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Economics Check for Understanding

Total questions: 20

Worksheet time: 13mins

Name
Class
Date
1.

What do businesses buy from households?

a)

Money

b)

Goods & Services

c)

Resources

2.

What do households buy from businesses?

a)

Money

b)

Resources

c)

Goods & Services

3.

Households sell their labor in exchange for what?

a)

Goods & Services

b)

Paycheck

c)

Resources

4.

What does the government collect from households and businesses?

a)

Goods & Services

b)

Taxes

c)

Resources

5.

What does the government use tax revenue to provide to households and businesses?

a)

Goods & Services

b)

Resources

c)

Income

d)

Public Goods & Services

6.

How do banks encourage people to save money?

a)

Dividends

b)

Bonds

c)

Interest

7.

Money and resources continuously flow in a circular way between all of the following EXCEPT...

a)

Households

b)

Government

c)

Businesses

d)

Public Goods & Services

8.

Please list two examples of a public good or service.

4 lines
9.

What is the fancy word for a bank?

a)

Savings & Loans

b)

Financial Institutions

c)

Credit Unions

10.

Which of the following is not a type of tax you learned yesterday?

a)

Income

b)

Sales

c)

Laundry

d)

Property

11.

What is an example of a public good or service the NATIONAL government provides us through taxes?

a)

Road Maitenance

b)

Public Schools

c)

Military

12.

What is income tax?

a)

Tax applied to items you buy

b)

Tax applied to your paycheck

c)

Tax applied to items you own

13.

What is property tax?

a)

Tax applied to items you buy

b)

Tax applied to your paycheck

c)

Tax applied to property you own

14.

Which of the following is NOT a type of money in the US?

a)

Coins

b)

Currency

c)

Debit Cards

d)

Credit Cards

15.

Which amendment allows Congress to tax incomes?

a)

4th

b)

12th

c)

16th

d)

21st

16.

Which of the following is an example of what the STATE uses tax dollars for?

a)

Public Schools

b)

Medicare

c)

Military

d)

Foreign Aid

17.

Which of the following is an example of what LOCAL governments use tax dollars for?

a)

Military

b)

Public Parks

c)

Foreign Aid

d)

Federal Law Enforcement

18.

The U.S. has entered into a conflict with another country and has ordered deployment of military troops. Would taxes go up or down?

a)

Up

b)

Down

c)

Stay the same

19.

VA General Assembly approved a new utility commission that will be upgrading many of the water lines in the state. Will taxes go up or down?

a)

Up

b)

Down

c)

Stay the same

20.

There has been a number of new businesses that just opened up in town bringing in more local money. Will taxes go up or down?

a)

Up

b)

Down

c)

Stay the same