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WorksheetsWhat do you know about economics?
Total questions: 52
Worksheet time: 29mins
Land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
What are the three essential questions economics must answer to address scarcity?
CHECK ALL THAT APPLY
HOW to produce
FOR WHOM to produce
WHAT to produce
WHEN to produce
WHY to produce
Human Capital
Physical Capital
Land
Labor
Human Capital
Physical Capital
Land
Labor
Human Capital
Physical Capital
Land
Labor
What may NOT impact the interest rate on your loans?
Your relationship with the financial institution
Your credit score
The loan amount
Your level of education
Why does the amount of INTEREST you owe on a loan decrease over time?
The institution trusts you more, so they lower the interest
With each payment, principal increases; so interest lowers
Banks are legally required to lower interest rates over time
With each payment, principal decreases, so interest lowers
A shorter auto loan term means ____ monthly payments & ____ total interest you'll pay.
higher, less
lower, more
higher, more
lower, less
When repaying your Federal student loans...(hint: choose 2 correct answers)
repayment begins the day after you graduate
a loan servicer will contact you before repayment begins
you are required to begin with the Standard Repayment Plan
you can choose from different repayment plans
How are credit cards and debit cards different?
They're both linked to a checking account in different ways
Some debit cards say VISA on them; credit cards don't
With a credit card, you are borrowing from yourself
A credit card can offer perks such as purchase protection
A mortgage is:
A way to buy a car
A way to pay for Netflix
A way to buy a house
A way to pay for school debt
A personal loan is:
Borrowing money to purchase a house specifically.
Borrow a fixed amount and pay back with interest over time.
Short term loan with huge interest fee's.
A loan only for cars.
A mortgage can be:
Fixed Rate
Variable Rate
Paid back over an amortization period.
All are correct.
To best understand the strengths and weaknesses of a school I need to look at..
where the school is located
what type of food is offered on campus
the school's numbers
where the financial aid office is located
What percentage of students in college change their major after their freshman year?
1/3
more than half
less than half
1/4
When looking at colleges to apply to, which if these is important to consider?
that it provides you with multiple opportunities to be engaged in your own learning
that it is focused on creating an environment where students from a variety of backgrounds and experiences can be successful
that it offers major in your areas of interest
all of the above
Community Colleges offer...
Bachelor's degrees
Associate's degreed and professional certificates
Master's degrees
All of the above
How many years on average is a Bachelor's degree?
2
4
6
8
How many years, on average, does it take to earn an associate's degree?
2
4
6
8
How many years, on average, does it take to earn a Master's degree?
2
4
6
8
How many years, on average, does it take to earn a Doctorate (Ph.D) degree?
2
4
6
8
Which of the following are ways a student can get help with the cost of going to college?
Federal GRANTS
Scolarships
Student Loans
All of the above
Which of the following terms means "The cost of taking classes at college"?
Scholarships
Tuition
Financial Aid
Grants
Which of the following is a reason a student might want to go to a trade school
Less expensive
takes less time
focuses on learning a specific trade (skill)
all of the above
Which of the following is taken into account when a college accepts a student to attend?
High School grades
Extracurricular activities
Volunteering hours
All of the Above
True or False: It is important to begin considering what type of college and career you want while in middle school.
True
False
What degree does the following stand for: B.A. or B.S. or BFA or BAS?
Doctorate
Master's
Bachelor's
Assocatie's
Anything that is purchased with the hope that it will generate income or be more valuable at a future date.
investment
loan
income
expense
Money borrowed from a bank.
dept
loan
budget
expense
The ability to borrow money. The borrower is expected to pay back a minimum amount each month in addition to any interest added.
interest
interest rate
budget
credit
Cost paid to secure a good or service.
expense
income
dept
interest
The fee for borrowing and using someone else's money.
expense
interest
interest rate
income
Payment received for goods or services, including employment.
interest
dept
credit
income
The percentage at which interest is charged or paid.
interest
interest rate
budget
cost benefit analysis
A plan for future spending and saving, weighing estimated income against estimated expenses.
income
cost comparison
budget
cost benefit analysis
What is variable expense?
The amount of money you spend
The amount of money you save
An expense that costs different amounts every month
The variable in math
What is repossess?
To not take back an item
To take back possession of something
To share a company
What are stocks?
sharing something
An ownership share in a company
A graph with pointy arrows that are red and green
What is this called?
A Check
A credit card
A debit card
Money Order
What is this?
Credit history
Credit card
Credit score
None of the above
Which of the following is the best measurement of economic growth?
Nominal GDP
Real GDP
GDP per capita
Real GDP per capita
What is the total value of all final goods and services produced in the economy in a given year?
Unemployment rate
Supply and Demand
GDP
Communism
