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WorksheetsQ1 MS Midterm
Total questions: 35
Worksheet time: 18mins
What is economics?
The study of money
The study of how people choose to use their resources
The study of businesses
The study of government spending
Which of the following is NOT an example of a resource in economics?
Time
Money
Attention
Happiness
What is "The Market" in economic terms?
A place to buy groceries
Where people buy and sell goods or services
A type of financial investment
A government agency
Which of the following is NOT one of the Four S's of economics?
Scarcity
Self-Interest
Subjective Value
Supply and Demand
What does scarcity mean in economics?
The gap between limited resources and wants/needs
When something is very expensive
When the government runs out of money
What is the difference between self-interest and being selfish?
There is no difference
Self-interest benefits others, while being selfish doesn't
Self-interest is illegal, but being selfish is not
Self-interest is about money, while being selfish is about time
What does subjective value mean?
Everything has the same value to everyone
Only expensive things have value
What are sunk costs?
Money spent on submarines
Costs that only apply to businesses
Spent resources that you can't get back
What is comparative advantage?
When you're better at everything than everyone else
When you focus on what you're best at doing
When you can buy things cheaper than others
When you have more money than others
What is the main focus of all marketing efforts?
Products
Employees
Customers
Profits
Which of these is NOT part of the Marketing Mix?
Price
Promotion
Employees
Product
What do we call a specific group of customers that a business focuses its marketing efforts on?
Buying Bunch
Consumer cluster
Target market
Customer Cohort
Which of these is an example of a demographic factor when considering target markets?
Country
Lifestyle
Age
Climate
At Disneyland, customers are called:
Visitors
Tourists
Patrons
Guests
Which of these is NOT a consideration when designing product packaging?
Durability
Price
Color
Employee opinions
What does the 'Place' in the Marketing Mix refer to?
Location of the company
Where ads are placed
Distribution
Store layout
What is the term for a business's obligation to contribute to society?
Community service
Social responsibility
What is the main difference between a need and a want?
Needs are things you can live without, wants are essential
Needs are essential for survival, wants are not
Needs and wants are the same thing
Needs are more expensive than wants
Which of the following is an example of a fixed expense?
Groceries
Electricity bill
Monthly rent payment
Gas for your car
What is a budget?
A list of things you want to buy
A plan for making and spending money
A type of bank account
A government tax document
Which of these is NOT a type of financial institution?
Banks
Credit unions
Grocery stores
Financial tech companies
What is a checking account primarily used for?
Earning high interest on savings
Taking out loans
Everyday transactions and bill payments
Long-term investments
What does the term "credit" mean in personal finance?
A type of loan that never needs to be repaid
The ability to obtain goods or services before payment
A reward program for using debit cards
A type of savings account
What does a credit score indicate?
How much money you have in the bank
Your ability to repay a loan
The number of credit cards you own
Your annual income
On a pay stub, what is the difference between gross pay and net pay?
Gross pay is before taxes, net pay is after taxes
Gross pay is after taxes, net pay is before taxes
Gross pay is for full-time employees, net pay is for part-time
There is no difference between gross pay and net pay
Which of the following is an example of a variable expense?
Car insurance premium
Netflix subscription
Monthly utility bill
Annual property tax
What are goods in business?
Things you can touch and buy
Services provided by a company
Ideas for new products
Money earned by a business
Which of the following is an example of a service?
A book
A haircut
A bicycle
A sandwich
What does "intangible" mean in business terms?
Something very expensive
Something you can eat
Something you cannot touch
Something made of metal
Which of these businesses likely offers both goods and services?
A grocery store
A car repair shop
A clothing store
A movie theater
What is a sole proprietorship?
A business owned by the government
A business owned by many people
A business owned by one person
A business owned by two friends
Which of these is NOT a main area of business management?
Marketing
Human Resources
Gardening
Finance
What does HR stand for in business?
Happy Results
Human Resources
Huge Responsibility
Helpful Robots
What is the main goal of marketing in a business?
To make employees happy
To clean the office
To sell products or services
To hire new workers
What problem might a new toy solve for customers?
Boredom
Transportation
Weather protection
