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Econ Vocab #4

Total questions: 15

Worksheet time: 3mins

Name
Class
Date
1.

Total value of goods and services.

a)

Gross Domestic Product (GDP)

b)

Automated Teller Machine

2.

Current value in terms of money.

a)

Real Price

b)

Nominal Price

3.

Current value in terms of some other good or service.

a)

Real Price

b)

Nominal Price

4.

Goods produced in another country and sold here.

a)

Exports

b)

Imports

5.

Goods produced in this country and sold abroad.

a)

Exports

b)

Imports

6.

Local regulations governing how property can be used.

a)

Debit Card

b)

Zoning Law

7.

The state of being responsible for something.

a)

Liability

b)

Gold Standard

8.

An entity formed for the purpose of carrying on commercial enterprise.

a)

Business License

b)

Business Organization

9.

Unincorporated business owned by one individual.

a)

Sole Proprietorship

b)

State Bank

10.

Permits issued by government agencies that allow individuals or companies to conduct business.

a)

Business Organization

b)

Business License

11.

Assets that can be quickly converted to cash.

a)

Near Money

b)

Gold Standard

12.

Financial institution charted by the state.

a)

National Bank

b)

State Bank

13.

Value of currency defined by gold.

a)

Gold Standard

b)

Silver Standard

14.

A card issued by a bank allowing the holder to transfer money electronically.

a)

Credit Card

b)

Debit Card

15.

A machine that dispenses cash or performs other banking services.

a)

Automated Teller Machine (ATM)

b)

CNC Lathe Machine