WorksheetsEconomics Quiz
Total questions: 49
Worksheet time: 27mins
What is the best definition of supply?
The amount of a good or service that producers are willing and able to offer for sale at a given price.
The amount of a good or service that consumers are willing and able to purchase at a given price.
The point when the quantity supplied and the quantity demanded are equal at a certain price.
A graphical representation of the different combinations of two goods that a country, a firm, or an individual can produce given a fixed set of resources and technology.
What does the circular flow model illustrate?
How suppliers make supplies.
How governments make decisions about PPC’s.
How households, firms, and governments interact in the economy.
The likelihood of demand being influenced by pricing changes.
At what level of government do taxes exist?
Local
State
Federal
All of the above
What is the best definition of demand?
The amount of a good or service that producers are willing and able to offer for sale at a given price.
The amount of a good or service that consumers are willing and able to purchase at a given price.
The point when the quantity supplied and the quantity demanded are equal at a certain price.
A graphical representation of the different combinations of two goods that a country, a firm, or an individual can produce given a fixed set of resources and technology.
Which of the following is the best definition of a financial exchange?
Trading one type of currency for another.
Making an update to the design of a certain type of currency.
Transferring money between parties in exchange for goods or services.
A market for the sale of goods.
What does the phrase “opportunity cost” refer to?
The idea that resources are limited, and we cannot have everything we want.
The act of selecting one option over another.
The value of the next best alternative that we forgo when we make a choice.
None of the above
Which of the following is NOT included in the equation to calculate simple interest?
The principal
The interest rate
The time
The desired return on investment
What is saving?
The act of setting aside a portion of one's income or resources for future use.
The act of allocating money or resources with the expectation of generating a profit or return in the future.
The act of spending money now to fulfill needs.
The act of purchasing property with the hope that it will appreciate in value at a later date.
What is investing?
The act of setting aside a portion of one's income or resources for future use.
The act of allocating money or resources with the expectation of generating a profit or return in the future.
The act of spending money now to fulfill needs.
The act of purchasing property with the hope that it will appreciate in value at a later date.
Which of the following is true of the relationship between compound interest and simple interest?
All else equal, an account that grows with compound interest will grow faster than an account that grows with simple interest.
All else equal, an account that grows with simple interest will grow faster than an account that grows with compound interest.
All else equal, an account that grows with compound interest will grow at the same rate as an account that grows with simple interest.
All else equal, an account that grows with compound interest will grow slower than an account that grows with simple interest.
Which of the following is NOT part of the SMART acronym?
Specific
Measurable
Achievable
Random
Which of the following is a form of financial assistance that needs to be repaid?
Grants
Loans
Scholarships
Work-study
Which of the following is provided by the U.S. Department of Education to assist with the identification of financial aid?
FIFTY
FAFSA
AFTA
FAST
What does the phrase “scarcity” refer to?
The idea that resources are limited, and we cannot have everything we want.
The act of selecting one option over another.
The value of the next best alternative that we forgo when we make a choice.
None of the above
What is credit?
The ability of an individual or organization to borrow money or access goods or services with the understanding that payment will be made at a later date.
The ability of an individual or organization to borrow money or access goods or services with the understanding that no repayment must be made.
The ability of an individual or organization to lend money with the expectation that they will also pay interest at a later date.
None of the above.
What is a non-price determinant of supply and demand?
The rate at which price impacts supply and demand.
The factors, other than price, that don’t influence supply and demand.
The factors that affect the demand and supply of a product or service, other than its price.
The amount you can change the price without impacted supply or demand.
Which of the following is NOT a benefit of a good credit score?
It makes it easier to obtain credit.
It can lower interest rates on credit.
It can accelerate the time that credit has to be paid back.
It can unlock certain benefits like special credit cards.
What is gross income?
The total amount of income earned by an individual or business before any deductions or taxes are taken out.
The amount of income that an individual or business has left over after all deductions and expenses have been taken out.
The amount of income that is subject to taxation by the government. This is calculated by subtracting any allowable deductions, exemptions, and credits.
None of the above.
What is net income?
The total amount of income earned by an individual or business before any deductions or taxes are taken out.
The amount of income that an individual or business has left over after all deductions and expenses have been taken out.
The amount of income that is subject to taxation by the government. This is calculated by subtracting any allowable deductions, exemptions, and credits.
None of the above.
When do you use the concepts of scarcity, choice, and opportunity cost?
Only in the classroom
Every time you make a decision
When you make big decisions
When you have to collaborate with others to make a decision
What is an economic system?
A way to troubleshoot failing economies.
A market in which individuals can buy or sell equities from publicly traded companies.
The computer system that tracks and monitors how an economy is functioning.
The way in which a society organizes the production, distribution, and consumption of goods and services.
Which type of income is most important for budgeting?
