WorksheetsFinance Unbox-ED (INR) - Grade 3-5 - Session 013 - Assessment 2
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Peak season is a period during which demand for certain goods and services is much higher than other times
a)
True
b)
False
2.
Peak hour is a time in the day during which demand for certain goods and services is much lower than other times
a)
True
b)
False
3.
Prices of goods and services are lower during peak season or peak hour
a)
True
b)
False
4.
Select all the examples of peak hour
a)
Prices of Uber rides during rush hours of morning and evening
b)
Prices of resorts at holiday destinations during school breaks
c)
Prices of movie tickets for evening shows
d)
Prices of Christmas tree decorations before Christmas
5.
Increase in prices due to peak season or peak hour is not inflation as these prices will go down again when it is not peak season or peak hour
a)
True
b)
False
6.
What does GDP stand for?
a)
Goods Domestic Product
b)
Gross Domestic Product
c)
General Domestic Product
d)
Gross Demand Product
7.
What is the GDP of a country?
a)
Demand for all the goods and services in a country in one year
b)
Supply of all the goods and services in a country in one year
c)
Quantities of all the goods and services produced by a country in one year
d)
Market value of all the goods and services produced by a country in one year
8.
Select all the statements that are true
a)
USA has the highest GDP by value
b)
Germany has the highest GDP by value
c)
India has had rapid GDP increase over the last decade
d)
Japan has had rapid GDP increase over the last decade
9.
Select all the statements that are true
a)
GDP tells us how large the economy of a country is
b)
GDP increase and decrease tell us how well the economy of a country is doing
c)
Increase in GDP is a good thing and decrease in GDP is a bad thing
d)
All of the above
10.
What is GDP decline or decrease called?
a)
Deflation
b)
Inflation
c)
Recline
d)
Recession
11.
Select all the statements that are true
a)
Income is money earned by selling goods and services
b)
Income is interest received from a bank
c)
Income is money received from rent
d)
All of the above
12.
Select all the statements that are true
a)
Active income is income where one must do some work to earn it
b)
Passive income is income which one receives without doing any work
c)
Goods sold by a department store are an example of active income
d)
Services provided from home are an example of passive income
13.
Select all the examples of passive income
a)
Salary received each month
b)
Rent received each month
c)
Interest received from a bank
d)
Lottery money received
14.
Select the statement that is true
a)
Fixed expenses are expenses whose value do not change every month
b)
Variable expenses are expenses whose value change every month
c)
Both of the above
d)
None of the above
15.
Select all the examples of fixed expenses
a)
Guitar class fees paid each month
b)
Fuel cost for the car each month
c)
School bus fees paid each quarter
d)
All of the above
16.
Select all the statements that are true
a)
Income - Expense = Loss
b)
Income - Expense = Profit
c)
Expense - Income = Profit
d)
Expense - Income = Loss
17.
Breakeven happens when income is equal to expenses
a)
True
b)
False
18.
John bought a game for INR 50 and spent INR 10 repairing it. He sold it for INR 60
a)
John made a profit of INR 10
b)
John made a loss of INR 10
c)
John was breakeven on the sale
d)
John made a loss of INR 50
19.
Roger bought a chocolate bar for INR 20 and sold it for INR 30. Select all the statements that are true
a)
Roger's income is INR 30
b)
Roger's expense is INR 20
c)
Roger's loss is INR 10
d)
Roger's profit is INR 10
20.
Sachin sold lemonade for INR 50. It cost him INR 10 for the lemons and INR 20 for the soda. Select all the statements that are true
a)
Sachin earned an income of INR 50
b)
Sachin made expenses of INR 30
c)
Sachin made a profit of INR 20
d)
Sachin made a loss of INR 20
100 %
