WorksheetsFINANCE UNIT
Total questions: 20
Worksheet time: 10mins
How did trade with Great Britain benefit colonial settlers in North America?
A. Colonists were able to grow crops that did not grow well in Great Britain and sell them overseas.
B. Large deposits of coal allowed the colonies to industrialize and sell manufactured goods to Great Britain.
C. Great Britain wanted the colonies to succeed, so it only traded with the colonies and paid high prices.
D. Food crops did not grow well in the colonies, but colonists could buy all that they needed from Great Britain.
Which goods complete the blanks on the map?
A. 1 - Manufactured goods 2 - Gold, silver, and gems
B. 1 - Manufactured goods 2 - Tobacco, rice, and other raw goods
C. 1 - Gold, silver, and gems 2 - Manufactured goods
D. 1 - Gold, silver, and gems 2 - Tobacco, rice, and other raw goods
How did trade help the United States during the American Revolution?
A. The United States gained warships and troops by trading the Spain.
B. The United States gained supplies and allies by trading with France.
C. The United States won its independence by refusing to trade with Spain.
D. The United States won its independence by refusing to trade with France.
4. How did industrialization in Great Britain help people in the United States?
A. The population grew and Britain started buying more grain from the United States.
B. There was a much higher demand for electricity than before, creating demand for coal.
C. Textile factories started producing fabric much faster than before, creating demand for cotton.
D. The number of factories grew and Britain started buying machines from the United States.
5. How did industrialization in Great Britain help people in the United States?
A. The population grew and Britain started buying more grain from the United States.
B. There was a much higher demand for electricity than before, creating demand for coal.
C. Textile factories started producing fabric much faster than before, creating demand for cotton.
D. The number of factories grew and Britain started buying machines from the United States.
Read the passage. Then answer the question that follows.
Walter lives in the Virginia Colony. Paul lives in the Massachusetts Bay Colony. Walter travels to Massachusetts one summer. He wants to trade the corn he grew for furs. These furs will help his family stay warm during the winter. Paul trades for the corn because its his favorite food. It does not grow well in his colony. Walter and Paul meet in the local market and trade fifty ears of corn for five large furs.
Which statement about the trade that took place in this passage is correct?
A. Because both people benefited and traded for something they wanted, it was a voluntary exchange.
B. Since one person received a larger amount of goods than the other, it was not a voluntary exchange.
C. Because both people received a different type of good than they traded, it was a voluntary exchange.
D. Since one person had to travel in order to trade with the other person, it was not a voluntary exchange.
7. What is always true in a voluntary exchange?
A. Both sides benefit from the exchange.
B. Both sides trade the same type of item.
C. Both sides value the traded items equally.
D. Both sides receive money in the exchange
8. Which of the following must be true in a voluntary exchange?
A. Money is exchanged for a good or service.
B. Each trader benefits equally from the exchange.
C. All traders are honest about the nature of their goods.
D. Each trader involved must value all goods being traded.
9. Which of the following is NOT always true in a voluntary exchange?
A. Traders willingly agree to the exchange.
B. Each trader benefits from the exchange.
C. Traders are honest about their goods.
D. Money is exchanged for a good or service.
10. Phil gives Olivia a basket of corn and Olivia gives Phil two blankets in return. What is this an example of?
A. personal budgeting
B. specialization
C. voluntary exchange
D. charity
Read the passage and answer the question.
Walter lived in a California mining town. Paul lived in Missouri. After Paul heard news of gold in California, he traveled there to try to make his fortune. He brought plenty of extra tools, clothes, and dried food for the journey. Paul arrived at the mining camp and met Walter. Walter admired Paul's high-quality clothing. Walter told Paul he would show him good mining spots and help him mine in exchange for two sets of clothing and a share of the gold. Paul thought that Walter would be a big help, so he agreed to the exchange. Which statement about the trade that took place in this passage is correct?
