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WorksheetsBiztown session quizzes Smithson
Total questions: 67
Worksheet time: 3hrs 21mins
Which option lists financial institutions?
Banks and credit unions
Libraries and schools
clothing and food shops
credits and debits
cash and plastic
Which services is a bank likely to offer?
balance and net deposit
savings and checking accountss
advertising and web searches
time management
Ballet and Tap dancing instruction
What is private property?
property that the government owns
property that is free
property that no one can see except for those who it belongs to
property that you own
property that can be held in a person's hand(s)
What is required on a bank application?
transaction list
full name
checkbook number
health ID number
Spouses social security number
Which bank service do you need to get money to start a new store?
business loan
savings account
safe deposit box
electronic payment
all of the above
Which type of institution is at the center of BizTown's economy?
banking
savings and loan
stock market
social
emotional
Which action is required when depositing money into a bank account?
include your account number
list your income
swipe your credit card
signn your deposit ticket
getting investor's permission
What is the purpose of a paycheck?
to show proof of income
to be sure you have money
to keep track of your withdrawals
to give you money in exchange for work
all of the above
Where do you endorse a paycheck?
on the back
in the upper right hand area
in the lower left hand area
in the center
Anywhere you want to.
What happens when you write a check and have insufficient funds in your bank account?
required cash withdrawal
the transaction is recorded by the U.S. government as "fraud"
high bank fee
electronic tax withdrawlal
none of the above
Which is a responsible action to make with your money?
spend it all
track it
give it all away
barter with it
all of the above
Which right does the U.S. Constitution protect?
right to keep private property
right to be responsible
right to a bank account
right to endorse your paycheck
right to be irresponsible
What does a savings account allow you to do?
Use a money tracker
have money on hand for unexpected expenses or emergencies
get more money out of the bank than you have in it because it creates an automatic loan
have more spending money now
get money out of the bank during non-working hours
How does your money increase in a savings account?
the bank pays interest because it uses your money for other investments
It grows by sitting in the bank account
your money is multiplied by other people's money when they make deposits.
the longer you leave your money in a savings account, the more it grows by a government set rate.
all of the above
Why should you pay yourself first (PYF) when you receive money?
because it is an easy way to save money
because it helps your savings grow
because it helps keep you from spending it on consumer goods before you save it
because of the power of compound interest and how it relates to time
all of the above
Making an electronic payment is one of several ways to do what?
open a savings account when you are not physically able to go to the bank
check your bank balance
get money out of the bank or pay a bill
record a transaction in your money tracker
punish someone for a capital crime
What would tell you how much money is in your bank account?
Certificate of deposit or C.D.
Personal check
transaction
balance
crystal ball
Who protects the money in a bank's accounts?
Your parents
the government
you
people are so honest that bank accounts do not need protecting
Your school teacheer
You need to mail a payment to your credit card company because the online payment site is down. What is the best form of payment?
cash
check
debit card
credit card
none of the above because everything is online.
Where does the money come from when you use a debit card to buy groceries?
your certificate of deposit
the credit company
your bank account
the government
your employer
What do you need to maker an electronic payment?
current date
account number and your name
debit card and your phone number
you need to know the current balance in your account
your mother's maiden name
Which part of the money tracker do you write in to record the amount when adding money into your bank account?
withdrawl
deposit
balance
description
none of the above
which term describes why people cannot have everything they want because of limited resources.
endorsement
institutions
scarcity
economy
deposit
What does philanthropy mean?
the effort to increase the well-being of others through charitable giving
the effort to provide health care by the state or federal government
the ability to sell goods and services at a discount in order to help those who otherwise couldn't afford it
the requirement to pay taxes as a citizen
it is the name of certain orchestras in large metropolitan areas
What is a responsibility of U.S. citizens?
being an informed voter
giving money to charity
participating in group activities
sharing personal information
carrying a weapon
What is required of responsible citizens?
to volunteer at a community event
to donate to charaity
to pay taxes
to sign a contract
to share personal information
Why are taxes required instead of voluntary?
Not everyone is willing to pay their part
tax money is spent on private goods
taxes can be automatically taken out of your paycheck
it was found to be illegal to have voluntary payents
none of the above because taxes are not a requirement
Which of these is flowing through the circular flow of an economy?
customers
entrepreneurs
regulations
money
government
Which part of the circular flow of an economy are you a part of when you buy fries at a food truck?
citizens providing resources
citizens paying businesses
businesses paying citizens
businesses producing products
businesses avoiding taxes
Which of the given options fits with the "business produce products" part of the circular flow of an economy?
a restaurant gives out paychecks to employees
citizens buy vegetables at a store
a factory delivers furniture to a store for sale
citizens work at a bank
a store gives a rebate to a customer because they are "loyal"
Natural resources are ones that _______.
do not have to be paid for because they come from nature
are made by people to produce a good or service
are found in nature and are used to make goods or provide services
people make and use
resources that are combinations of man-made and naturally found products and services
Which specific act an a government do to directly make a change in the circular flow of the economy?
approve the brevious meeting's plan
require businesses to pay for a license
encourage people to buy and sell products and provide services from a particular company to move money in an economy
honor community. leaders
none of the above because government cannot affect the circular flow of the economy
What is a role of business in the economy?
approve new government plans
buy products for personal use
produce goods and services
provide labor to build products
regulate goods and services for the safety of those who purchase them
Free enterprise is different from a command economy because _________
businesses are given the prices to set by the government
businesses set the price based on consumer's decisions
businesses are free from laws
it doesn't cost anything
there is no real difference because free enterprise and command are synonyms
What are the three basic economic questions?
what to produce, how to produce, who to produce for
how goods and services are paid for, when goods and services are paid for, ad where goods and services are paid for
who gets to purchase, where they can purchase from, how much the goods or services cost.
why is the government involved in this, what are the government regulations, what are the consequences if government regulations are not followed
all of the above
One option to solving the challenge of scarcity in a free market economy is ________
have people make choices based on the needs of the government
make the government provide for everyone's wants and needs
decrease the amount of resources
encourage philanthropy among businesses and citizens
There is no such thing as scarcity because everyone has access to the products and services they want
Why do people pay taxes?
to pay the government for private goods
to be gifted to business owners
to be deducted by banks
to pay for the things government provides to people
to make sure no individual, company or business makes more money than someone else
Select the true statement.
