NEW
Font size
Worksheets7th Grade Final Exam Review
Total questions: 50
Worksheet time: 25mins
Which of the following is an example of a tax you must pay?
Bounced check
Late fee
Rental payment
Social security
Which of the following is an example of a tax?
Line of credit
Rental payment
Cash payment
Medicare
What are taxes?
Taxes are sources of income
Taxes are optional payments you make to state and local governments
Taxes are refunds you receive for overpayment.
Taxes are mandatory payments you make to state and local governments
When is a budget considered to be balanced?
When the amount you earn is equal or less than to the amount you spend
When the amount you spend is greater than the amount you earn
When the amount you save is less than the amount you spend
When the amount you spend is equal or less than the amount you earn
Which of the following is a variable expense?
Student loan payments
Rental payments
Health insurance
Groceries
Which of the following is NOT a fixed expense?
Rental payment
Internet service
Cell phone bill
Movie tickets
Which of the following is a fixed expense?
Clothing purchases
Groceries
Movie tickets
Rental payments
What is income?
Income is payments you make to the federal government.
Income is money you receive after paying taxes.
Income is payments you make to the government to pay for roads, bridges, and
Income is money you earn, usually from working at a job.
Typically, how do people earn income?
A. Most people earn income by paying taxes.
B. Most people earn income by working at a job.
C. Most people earn income by saving a portion of their paycheck each month.
D. Most people earn income by spending more than they earn each month.
Which of the following would be an example of a NEED?
A. A new pair of headphones
B. Designer shoes
C. Your favorite candy
D. A warm winter coat
Which of the following would be an example of a WANT?
A. A place to live
B. Critical medicine
C. A warm winter coat
D. Movie tickets
What are federal taxes?
A. Federal taxes are payments you make to the state government where you live.
B. Federal taxes are money you earn from the US federal government.
C. Federal taxes are money you earn from working at a job.
D. Federal taxes are payments you make the the US federal government.
What is Medicare?
A. Medicare is federal life insurance for people under age 65.
B. Medicare is federal life insurance for people over age 65.
C. Medicare is federal health insurance for people under age 65.
D. Medicare is federal health insurance for people over age 65.
When creating a personal budget, it is important to consider things you _____, _______
A. want; before; need
B. need; after; want
C. need; at the same time as, want
D. need; before; want
What happens if you spend money on things you want before things you need?
A. You'll be financially prepared for an unexpected emergency, like a broken leg
B. You are able to spend more on high-priced items, like higher education.
C. Nothing happens, this is an appropriate practice.
D. You limit your ability to save for for high-priced items, like higher education.
Which of the following items are typically included in a balanced budget?
A. The amount you earn in income.
B. The amount you pay in taxes.
C. The amount to put away in savings.
D. All of these items are included in a balanced budget.
What is a variable expense?
A. An expense that is the same during some months, and different during other months
B. An expense that is the same from month to month.
C. An expense that is different from month to month.
D. None of the above.
What is a fixed expense?
A. An expense that is the same during some months, and different during other months
B. An expense that typically does not change month to month.
C. An expense that typically varies from month to month.
D. None of the above.
What is one way to begin saving startup capital?
A. Set aside a portion of the money you owe in taxes each month.
B. Set aside a portion of your income each month.
C. Both A and B
D. Neither A nor B
Which of the following statements is TRUE about startup capital?
A. Startup capital is the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running.
B. Startup capital is the money spent in order to create a balanced budget for your personal finances.
C. Both A and B
D. Neither A nor B
What is take home pay?
A. The amount you earn each month in income minus what you save.
B. The amount you earn each month in income minus what you spend.
C. The amount left over from your monthly paycheck before deductions.
D. The amount left over from your monthly paycheck after deductions.
What is the definition of an entrepreneur?
A. An entrepreneur is someone who manages a business.
B. An entrepreneur is someone who owns a business and makes profit from that business
C. An entrepreneur is someone who creates, owns and potentially runs a business
D. None of the above
An example of an asset is:
A. Time
B. Money
C. A Car
D. All of the above
Which of the following is NOT a true statement about business plans?
A. They should never be revised.
B. They can help lower the risk of starting a new business.
C. They are created before starting a business.
D. They should include an overview of your business goals and how you think you are going to achieve them.
Which of the following is an advantage of starting your own business?
A. During the start-up phase, you do not have to think about funding.
B. You are in charge of the decision-making so there is little to no risk.
C. You have control over where and when you work.
D. As long as you make a business plan, you will know what obstacles to expect.
What is the main difference between a personal characteristic and a skill?
A. You can learn a personal characteristic, but it is not possible to learn a skill.
B. Personal characteristics become skills over time.
C. Many people are born with business skills but you can't be born with characteristics.
D. Skills can be learned and developed while personal characteristics are inherent qualities within.
What role do entrepreneurs play in economics?
