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Community Economics Quiz

Total questions: 14

Worksheet time: 7mins

Name
Class
Date
1.

Income is money you earn from working.

a)

True

b)

False

2.

Income helps to pay for wants and needs.

a)

True

b)

False

3.

Goods and services are always free.

a)

True

b)

False

4.

People can be both producers and consumers.

a)

True

b)

False

5.

Which is a natural resource?

a)

Soil

b)

Clothes

6.

What is something you need to live?

a)

Candy

b)

Water

7.

If someone does not buy anything with their money it means they are

a)

Saving

b)

Spending

8.

When an item is on sale it means that it is

a)

Cheaper

b)

More expensive

9.

Is food a want or a need?

a)

Want

b)

Need

10.

Is a phone a good or a service?

a)

Good

b)

Service

11.

Is a baker a producer or a consumer?

a)

Producer

b)

Consumer

12.

A lot of people want ice cream. Is that an example of supply or demand?

a)

Supply

b)

Demand

13.

Why are jobs important?

a)

Talk to others

b)

Earn money and help people

14.

How can people be responsible with their money?

a)

Save money

b)

Spend money