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Economics - Biztown

Total questions: 40

Worksheet time: 19mins

Name
Class
Date
1.

Human made resources

a)

market

b)

community

c)

profit

d)

capital

2.

A system to buy and sell goods, services, and resources

a)

market

b)

scarcity

c)

philanthropy

d)

opportunity cost

3.

People not being able to have everything they want due to limited resources

a)

capital

b)

enterprise

c)

scarcity

d)

circular flow

4.

A place where people live, work, trade, and share

a)

enterprise

b)

community

c)

business

d)

capital

5.

An organization or task

a)

enterprise

b)

market

c)

opportunity cost

d)

capital

6.

A model for the movement of goods, services, resources, and money in an economy

a)

market

b)

community

c)

enterprise

d)

circular flow

7.

Money that is leftover after all costs are covered

a)

market

b)

business

c)

opportunity cost

d)

profit

8.

A company that sells goods and/or services

a)

capital

b)

business

c)

philanthropy

d)

market

9.

An effort to help people through charitable giving

a)

philanthropy

b)

community

c)

business

d)

market

10.

A choice to give up the next best item to receive an item you value more - the item you leave behind

a)

scarcity

b)

capital

c)

enterprise

d)

opportunity cost

11.
When do you have to endorse a check?
a)
every time you write a check
b)
you want to cash a check written to you
c)
never
12.
What is someone that buys and uses services and goods called?
a)
producer
b)
citizen
c)
entrepreneur
d)
consumer
13.
A member of a town, city, county, state, or country is called what?
a)
person
b)
representative
c)
citizen
d)
human
14.
What is someone that buys and uses services and goods called?
a)
producer
b)
citizen
c)
entrepreneur
d)
consumer
15.
What do you call an economy in which economic decisions are made in markets? (made by the people)
a)
scarcity
b)
business
c)
free enterprise
16.
What do you call the money left over after a business pays all its cost?
a)
profit
b)
bounced check
c)
bill
d)
currency
17.
Which of the following are financial institutions?
a)
bank
b)
library
c)
museum
d)
school
18.
The amount left over from your paycheck after taxes and deductions is called:
a)
balance
b)
gross balance
c)
net pay
d)
transaction
19.
Credit cards and debit cards are essentially the same thing?
a)
True
b)
False
20.
You can continue to write checks as long as you have checks in your checkbook?
a)
true
b)
false
21.
All bank transactions should be recorded in a register?
a)
true
b)
false
22.
Due to scarcity, people can't have all the things they want.
a)
true 
b)
false
23.
Businesses produce goods and services for citizens, who in turn supply labor and other resources to the businesses.
a)
true
b)
false
24.
Resources are the goods people buy from businesses.
a)
true
b)
false
25.
Who pays for public goods and services?
a)
philanthropists
b)
only people who use them
c)
government
d)
taxpayers
26.
Which is NOT true of public goods and services?
a)
shared by everyone
b)
only given to the needy
c)
are paid for by taxes
d)
no one is prevented from using them
27.
Which best describes the circular flow of an economy?
a)
flow between businesses and resources
b)
exchange of money, goods, and services
c)
happens only in a resource market
d)
happens only in a goods and servie market
28.
Which is not a type of resource?
a)
human
b)
animal
c)
capital
d)
natural
29.
What are people and things that are used to produce goods and services?
a)
options
b)
resources
c)
supplies
d)
materials
30.
Someone that uses resources to start a business is called what?
a)
producer
b)
entrepreneur
c)
consumer
d)
citizen
31.

To write a signature on the back of a check.

a)

CFO

b)

Endorse

c)

Income

d)

Paycheck

32.

The money people earn for their work.

a)

Paycheck

b)

Net deposit

c)

Income

d)

Direct deposit

33.

A check received for work completed.

a)

Paycheck

b)

Direct deposit

c)

Deposit ticket

d)

Net deposit

34.

A written record of money put into a checking account.

a)

Direct deposit

b)

Paycheck

c)

Deposit ticket

d)

CFO

35.

An electronic transfer of money from one account to another often used by employers to pay employees.

a)

Deposit ticket

b)

Net deposit

c)

CFO

d)

Direct deposit

36.

A business agreement or exchange.

a)

money tracker

b)

transaction

c)

right

d)

paycheck

37.

The freedom to act in a certain way.

a)

transaction

b)

responsibility

c)

right

d)

money tracker

38.

A duty to behave in a certain way.

a)

responsibility

b)

transaction

c)

paycheck

d)

right

39.

A tool for recording money put into (deposited) or removed from (withdrawn) an account.

a)

endorse

b)

paycheck

c)

income

d)

money tracker

40.

A bank account used to pay bills and access funds using checks, debit cards, and electronic payments

a)

deposit ticket

b)

direct deposit

c)

endorse

d)

checking account

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