Gross income
Net income
Taxable income
None of the above
Tracking income and (a) and reconciling financial records are crucial aspects of maintaining good financial health.
What is a production-possibilities curve?
The amount of a good or service that producers are willing and able to offer for sale at a given price.
The amount of a good or service that consumers are willing and able to purchase at a given price.
The point when the quantity supplied and the quantity demanded are equal at a certain price.
A graphical representation of the different combinations of two goods that a country, a firm, or an individual can produce given a fixed set of resources and technology.
What is the definition of income?
The work someone does at their job.
The money spent on expenses that are planned for,
Money spent on unplanned expenses such as an emergency trip to the hospital.
The money that a person or entity receives in exchange for their labor or products.
What is the profit earned from the sale of an asset called?
Capital Gain
Capital Grill
Dividend
Royalty
What is insurance for?
(a) is a legal process in which individuals or organizations who are unable to repay their debts can seek protection from their creditors.
What is another name for a Pure Market system?
Capitalism
Socialism
Communism
Marketism
What is a progressive tax?
A tax in which the tax rate increases as the taxable income amount increases.
A tax in which the tax rate decreases as a percent of earnings as the taxable base amount increases.
Both of the above
None of the above
Use the circular flow model to identify how households, firms, and governments interact in both resource markets and product markets.
How households interact with firms
How firms interact with governments
How households, firms, and governments interact in the economy
How governments regulate firms
Identify types of progressive and regressive taxes at the local, state, and national levels and explain the economic importance of each.
Progressive taxes only
Regressive taxes only
Neither progressive nor regressive taxes
All of the above
Evaluate how prices and quantities are determined through supply and demand.
The amount of a good or service that producers are willing to sell
The amount of a good or service that consumers are willing and able to purchase at a given price
The amount of a good or service that is available in the market
The amount of a good or service that is imported
Evaluate various forms of financial exchange such as cash, checks, credit cards, debit cards, mobile payment applications, and electronic transfers.
Exchanging goods for services
Exchanging services for goods
Transferring money between parties in exchange for goods or services
Transferring goods between parties in exchange for money
Analyze how the concepts of scarcity, choice, and opportunity costs apply to decision making.
The value of the best alternative that we choose
The value of the least preferred alternative
The value of the next best alternative that we forgo when we make a choice
The value of all alternatives available
Determine the exponential growth benefits of starting early to invest with continuous contributions.
The initial investment amount
The interest rate
The investment period
The desired return on investment
Evaluate the costs and benefits of various savings options such as bank savings accounts, certificates of deposit, and money market mutual funds.
The act of setting aside a portion of one's income or resources for future use
The act of spending all income immediately
The act of borrowing money for future use
The act of investing in stocks
Evaluate the expectation of generating a profit or return in the future.
The act of spending money on luxury items
The act of allocating money or resources with the expectation of generating a profit or return in the future
The act of saving money without any return
The act of donating money to charity
All else equal, an account that grows with compound interest will grow faster than an account that grows with simple interest.
Ambitious
Loans
FAFSA
The idea that resources are limited, and we cannot have everything we want.
Ambitious
Loans
FAFSA
The ability of an individual or organization to borrow money or access goods or services with the understanding that payment will be made at a later date.
Ambitious
Loans
FAFSA
The factors that affect the demand and supply of a product or service, other than its price.
Ambitious
Loans
FAFSA
Discuss how character, capacity, and collateral can adversely or positively impact an individual's credit rating and ability to obtain credit. Explain how to access a credit report and score and interpret a sample credit report and score. Describe the importance of monitoring credit reports regularly and addressing errors.
It can decrease the time that credit has to be paid back.
It can increase the interest rate on credit.
It can accelerate the time that credit has to be paid back.
It can reduce the amount of credit available.
Differentiate among and calculate gross, net, and taxable income. What is the total amount of income earned by an individual or business before any deductions or taxes are taken out?
The total amount of income earned by an individual or business before any deductions or taxes are taken out.
The amount of income after taxes.
The amount of income after expenses.
The amount of income after savings.
Differentiate among and calculate gross, net, and taxable income. What is the amount of income that an individual or business has left over after all deductions and expenses have been taken out?
Gross income
Net income
Taxable income
Total income
Analyze how the concepts of scarcity, choice, and opportunity costs apply to decision making. When do you make a decision?
Every time you save money
Every time you make a decision
Every time you spend money
Every time you earn money
Explain how all economic systems are mixed and exist on a spectrum between pure market and pure command systems. What is the way in which a society organizes the production, distribution, and consumption of goods and services?
Economic policy
Economic strategy
Economic planning
The way in which a society organizes the production, distribution, and consumption of goods and services.
Differentiate among and calculate gross, net, and taxable income. What is net income?
Gross income
Net income
Taxable income
Total income
Differentiate among and calculate gross, net, and taxable income. What are expenses?
Expenses
Income
Savings
Investments
