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WorksheetsPersonal Finance Test 5th Grade
Total questions: 22
Worksheet time: 22mins
Which of the following is one role of the household sector of an economy?
to collect taxes
to pay interest
to provide goods
to consume services
Taxes
Resources
Services
Goods
Which of the following BEST describes the business sector of the U.S. economy?
The business sector produces goods and provides services.
The business sector creates wants and needs.
The business sector is financed by the government.
The business sector supplies labor to resource markets.
Which of the four sectors of the U.S. economy is formed by profit-seeking entrepreneurs who use resources to produce goods and services to sell?
households
Private Businesses
Government
banks
Which of the four major sectors in the US economy provides checking accounts, savings accounts, and loans?
Government
households
Private Businesses
banks
Which of the following BEST explains what should Jayla expect by taking a loan from her bank?
to receive money from her employees to help her repay the loan
to have to pay her employees their monthly salaries
to repay the bank based on the amount of the loan plus interest
to be so successful that she will be able to repay the loan in full right away
Which of the following is the BEST title for the list?
Benefits of bank loans
Benefits of savings accounts
Benefits of a debit card
Benefits of checking accounts
How do banks in the United States make MOST of their money?
taking customers’ property
investing in the stock market
loaning money to individuals and businesses and collecting interest
selling houses that they buy from customers
Which of the following would be the BEST decision to meet Sammy’s needs?
deposit all $2,000 into a savings account
deposit $1,500 in a savings account and $500 in a checking account
deposit all $2,000 into a checking account
deposit $1,500 in a checking account and $500 in a savings account
Why do banks loan money to households and businesses?
because the loans are used to buy goods produced by the banks
because banks are publicly funded and provide public services
because banks earn a profit by charging interest on the loans
because the government pays banks for providing the loans
Why do cities use tax dollars to fund services such as garbage removal?
because private companies do not want the work
because the services provide jobs for people in the community
because the services are necessary for a healthy society
because public taxes are limitless and must be used correctly
What is the main way that most households and private businesses support the government economically?
They perform services for the government.
They provide loans to the government.
They purchase services from the government.
They pay taxes to the government.
Which sector of the US economy produces the MOST public goods?
Government
private businesses
households
banks
What is MOST LIKELY to happen based on the change in the image?
More people will buy lemonade from Tom
Tom will lose all of her customers
Fewer people will buy lemonade from Tom
Tom will not make any money at all
Why is competition good for consumers?
allows customers to buy goods and services on credit.
Encourage businesses to offer consumers low prices and quality products.
encourages customers to save their money instead of spending it.
guarantees that consumers can purchase anything they want at any time.
Coca Cola and Pepsi produce a similar product. How will competition between the two companies MOST LIKELY affect consumers?
The companies will each try to reduce production costs, lowering the quality of the product available to consumers.
The companies will each try to raise the price of the product in order to drive up demand.
The companies will each try to make less of the product, which will result in increases in consumer demand and price.
.The companies will each try to produce a better version of the product and sell it at a lower cost to consumers.
Who are the buyers of labor services?
employers
consumers
Workers
customers
In the labor market, what is the price of labor?
The required payment a business makes to the government.
The money a business pays a bank for granting the business a loan
The wage a business is willing to pay to its employees.
The difference between profits and the cost of production.
Which of the following BEST describes what Pedro can expect at his new job?
Pedro will receive income in exchange for his labor, which he can use to purchase goods he wants.
Pedro will receive income in exchange for his labor, which will allow him to quit and never have to work again.
The shoe store will receive taxes from Pedro, which the owners can use to purchase more shoes.
The shoe store will receive income from Pedro, which will allow the owners to earn greater profits.
Which of the following BEST describes what Mary Jo should expect to happen before opening her salon?
She should expect to be given the space for her shop from the local government for free.
She should expect to fire most of the employees she hires during training.
She should expect to receive all of the money she needs to open the shop from the government.
She should expect to have to work long hours making plans for the business.
What is the meaning of the phrase “make ends meet”?
To have enough money to take out a loan
To have enough money to pay expenses
To have enough money to make a budget
To have enough money to earn an income
Which of the following scenarios demonstrates a good budgeting practice?
Sam spends more money each month than he earns at his job.
Carly’s monthly taxes are equal to her monthly expenses.
Julie’s monthly income is less than his monthly expenses.
Rico spends less money each month than he earns at his job.
