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WorksheetsChapter 3 Review
Total questions: 30
Worksheet time: 15mins
Benjamin, David, and Mason are discussing the concept of a free market in an economy. According to this concept, what does it mean?
It means that people like Benjamin, David, and Mason are free to buy, sell, and produce whatever they want
It means that people like Benjamin, David, and Mason are restricted from buying and selling goods
It means that the government decides what Benjamin, David, and Mason should produce and consume
It means that only certain businesses are allowed to produce goods for people like Benjamin, David, and Mason
Michael started a small business selling handmade crafts. After paying for materials, rent, and other expenses, what does the term 'profit' refer to in his business?
Money before Michael pays for his business expenses
Money after Michael pays for his business expenses
Money Michael uses for his personal budget
Money Michael borrowed from the bank
Ethan, Aria, and Rohan are discussing their personal finances. Rohan asks, 'What is the main purpose of a personal budget?'
To save money for future expenses like Ethan's plan to buy a new car
To pay off debts like Aria's student loans
To invest in the stock market like Rohan's interest in buying shares
To plan for spending income on daily expenses like groceries, rent, and utilities
Oliver, Mason, and Noah live in a village that follows a traditional economy. On what basis do they make their economic decisions?
Based on what the stock market indicates
Based on what the consumers in their village demand
Based on what the village government decides
Based on what has been done in the past in their village
Aria, Mason, and Emma are at a restaurant. Mason wants to pay for the meal. He pulls out a debit card. What is the function of Mason's debit card in this scenario?
To invest in the stock market
To pay off debts
To borrow money from the bank
To easily access money from his checking account
What does the term 'profit' refer to in a business?
Money before business expenses are paid
Money after business expenses are paid
Money used for personal budget
Money borrowed from the bank
What is the main purpose of a personal budget?
To save money for future expenses
To pay off debts
To invest in the stock market
To plan for spending income on daily expenses
What is a free market in an economy?
People are free to buy, sell, and produce whatever they want
People are restricted from buying and selling goods
The government decides what to produce and consume
It's a mix of all different types of economies.
In a traditional economy, what is the basis for economic decisions?
What the stock market indicates
What the consumers demand
What the government decides
What has been done in the past
What is the function of a debit card?
To invest in the stock market
To pay off debts
To borrow money from the bank
To easily access money from a checking account
Emma, Noah, and Oliver are discussing their personal finances. Emma asks, 'What is the main purpose of a savings account?'
To invest in the stock market like Noah's interest in buying shares
To pay off debts like Oliver's student loans
To save money for future expenses like Emma's plan to buy a new house
To plan for spending income on daily expenses like groceries, rent, and utilities
In a command economy, who makes the economic decisions?
What the stock market indicates
What the consumers demand
What the government decides
What has been done in the past
Lucy, Noah, and Oliver are discussing the concept of a mixed economy. According to this concept, what does it mean?
It means that people like Lucy, Noah, and Oliver are free to buy, sell, and produce whatever they want
It means that the government decides what Lucy, Noah, and Oliver should produce and consume
It means that the economy is a mix of free market and command economy
It means that only certain businesses are allowed to produce goods for people like Lucy, Noah, and Oliver
In a mixed economy, who makes the economic decisions?
What the stock market indicates
What the consumers demand
What the government decides
Both the government and the market forces
Emma, Noah, and Oliver are discussing their personal finances. Oliver asks, 'What is the main purpose of a credit card?'
To invest in the stock market like Noah's interest in buying shares
To pay off debts like Emma's student loans
To borrow money from the bank for purchases
To plan for spending income on daily expenses like groceries, rent, and utilities
What is the main function of a checking account?
To invest in the stock market
To pay off debts
To save money for future expenses
To easily access money for daily expenses
Lucy, Noah, and Oliver are discussing the concept of a command economy. According to this concept, what does it mean?
It means that people like Lucy, Noah, and Oliver are free to buy, sell, and produce whatever they want
It means that the government decides what Lucy, Noah, and Oliver should produce and consume
It means that the economy is a mix of free market and traditional economy
It means that only certain businesses are allowed to produce goods for people like Lucy, Noah, and Oliver
In a free market economy, who makes the economic decisions?
What the stock market indicates
What the consumers demand
What the government decides
What has been done in the past
Lucy, Noah, and Oliver are discussing their personal finances. Lucy asks, 'What is the main purpose of a credit card?'
To invest in the stock market like Noah's interest in buying shares
To pay off debts like Oliver's student loans
To borrow money from the bank for purchases
To plan for spending income on daily expenses like groceries, rent, and utilities
What is the main function of a savings account?
To invest in the stock market
To pay off debts
To save money for future expenses
To easily access money for daily expenses
Mrs. Risser chose to invest in stock. This means that she has invested in
starting a savings account
partial ownership of the company
working towards owning the company
a chance to win the lottery
Another name for a business owner is...
employee
CEO
consumer
producer
Another name for a customer is...
consumer
producer
business owner
employee
When people own stock, they invest by buying...
customers
shares
a business
a savings account
A market economy relies on ____ & ______.
supply & command
customers & consumers
supply & demand
business owners & producers
when people borrow the money from the bank to buy something that is more expensive than what they can pay for all at once (car, college, house)
loan
credit card
checking account
stock
What is collected to help the government pay for things like roads, schools, & armed forces
loans
taxes
credit
debit
When someone borrows money from the bank as a laon they now have...
savings
checking
interest
debt
When a person takes out a loan, they agree to pay back the money as well as _____, which is a fee charged for borrowing money.
interest
debit
credit
checking
when a country spends more on imports than it makes on exports
trade surplus
trade deficit
import tax
export tax
