WorksheetsEconomics Quiz
Total questions: 55
Worksheet time: 33mins
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.
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 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.
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 profit earned from the sale of an asset called?
Capital Gain
Capital Grill
Dividend
Royalty
Analyze how the concepts of scarcity, choice, and opportunity costs apply to decision making.
The abundance of resources.
The role of government in resource allocation.
The value of the next best alternative that we forgo when we make a choice.
The influence of technology on decision making.
Develop financial goals for the short, medium, and long term that are specific, measurable, attainable, realistic, and time based.
Ambitious
Loans
FAFSA
Describe the process for completing grant and scholarship applications, including the Free Application for Federal Student Aid (FAFSA®) provided by the U.S. Department of Education or the Texas Application for State Financial Aid (TASFA).
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.
True
False
The factors that affect the demand and supply of a product or service, other than its price.
True
False
Differentiate among and calculate gross, net, and taxable income. The total amount of income earned by an individual or business before any deductions or taxes are taken out.
Explain how all economic systems are mixed and exist on a spectrum between pure market and pure command systems. 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. Expenses.
(a)
What is the primary difference between a credit card and a debit card?
Both credit and debit cards deduct money directly from your bank account.
Both credit and debit cards allow you to borrow money up to a certain limit.
A debit card allows you to borrow money up to a certain limit, while a credit card deducts money directly from your bank account.
A credit card allows you to borrow money up to a certain limit, while a debit card deducts money directly from your bank account.
Which of the following is a benefit of using a credit card responsibly?
It guarantees unlimited spending without consequences.
It eliminates the need to budget expenses.
It can help build a positive credit history.
It automatically increases your income.
What is an overdraft fee?
A fee charged for depositing money into a savings account.
A fee charged for using a credit card for purchases.
A fee charged for transferring money between accounts.
A fee charged when you withdraw more money from your bank account than you have available.
What does a point inside the production possibilities curve represent?
Efficient use of resources
Underutilization of resources
Optimal production
Overutilization of resources
How can an economy achieve a point outside its current production possibilities curve?
By maintaining the current level of technology and resources
By decreasing the production of one good
By improving technology or increasing resources
By reducing the available resources
What does a shift to the right of the production possibilities curve indicate?
A decrease in the production of one good
A decrease in the economy's production capacity
An increase in the economy's production capacity
No change in the economy's production capacity
Which of the following would be a variable expense?
Rent
Car payment
Gym membership
Gas for your car
What is income?
The next best option when making a choice
When unlimited wants exceed limited resources
The taxes that are paid to the federal government
Money earned in exchange for a good or service
What are dividends?
Income that is paid per hour of work
Income that is gained when you sell something for more than you paid for it
Income earned when companies share profits with stockholders
Income earned by completing a job
What is a fixed expense?
An expense that changes frequently
An expense that remains the same over an extended period
An expense that covers an expected event
An expense that coves an unexpected event
What is disposable income?
The total income one acquires
The amount of income one can spend BEFORE taxes are collected
The amount of income one can spend AFTER taxes are collected
The amount of income one earns on a given day
What is the difference between a need and a want?
A want is something you must have to survive. A need is a luxury that would make life more comfortable
A need is something you must have to survive. A want is a luxury that would make life more comfortable
A want is something that everyone must have. A need is something only a few people have
A need is something that only happens once. A want is something that happens more than once.
What is the purpose of a savings account?
To store money for daily expenses
To store money for long-term goals or emergencies
To store money for immediate spending
To store money for buying stocks
What is the difference between gross income and net income?
Gross income is income after taxes, while net income is income before taxes
Gross income is income before taxes, while net income is income after taxes
Gross income is total income, while net income is income after expenses
Gross income is income after expenses, while net income is total income
What is the main disadvantage of payday loans?
They require a good credit score
They have a high interest rate
They require collateral
They require a long-term commitment
What is the main advantage of using a credit card?
