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Entrepreneurship Mock Test

Total questions: 77

Worksheet time: 4hrs 57mins

Name
Class
Date
1.

Goods are physical items that can be seen and touched, while services are actions or activities done for others.

a)

True

b)

False

2.

Which of the following is a service?

a)

A book

b)

A haircut

c)

A bicycle

d)

A computer

3.

Goods are _________ items, and services are __________ done for others.

a)

physical

b)

actions

4.

Which of these is an example of a good?

a)

Dog-walking

b)

Grocery shopping

c)

A smartphone

d)

House cleaning

5.

Both goods and services can satisfy people's needs and wants.

a)

True

b)

False

6.

Which of these is an example of a "need"?

a)

A vacation

b)

Food

c)

Designer clothing

d)

A video game

7.

Wants are necessary for survival, while needs are things people desire but can live without.

a)

True

b)

False

8.

__________ are essential for survival, while __________ are things people would like to have but can live without.

a)

Needs

b)

wants

9.

Which of the following is a "want"?

a)

Water

b)

Shelter

c)

New sneakers

d)

Medicine

10.

People's needs and wants are the same for everyone.

a)

True

b)

False

11.

What is an ATM?

a)

A machine for making phone calls

b)

A machine for depositing and withdrawing money

c)

A machine for shopping online

d)

A machine for printing money

12.

Online banking allows people to access their bank accounts from their computers or smartphones.

a)

True

b)

False

13.

Electronic banking is the use of (a)   to perform banking transactions.

14.

Which of these is NOT a feature of electronic banking?

a)

Transferring money between accounts

b)

Applying for a loan

c)

Shopping in a physical store

d)

Checking account balances

15.

With electronic banking, people can only access their money during bank hours.

a)

True

b)

False

16.

Which of these is an asset?

a)

Money owed to a friend

b)

A car you own

c)

A loan

d)

Credit card debt

17.

An asset is something you __________, while a liability is something you __________.

a)

own

b)

owe

18.

A liability is something that adds value to your personal finances.

a)

True

b)

False

19.

Which of these is a liability?

a)

Savings account

b)

Mortgage

c)

Jewelry

d)

A laptop

20.

Assets increase your personal worth, while (a)   decrease it.

21.

Personal net worth is calculated by subtracting your liabilities from your assets.

a)

True

b)

False

22.

If you have $1,000 in assets and $500 in liabilities, what is your personal net worth?

a)

$1,500

b)

$500

c)

$2,000

d)

$0

23.

Net worth = __________ - __________.

a)

assets

b)

liabilities

24.

Having a high net worth means you have more liabilities than assets.

a)

True

b)

False

25.

If you own a car worth $5,000 and have a loan of $2,000, what is your net worth related to the car?

a)

$3,000

b)

$5,000

c)

$7,000

d)

$2,000

26.

Which of these is NOT a factor of production?

a)

Land

b)

Labor

c)

Profit

d)

Capital

27.

The four factors of production are land, labor, capital, and entrepreneurship.

a)

True

b)

False

28.

__________ is the human effort put into production, while __________ refers to the machinery and tools used.

a)

Labor

b)

capital

29.

Which factor of production includes natural resources?

a)

Capital

b)

Land

c)

Labor

d)

Entrepreneurship

30.

Entrepreneurship is not considered a factor of production.

a)

True

b)

False

31.

Productivity measures __________.

a)

The amount of resources available

b)

The efficiency of production

c)

The amount of products sold

d)

The total cost of production

32.

Higher productivity can help a business earn more profit.

a)

True

b)

False

33.

(a)   helps businesses produce more goods with the same amount of resources.

34.

Which of the following can improve productivity?

a)

Hiring more employees without training

b)

Using outdated machinery

c)

Improving employee skills and technology

d)

Increasing hours worked without breaks

35.

Productivity is only important for large businesses.

a)

True

b)

False

36.

Economic inequality means there is a big difference in wealth and income among people in a society.

a)

True

b)

False

37.

Which of these can be a cause of economic inequality?

a)

Equal pay for all jobs

b)

Access to education and resources

c)

Fair job opportunities

d)

Lack of resources for some groups

38.

Economic (a)   is the difference in income and wealth across different groups in society.

39.

Which sector of the economy includes farming and mining?

a)

Primary

b)

Secondary

c)

Tertiary

d)

Quaternary

40.

The tertiary sector of the economy provides services rather than goods.

a)

True

b)

False

41.
Jin's total assets are $8,794.  Her liabilities are $2,670 in credit card debt and $3,622 for a student loan.  What is her net worth?
a)
$6,124
b)
$15,086
c)
-$4,328
d)
$2,502
42.
Nomar's net worth is $15,354.  Which of the following is true?
a)
He has a positive net worth which means his assets are greater than his liabilities. 
b)
He has a negative net worth which means his liabilities are greater than his assets.
c)
He has a positive net worth which means his liabilities are greater than his assets.
d)
He has a negative net worth which means his assets are greater than his liabilities.
43.

Which of the following are considered assets?


1. A Car

2. Student Loans

3. Rent Payments

a)

1 only

b)

1 and 2 only

c)

2 and 3 only

d)

1, 2, and 3 only

44.

Which of the following are considered liabilities?


1 - A Mortgage

2 - Kitchen Dishes

3 - A Car Loan

a)

1 only

b)

1 and 2 only

c)

1 and 3 only

d)

1, 2, and 3

45.

How do you find Net Worth?

a)

Liabilities - Assets

b)

Assets - Liabilities

c)

Liabilities + Assets

d)

Assets + Liabilities

46.