A. Because both people benefited and were honest about what they were trading, it was a voluntary exchange.
B. Since one person did not receive any goods in the trade, it was not a voluntary exchange.
C. Because one person received a service instead of a good, it was a voluntary exchange.
D. Since one person had to travel farther than the other did in order to trade, it was not a voluntary exchange.
12. How did specialization in the North or the South give one side an advantage in the American Civil War?
A. The South specialized in shipbuilding, so they were able to easily defeat the North's navy.
B. The North specialized in farming, so they were better able to provide food for their soldiers.
C. The North specialized in manufacturing, so they were able to make weapons and ammunition.
D. The South specialized in building railroads, so they were better able to transport their soldiers.
13. Why did the residents of the New England Colonies specialize in shipbuilding and the shipping of goods?
A. The New England Colonies were Europe's only trading partners in North America, so the colonists focused on building ships to transport colonial goods overseas.
B. The location and climate of New England was not good for growing crops, so the colonists focused on building ships so they could profit by shipping goods throughout the colonies.
C. Shipbuilding required a large amount of labor, so New England business owners took advantage of the large slave population in their colonies to take part in the industry.
D. There was no way for goods from the Southern and Mid-Atlantic Colonies to reach New England by land, so residents of New England focused on building ships.
14. In the early years of the United States, how did price incentives help farmers determine what types of crops to produce?
A. Farmers produced the crops that were the most expensive to grow.
B. Farmers produced the crops that they needed to feed their families.
C. Farmers produced the crops that required the least amount of effort.
D. Farmers produced the crops that they could sell for the most money.
15. In the early 1800s, an American landowner was deciding whether to produce cotton or tobacco. It was more expensive to produce cotton and raw tobacco sold for a higher price than raw cotton. Based on this information, which statement is correct?
A. The landowner had a price incentive to grow cotton
B. Consumers had a price incentive to purchase cotton.
C. The landowner had a price incentive to grow tobacco.
D. Consumers had a price incentive to purchase tobacco.
16. What was the opportunity cost for settlers who left their jobs and homes in big cities to travel west and look for gold in California?
A. the cost of mining tools
B. the cost of the trip
C. the income from their jobs
D. the danger of the journey west
17. Which nineteenth century invention helped make the New York Stock Exchange more productive by connecting investors across the United States?
A. railroad
B. telegraph
C. automobile
D. steam engine
The Advantages of Saving Read the passage and answer the following question(s).
The Advantages of Saving Read the passage "The Advantages of Saving" and answer any questions that follow.
People can save money in a variety of ways. Money that is saved can be deposited in a checking account, a savings account, or certificate of deposit. It is easy for people to withdraw money from their saving accounts, which pay customers a small amount of interest. Plus, the money is safer in the bank than if it is kept at home. People save money for many different reasons. For example, many people save money for emergencies. If their car needs an unexpected repair or their dishwasher needs to be fixed, they will have enough money to pay for these things. Having an emergency fund is smart. People also save money so they can buy things. Most people do not need to save money to afford a candy bar or a movie ticket. But many goods and services cost a lot of money, like buying a new camera, purchasing a new washing machine, or taking a two-week vacation to Mexico. These goods and services cost hundreds of dollars, and most people do not have that much money on hand so, they need to save money to be able to afford them. Sometimes people use their savings to make a down payment on very expensive items. A down payment is an initial payment made when an expensive item is bought on credit. For example someone would make a down payment on a new pick-up truck or kitchen remodel. These are goods and services that cost thousands of dollars. It would take a very long time to save enough money to buy things like this. So people save to pay part of the price, and then take out a loan to pay for the rest. Whatever their reasons, people save money to use in the future
18. What is a down payment?
A. a sum of money placed in a bank account
B. an item purchased with the hope that it will generate income
C. money a bank pays a customer with a saving account
D. part of the full price of an item that is paid at the time of purchase
19. What is the purpose of an emergency fund?
A. to have money available to pay for unexpected, unplanned purchases
B. to have money available to buy expensive goods and services
C. to have money available to make a down payment
D. to have money available to pay for a vacation
20. People who spend more than they save each month will
A. never be able to save any money.
B. never be at risk of going into debt.
C. need to obtain a loan to pay their bills.
D. always have what they want and need.