A. Entrepreneurs tell consumers what they should want or need.
B. Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers.
C. Entrepreneurs borrow money from the economy to start their businesses.
D. None of the above
• Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?
A. Challenge the Usual
B. Think Backward
C. Judge Each Idea as Realistic or Not
D. Draw Idea Maps
• Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step?
A. Immediately finding a storefront property for her business, putting down a deposit, and signing a lease.
B. Contacting a mentor who has experience in the restaurant industry.
C. Creating an initial elevator pitch with her limited information and starting to ask around for advice.
D. Beginning to estimate her target market for her business.
• Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?
A. Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want.
B. Discuss the situation with her cousin who has shopped at the local bakery a few times.
C. Discuss the situation with a family friend who has money and might want to invest in her idea.
D. Analyze a national chain that sells pies and model her new business after it. This will save time and money that would otherwise be spent on independent research and planning.
• What are the four parts of a SWOT Analysis?
A. Sales, Work ethic, Organization, Training
B. Strengths, Weaknesses, Obstacles, Threats
C. Strengths, Weaknesses, Opportunities, Threats
D. Strengths, Weaknesses, Options, Threats
• George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?
A. Identify research objectives and write down the questions they want answered.
B. Conduct research--both primary and secondary--to hear from people firsthand and determine if there is a need for their business.
C. Start promoting their shoe store to people in the neighborhood.
D. Draw conclusions and make decisions for their business based on the research results.
• George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?
A. Go online to find trade associations, listings of local and national competitors, and any information on financials.
B. Explore websites of other shoe retail businesses and take notes.
C. Try to think of friends, family members or acquaintances who have experience in retail and ask them about it.
D. All of the above
• Which of the following is a fixed expense for Maria's sandwich food truck?
A. Salaries for her employees
B. Truck insurance
C. Advertising
D. All of the above
• Which of the following is a start-up expense for Maria's food truck?
A. Kitchen appliances and other equipment needed to conduct her business
B. Cell phone bill
C. Gas
D. All of the above
• Pete's disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit?
A. Increase the prices
B. Increase the number of cupcakes he sells
C. Decrease his fixed expenses
D. All of the above
• Your friend is developing a marketing plan for her new business. What should she put in this plan?
A. Where she wants to sell her product
B. The price of her product
C. A description of the people in her target market
D. All of the above
• What is the main purpose of developing a business pitch?
A. To tell investors all the important details and goals of your business so they don't need to read the business plan.
B. To provide customers with an in-depth description of how your business was formed.
C. To briefly share the most important information about your business to people in an engaging way.
D. To determine whether your business idea is a business opportunity.
• Which of the following is probably NOT an important point to include in a business pitch?
A. A detailed description of the meaning behind the company's name.
B. The problems that the product or service solves or the demands it meets.
C. How the product or service is different.
D. Clear reasons why the potential customers and investors should care about the business
• Why is it important to conduct market research on your target audience before building your marketing plan?
A. Newspapers and magazines will give you a discount on advertisements if you show them your research.
B. You need to consider who your potential customers are before deciding on marketing strategies.
C. Customers enjoy sharing their opinions, so market research will make your product sell more.
D. It doesn't matter which one you do first.
Which of the following statements best defines UTILITY?
What you can obtain for an item at a later time
How helpful an item is given the context of a current situation
How well something satisfies a person's wants or needs
What we lose by giving up the other provided choice
Which of the following statements best defines Exchange Value?
What you can obtain for an item at a later time
How helpful an item is given the context of a current situation
How well something satisfies a person's wants or needs
What we lose by giving up the other provided choice
Which of the following statements best defines Use Value?
What you can obtain for an item at a later time
How helpful an item is given the context of a current situation
How well something satisfies a person's wants or needs
What we lose by giving up the other provided choice
Which of the following statements best defines Opportunity Cost?
What you can obtain for an item at a later time
How helpful an item is given the context of a current situation
How well something satisfies a person's wants or needs
What we lose by giving up the other provided choice
The following life values can have an effect on our money habits:
Inner, Social, Physical, Financial
Financial, Inner, Personal, Professional
Personal, Professional, Financial, Social
Inner, Social, Personal, Professional
Which of the following statements best describes the concept of “diminishing marginal utility”?
The less of an item you have, the less useful or enjoyable it becomes
The more of an item you acquire, the less useful or enjoyable it becomes
An item’s exchange value increases over time
An item’s use value increases over time
The idea that items necessary to life are relatively inexpensive, but luxury items are very expensive, is known as:
the paradox of value
the paradox of thrift
the law of supply and demand
the law of economics
This is the general message of the Bandwagon advertising technique:
A famous person talks about how something has helped them
Feeling good about someones positive association
Everyone is doing it! You should too!
Feeling bad about someones negative association