Which of the following is not a liability?

a)

Stock

b)

Credit Card Balance

c)

Car Loan

d)

Mortgage

47.

Based on the chart above, what was the net worth?

a)

$64,020

b)

$19,750

c)

$83,770

d)

$103,520

48.

Based on the chart above, what is the Net Worth?

a)

$16,840

b)

$50,850

c)

$34,010

d)

$67,690

49.

You have land that is worth $200,000.

a)

This is an asset.

b)

This is a liability.

c)

This is your net worth.

50.

Your total LIABILITIES: $600,000.

Your total ASSETS: $500,000.

a)

$100,000

b)

-$100,000

c)

$1,100,000

51.

Can a Net Worth be negative?

a)

Yes - as long as the assets are greater than liabilities

b)

Yes - as long as the liabilities are greater than assets

c)

No - assets cant be greater than liabilities

d)

No - liabilities cant be greater than assets

52.

The table below shows Claude's assets and liabilities. What is the total value of his assets?

a)

$24,950

b)

-$24,950

c)

$25,420

d)

$50,370

53.

What is the primary cause of economic inequality in South Africa?

a)

Historical factors

b)

Geographic location

c)

Government policies

d)

Globalization

54.

Which demographic group is most affected by income inequality in South Africa?

a)

Women

b)

Children

c)

Black South Africans

d)

Foreign nationals

55.

What is one of the main consequences of inequality in South Africa?

a)

Increased social cohesion

b)

Higher crime rates

c)

Improved education access

d)

Lower unemployment rates

56.

What is the primary purpose of calculating net worth?

a)

To determine your income level

b)

To assess your financial health

c)

To evaluate your spending habits

d)

To track your monthly expenses

57.

If your assets total $200,000 and your liabilities are $150,000, what is your net worth?

a)

$50,000

b)

$150,000

c)

$200,000

d)

$350,000

58.

Which of the following would NOT be included in the calculation of net worth?

a)

Your home value

b)

Your car loan

c)

Your savings account

d)

Your monthly salary

59.

What is net worth?

a)

The value of all assets minus liabilities.

b)

The value of all liabilities minus assets.

c)

The value of all assets plus liabilities.

d)

The value of all assets multiplied by liabilities.

60.

What are some examples of assets that can be included when calculating net worth?

a)

cash, investments, real estate, vehicles, valuable personal belongings

b)

salary, income, expenses, liabilities

c)

jewelry, artwork, collectibles, furniture

d)

stocks, bonds, retirement accounts, credit card debt

61.

True or False: Net worth represents a person's financial health.

a)

Net worth represents a person's emotional well-being.

b)

Net worth represents a person's physical health.

c)

True

d)

False

62.

If someone has a negative net worth, what does that mean?

a)

Their total liabilities exceed their total assets.

b)

Their total assets and liabilities are equal.

c)

They have more assets than liabilities.

d)

Their total assets exceed their total liabilities.

63.

True or False: Net worth can only be positive.

a)

Net worth can be zero

b)

Net worth can be negative

c)

False

d)

True

64.
Jin's total assets are $8,794.  Her liabilities are $2,670 in credit card debt and $3,622 for a student loan.  What is her net worth?
a)
$6,124
b)
$15,086
c)
-$4,328
d)
$2,502
65.

The table below shows Claude's assets and liabilities. What is his net worth?

a)

$24,950

b)

$-25,420

c)

-$24,950

d)

$25,420

66.
Which of the following is considered an asset?
a)
Bank Loan
b)
Mortgage
c)
Debit Card
d)
Savings account
67.
Assets are best described as
a)
monetary assets you own
b)
financial debts and obligations for which you owe
c)
your net worth
d)
adjusted gross income
68.

Which of the following is an asset?

a)

mortgage

b)

school loan

c)

jewelry

d)

credit card bill

69.

A thing for which someone is responsible, especially a debt or financial obligation is a _____.

a)

asset

b)

liability

c)

net worth

d)

bacon

70.

Based on the chart above, what is the Net Worth?

a)

$16,840

b)

$50,850

c)

$34,010

d)

$67,690

71.

Bills and Loans are examples of ________?

a)

Assets

b)

Liabilities

c)

Net worth

d)

Pickles

72.
Nomar's net worth is $15,354.  Which of the following is true?
a)
He has a positive net worth which means his assets are greater than his liabilities. 
b)
He has a negative net worth which means his liabilities are greater than his assets.
c)
He has a positive net worth which means his liabilities are greater than his assets.
d)
He has a negative net worth which means his assets are greater than his liabilities.
73.

Jane's total assets are $8,794. Her liabilities are $2,670 in credit card debt and $3,622 for a student loan. What is her net worth?

a)

$6,124

b)

$15,086

c)

-$4,328

d)

$2,502

74.
Isadora rents an apartment for $1,000 a month and has a year's lease.  She owns a car that is worth $14,700.  She has a savings account of $4,750 and a credit card balance of $825.  What is her net worth?
a)
$19,450
b)
-$16,320
c)
$17,625
d)
$1,825
75.

Property owned by a person or company, regarded as having value is an __________

a)

asset

b)

liability

c)

net worth

d)

pizza

76.

What is another word for house payment?

a)

Wages

b)

Net Worth

c)

Mortgage

d)

Book

77.

Abby lives in a home worth $115,000. She has a loan of $98,000 and has a credit card balance of $2,300. She has a car that is worth 5,800. She also has a checking account with a balance of $900 and $300 in gift cards. What is Abby's net worth?

a)

127,200

b)

105,500

c)

232,700

d)

21,700