Gross pay is how much money you have after taxes are taken out.
Net pay is the amount of money you receive in your paycheck.
Gross pay is divided by the tax percentage to equal net pay
Net pay is multiplied by gross pay to find your tax amount.
Net pay and gross pay are usually identical.
If your income for wone week is $200 and your tax rate is 5 percent, what is your net pay? 200 - (0.05 X 200) = _______
$205
$195
$190
$100
$195.75
Which option is a private good or service?
Fire statioin
public school
government office
grocery store
food stamps
One example of philanthropy is ______.
doing volunteer work
paying your bills
saving money in the bank
shopping for the family
the government taxing the rich to pay the poor
Which document would include a list of your interests and skills?
rit of habeaus corpus
resume
essay
bank statement
loan application
Read the scenario and select the correct answer to the question. A young man wants to become a famous actor. Which option will likely help him reach his goal.
make a financial plan
do what his parents want him to do
research what it takes to be a successful actor
play the lottery
Learn to become a waiter because most out of work actors and actresses end up waiting tables.
Which phrase describes the data career type?
helping others
thinking about conepts
working with objects
analyzing information
bad debt collection agent
Which option is a science career?
restaurant owner
tax attorney
biologist
art teacher
comb manufacturer
A written summary of a person's school and work experience is called a(n)
assessment
resume
summary
outline
AASA test question
A person who requests or seeks something, such as a job is called a(n)
applicant
interviewer
teacher
coordinator
dancer
You should do this when you greet a new person at work.
stare at them
shout "Hello"
Stay seated at your desk
introduce yourself
clear your throat in a gross way in order to intimidate them
Which behavior is appropriate during a job interview?
answer questions with details
show up within 15 minutes of the interview time
share your internet connection problems
check your text messages
floss your teeth
Which behavior is important in all workplaces?
wearing uniforms
using coding skills
attending early morning meetings
demonstrating teamwork
Staying quiet
A town council meeting where policies can be discussed by anyone who comes to the meeting.
Private meeting
public hearing
utility meeting
conspiracy
racist meeting
For citizens to participate in an election, what is the first step they need to take?
register to vote
learn about the candidates
go to the polls
attend a debate
watch the news
What do you need for a representative democracy?
appointments
arguments
elections
ammendments
Flaming hot Cheetos
Which two forms of government do NOT usually allow their citizens to vote?
republic, tribalism
dictatorship, representative democracy
representative democracy, democracy
monarchy, dictatorship
democracy, republic
It is important to be an informed voter because _________
you are helping choose representatives to run the government.
voting is usually voluntary in democratic republics
your teacher thinks it is important
not all countries allow their citizens to vote
strict statutes about becoming an informed voter have been established
To find the operating expenses of a business, what do you need to do?
add all operating expenses together
subtract taxes owed
multiply salaries by 2
add sample costs and employee salaries
add the income and divide by 2
Why is salary considered an operating cost?
because the business owner has to pay themselves first
because you can't run the business without paying employees
because it is required by the U.S. Constitution
Because it is a fixed cost
because it is a variable cost
Calculate the supply expense for the following:
10 pitchers, $4 each
$400.00
$40.00
$10.00
$100.00
$104.00
Two characteristics of a quality business are good customer service and ______.
letting problems go unsolved
keeping everything the same year after year
successful sales
independent contractors
high prices
What is the best definition for revenue?
the amount of money earned from sales
the money a buyer pays for a product or service
the goods that a business has in stock to sell
the money left over after paying business costs
the loan amount needed to start a business
What is the best definition for inventory?
the amount of money earned from sales
the money a buyer pays for a product or service
the goods that a business has in stock to sell
the money left over after paying business costs
the loan amount needed to start a business
What is one of the factors that affect the selling price of a product?
how much of the product the business has in stock
how much people or businesses will pay for the item
how much the product costs to manufacture
scarcity of the product
all of the above
What is one way to decide the selling price of a product?
multiply the items in inventory by the cost of production
sell the product for a price that is slightly under the manufacturing cost
manufacture the product for less than any other business
calculate the cost per item and increase the price if the item is in high demand
manufacture the product for more than any other business
Which phrase correctly describes the relationship between revenue, costs, and profit?
as revenue increases, costs increase and profits decrease
as production costs increase, revenues increase
as production costs increase, profits decrease
none of the above
as revenues increase, costs decrease and profits decrease
Advertising is a way of persuading people to want your ______.
employees
workplace
goods and services
revenue
expenses
What is a characteristic of effective advertising?
grabs your attention
causes you to purchase the product
causes you to utilize the service
helps you recognize a problem, then solves that problem with a product or service
all of the above
Which soft skill is most important for productive work?
teamwork
punctuality
business atire
interviewing skills
none of the above
