that you complete so that your employer can determine the proper amount to withhold from your paycheck
Mixed Market Economy
Economic questions are answered by individualsand businesses
When customs and habit answer economic questions
When the government overseas market functions and provides some serves and people make other choices based on habit and custom.
An employment form required by law that you complete so that your employer can determine the proper amount to withhold from your paycheck
Traditional Economy
Economic questions are answered by individualsand businesses
When customs and habit answer economic questions
When the government overseas market functions and provides some serves and people make other choices based on habit and custom.
An employment form required by law that you complete so that your employer can determine the proper amount to withhold from your paycheck
Tax Refund
Economic questions are answered by individualsand businesses
A check returning the taxpayer's money to the taxpayer after tax returns are filled and the overpaid tax is determined.
When the government overseas market functions and provides some serves and people make other choices based on habit and custom.
An employment form required by law that you complete so that your employer can determine the proper amount to withhold from your paycheck
W-4
Economic questions are answered by individualsand businesses
A check returning the taxpayer's money to the taxpayer after tax returns are filled and the overpaid tax is determined.
When the government overseas market functions and provides some serves and people make other choices based on habit and custom.
A statement of an individual's annual wages and taxes provided by an employer that must be included with the employee's federal, state, and city income tax returns.
W-2
Economic questions are answered by individualsand businesses
A check returning the taxpayer's money to the taxpayer after tax returns are filled and the overpaid tax is determined.
When the government overseas market functions and provides some serves and people make other choices based on habit and custom.
An employment form required by law that you complete so that your employer can determine the proper amount to withhold from your paycheck
Taxes
Economic questions are answered by individualsand businesses
A check returning the taxpayer's money to the taxpayer after tax returns are filled and the overpaid tax is determined.
When the government overseas market functions and provides some serves and people make other choices based on habit and custom.
The portion of your income that goes towards important federal programs, including: Health programs, Military, Social Security, interest on the nation bank, Veteran Benefits, food benefits, Education program
Interest
Economic questions are answered by individualsand businesses
A check returning the taxpayer's money to the taxpayer after tax returns are filled and the overpaid tax is determined.
Payment people receive when they lend money
The portion of your income that goes towards important federal programs, including: Health programs, Military, Social Security, interest on the nation bank, Veteran Benefits, food benefits, Education program
Down Payment
Economic questions are answered by individualsand businesses
A part of the purchase price that must be paid first and the rest can be paid in the increments
Payment people receive when they lend money
The portion of your income that goes towards important federal programs, including: Health programs, Military, Social Security, interest on the nation bank, Veteran Benefits, food benefits, Education program
What is economics?
the financial well-being of a country
the goods and services a country produces
the study of how people make decisions with limited resources
the way a society organizes the production of goods
The United States has a _________________________economy.
Market
Command
Traditional
Mixed Market
Which of the following is an example of a resource?
deck
house
fence
wood
Which of the following is an example of a product?
deciding where to drill for oil
hiring new workers
printing new textbooks
regulations air pollution caused by factories
What is NOT one of the three economic questions?
What will be produced?
How will it be produced?
How much will it cost?
Who will use it?
What forces people and nations to make economic choices?
Abundance of goods
Desire for profit
Need for shelter
Scarcity of resources
In the United States, prices are established primarily through
government regulations
tax incentives
the decisions of major corporations
the interaction of supply and demand
What is the purpose for the FDA and the FTC?
They work to protect businesses from unfair consumers.
They work to protect consumers from unfair businesses and unsafe products.
They work to protect people from unfair treatment by the government.
They work to protect consumers from unhealthy food industries.
What is consumerism?
The idea that the customer is always right.
The movement to educate manufacturers to treat consumers fairly.
The movement to educate buyers and expect safer products.
The idea that businesses must be honest and fair.
What is the purpose of a checking account?
To check how much money you actually have in the bank.
To save for long-term goals and future expenses.
To pay bills and make current purchases.
To invest in stocks and bonds easily.
The three basic parts of a budget are
income, costs, and savings.
income, expenses, and balance.
surplus, collateral, and balance.
surplus, deficit, and expenses.
Which of the following people is most likely to have a budget deficit?
a person who earns more than he or she spends
a person who invests more than he or she saves
a person who saves more than he or she spends
a person who spends more than he or she earns
Which of the following is a benefit of credit?
You can buy things that you can’t afford.
You can buy things you want before you can save the entire purchase price.
You can end up in debt.
You can pay interest rates of up to 18 percent.
The most common source of credit today is a(n)
Auto loan
Bank loan
Credit card
Store Layaway plan
The local store has slippers priced at $12, but no one is buying them. The store is most likely to ____________________.
raise the price to $15
raise the price to $12.99
keep the price the same
lower the price to $10
Scarcity is the basic economic problem because
all expensive goods cannot be shared equally.
all resources are limited, but wants are not.
nations must spend money for resources they do not have.
people face shortages on a seasonal basis.
Why is building a savings account important?
It is important for keeping track of what you can afford in the present.
It is important for paying off immediate charged to the credit card.
It is important for short-term spending and current expenses.
It is important for long-term spending and future expenses.
Which of the following is an example of impulse buying?
waiting a day before purchasing a tempting item
purchasing only the items that are on your shopping list
buying a sweater just because it is your favorite color
comparing prices in different stores before buying a camera
This chart shows the benefits and risks of different types of
Budgeting
Checking accounts
Investments
Spending
According to the chart, which of the following has a time requirement?
Bonds
Mutual Funds
Certificates of deposit
Stocks
The point where supply and demand curve meet is
The disequilibrium price
the equilibrium price
the shortage price
the surplus price
To have a surplus in your budget, you must have _____.
The same amount of expenses and income
more expenses than income
more income than expenses
a negative balance
What is the difference between a checking account, a savings account, and a money market account?
