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WorksheetsYear 8 Economics super quiz
Total questions: 40
Worksheet time: 23mins
The three types of work are:
Paid (double-time), Paid (time-and-a-half), Paid (normal time).
Paid, Volunteer
Paid, Unpaid & Volunteer
Paid (double-time), Unpaid & Volunteer
Which of the following is an example of paid work? (select all that apply)
Charity work
House-keeping
Electrician
Teacher
Which of the following is an example of volunteer work? (select all that apply)
Charity work
House-keeping
Electrician
Teacher
Which of the following options describes full-time work?
Regular hours;
less than 38 hrs;
and is entitled to all types of leave on pro-rata basis.
Works average 38hrs pw;
fully entitled to all types of leave; and is entitled to ongoing employment.
Hours vary each week; is not entitled to leave; but is entitled to superannuation contributions.
Usually works longer than 38 hrs pw; no entitlement to leave; wears business losses but gets all business profits.
Which of the following options describes casual work?
Regular hours;
less than 38 hrs;
and is entitled to all types of leave on pro-rata basis.
Works average 38hrs pw;
fully entitled to all types of leave; and is entitled to ongoing employment.
Hours vary each week; is not entitled to leave; but is entitled to superannuation contributions.
Usually works longer than 38 hrs pw; no entitlement to leave; wears business losses but gets all business profits.
Why we work - "I work to get money to buy things I need and want".
This is:
A financial reason for working.
A social reason for working.
A personal reason for working.
Why we work : Two social reasons for working could be:
* to improve my standard of living,
* to meet my daily living expenses
* to use my skills to help others,
*contribute to the community
* to meet new people
* to explore my interests
Why we work : Two financial reasons for working could be:
* to improve my standard of living,
* to meet my daily living expenses
* to use my skills to help others,
*contribute to the community
* to meet new people
* to explore my interests
Why we work : Two personal reasons for working could be:
* to improve my standard of living,
* to meet my daily living expenses
* to use my skills to help others,
*contribute to the community
* to meet new people
* to explore my interests
What is a consumer?
businesses involved in the production of goods and services
a person who purchases goods and services for personal use
The owner of the business
a person who provides rights to workers
What is a producer?
A person who represents a household
A shortage in goods and services
Someone who works in the stock market
Businesses involved in the production of goods and services
A Wage is...
A person who owns shares (part of or a portion) in a company.
A sum of money given by a government or other organization for a particular purpose.
The amount of money that a person is paid in exchange for the work that they do. It is paid based on the hours worked
The group of people who are employed.
Budgets: Which of the following statements are true?
(Select all that apply)
Budgets help us to understand where our money is going to
Budgets are only necessary for companies, businesses and self-employed people
Budgets are graphic organisers
Budgets help us to understand where our money is coming from
Budgets help us to understand how much money we are putting away over a specific period of time
Budgets: Which of the following best describes income?
Money going out
Money coming in
Total Income MINUS
Total Expenses
What you can do with the savings
Budgets: Which of the following best describes expenses?
Money going out
Money coming in
Total Income MINUS
Total Expenses
What you can do with the savings
Budgets: Which of the following best describes savings?
Money going out
Money coming in
Total Income MINUS
Total Expenses
What you can do with the savings
What is a set amount that that is paid for work and given as an annual figure,
but divided up into pay periods?
Salary
Wage
Rent
Interest
Commission
What is money paid based on earnings from savings?
Salary
Wage
Rent
Interest
Commission
What is money paid that is based on the number of hours worked?
Salary
Wage
Rent
Interest
Commission
What is income received from leasing a building?
Salary
Wage
Rent
Interest
Commission
What is additional income received from the amount of sales made?
Salary
Wage
Rent
Interest
Commission
What is money paid to someone who owns shares?
Salary
Profit
Dividends
Interest
Social Welfare Payment
What is a payment made for someone who is unemployed?
Salary
Profit
Dividends
Interest
Social Welfare Payment
What is income received by self-employed people?
Salary
Profit
Dividends
Interest
Social Welfare Payment
What is the correct formula for calculating profits?
Costs MINUS Revenue
Revenue MINUS Costs
Interest MINUS Revenue
Social Welfare Payment MINUS
Costs
Why is it important to have superannuation?
(Select all that apply)
Because the more money you save, the more money you will have when you retire
So you can withdraw it when you have unexpected expenses at any time during your working life
So you will have money put aside when you retire, which is when you will need it most
It's not that important at all, because you can always rely on family
It's not that important at all, because statistics show that you will always have friends to help out
Demand: Which of the following statements are true?
(Select all that apply)
Demand is the desire consumers have for a good or service
The MORE people want a good or service, the LESS the demand for that good or service
The MORE people want a good or service, the MORE the demand for that good or service
Demand is the desire sellers have to sell a good or service
Supply: Which of the following statements are true?
(Select all that apply)
Supply is the desire consumers have for a good or service
The MORE a good or service is available for consumption, the LESS supply there is of that good or service
The MORE a good or service is available for consumption, the MORE supply there is of that good or service
Supply is the total amount of goods or services available for consumption
True or False:
Supply and Demand have a big impact
on the price of goods and services.
True
False
Surplus Supply:
Which of the following describes conditions when there is a surplus of supply?
Supply EQUALS Demand
Supply IS GREATER THAN Demand
Supply IS LESS THAN Demand
Shortage of Supply:
Which of the following describes conditions when there is a shortage of supply?
Supply EQUALS Demand
Supply IS GREATER THAN Demand
Supply IS LESS THAN Demand
Equilibrium:
Which of the following describes conditions at the point of Equilibrium?
Supply EQUALS Demand
Supply IS GREATER THAN Demand
Supply IS LESS THAN Demand
Shortage of Supply:
What is the seller likely to do with prices when
there is a shortage of supply?
(ie. he doesn't have enough to satisfy all customers)
Leave prices the same
Increase prices
Decrease prices
Surplus of Supply:
What is the seller likely to do with prices when
there is a surplus of supply?
(ie. he doesn't have enough customers for all of his product)
Leave prices the same
Increase prices
Decrease prices
Point of Equilibrium:
What is the seller likely to do with prices when
there is just the right amount of supply to meet the demand?
Leave prices the same
Increase prices
Decrease prices
Business Types: Manufacturers
Which of the following statements about manufacturers is true?
A person / organisation that
makes (creates) goods for sale
A person / organisation that
sells goods for sale to consumers for personal use (goods are sold in small quantities)
A person / organisation that
sells goods for sale
in large quantities
(typically to retailers)
Business Types: Wholesalers
Which of the following statements about wholesalers is true?
A person / organisation that
makes (creates) goods for sale
A person / organisation that
sells goods for sale to consumers for personal use (goods are sold in small quantities)
A person / organisation that
sells goods for sale
in large quantities
(typically to retailers)
Business Types: Retailers
Which of the following statements about retailers is true?
A person / organisation that
makes (creates) goods for sale
A person / organisation that
sells goods for sale to consumers for personal use (goods are sold in small quantities)
A person / organisation that
sells goods for sale
in large quantities
(typically to retailers)
Workplace trends - What 2 major reasons contributed to the current trend of working remotely?
Advances in technology
LGBTQ+ movement
COVID-19
Lifestyle and family commitments
Societal push for companies to employ more women and people of colour to positions of leadership
