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WorksheetsPersonal Finance Summative Review
Total questions: 14
Worksheet time: 11mins
There are not enough resources for all the want.
opportunity cost
scarcity
resources
What is given up when a decision is made.
opportunity cost
scarcity
resources
Ben was given a choice between a purple popsicle and red popsicle. He choses the red popsicle. What is the opportunity cost?
red popsicle
purple popsicle
Mean Jean grabbed the jump rope from Mary on the playground. How was the resource allocated?
Force
Price
First come, First serve
Contest
Keegan used 5 tickets to buy a sweet treat from the treasure box.
Force
Price
First come, First serve
Contest
Andrew got the only Lego set because he was the first one to the store.
Force
Price
First come, First serve
Contest
Ivan received a new set of markers because he won the art competition.
Force
Price
First come, First serve
Contest
Most of the students voted for extra recess so that was the class reward.
Force
majority rule
First come, First serve
Contest
Why is important to think about your decisions/choices?
There is always a cost.
A choice can be fun.
A decision can lead to other decisions.
Allocate means to give out.
True
False-it means to take in.
False-it means to give in.
Barter means...
sell
save
trade
What is one benefit of using money in our economy?
Money helps us barter with others.
Money is used by everyone to buy goods.
Money is hard to find.
What is NOT a benefit to saving money?
Having more money later
You can buy something more expensive in the future.
Giving away a lot of money
What is a benefit of spending money?
It's boring.
You can buy something more expensive later.
It's fun.