It allows you to spend more than you have
It allows you to delay payment for purchases
It increases your credit score automatically
It provides insurance on all purchases
What is the main disadvantage of having a bad credit score?
It makes it harder to get approved for loans and credit cards
It increases the interest rate on your savings account
It prevents you from getting a job
It automatically disqualifies you from financial aid for education
Which type of insurance are co-pays generally associated with?
Health
Auto
Life
Renters
What is a premium?
Part of an insurance policy that guarantees a replacement to an asset if it is lost or damaged.
The practice of an insurance company taking some responsibility for an accident away from a person
The cost of the insurance policy
The amount of money that a person is responsible for paying before the insurance company will start paying benefits
Which of the following is NOT a benefit of insurance?
Shared liability
Asset protection
Co-pays
Increased personal risk
the following alter a car insurance premium fee, EXCEPT
type of vehicle
age of driver
driver's educational level
year model of vehicle
The Free Enterprise System, or capitalism, focuses on
collective ownership of resources
equal distribution of wealth
government ownership of resources
property rights and incentives
What does "A" represent?
Households
Firms
Product Market
Factor Market
When Toyota introduced its 2010 Prius, it announced that the average retail price of the
2010 model would be lower than the average retail price was for the equivalent 2009
model. Which of the following would explain the price differential?
The demand for the Prius had increased, and the supply of the Prius remained
unchanged.
The supply of the Prius had decreased, and the demand for the Prius remained
unchanged.
The demand for the Prius had decreased, and the supply of the Prius had
increased.
The demand for the Prius had increased, and the supply of the Prius had decreased
Amazon is a good example of a product market because...
Amazon acquires factors of production based on demand
Amazon offers goods and services to consumers based on demand
Amazon leases out land based on market demand
Amazon acts a government entity regulating factor markets
In which type of economy does the government maintain control of everything?
Traditional
Market
Mixed
Command
What economic system is based on supply and demand?
Traditional
Market
Mixed
Command
Based on this graphic, which country has an economic system closest to that of a pure command economy?
Japan
China
North Korea
Venezuela
In the 18th century, Britain decided to ship convicts to Australia. The transportation was
privately provided but publicly funded. A lot of convicts died along the way due to disease
and overall poor conditions on the boat. On one ship in particular, 37% of convicts
aboard the vessel died. How might Britain have decreased the number of convict deaths
on the passage to Australia?
Passed convict health laws
Educated Captains on general health and safety
Provided incentive pay to captains for every convict who lived
Upgraded the ships making the passage to Australia
All of the following are common measures of a country’s economic growth except
Gross Domestic Happiness
Gross Domestic Product
Inflation
Unemployment
A good measurement of price stability is?
Quantity demanded
Quantity supplied
Inflation
Unemployment
All of the following are common factors of Fiscal Policy EXCEPT
Tax rates
Rates of government spending
Changes to interest rates
Changes to total equilibrium
The Federal Reserve
Regulates the amount of money in circulation
Provides financial services to banks and the public
Supervises banks
All of the Above
Investing in the Stock Market isn't risky.
True
False
When the value of your asset tends to go down over time
depreciaition
appreciation
net worth
Asset
Which of the following is a benefit of attending a community college before transferring to a four-year university?
Smaller class sizes
Limited course offerings
Fewer extracurricular activities
Higher tuition costs
What is a primary advantage of pursuing a vocational or technical education after high school?
Longer time to complete the program
Limited job opportunities
Direct entry into the workforce with specialized skills
Higher student loan debt
Which of the following is NOT typically considered a post-secondary educational option?
High school diploma
Apprenticeship programs
Military training
Online degree programs
What is the main purpose of monetary policy?
To regulate international trade agreements
To reduce unemployment by creating jobs
To increase government spending
To control inflation and stabilize the currency
Which of the following best describes a mixed economy?
An economy that is based on traditional practices and customs
An economy that combines elements of both market and command economies
An economy that relies solely on market forces
An economy where all resources are owned by the government
