WorksheetsECON STUDY GUIDE
Total questions: 40
Worksheet time: 27mins
What is the purpose of a Financial Plan?
Jennifer works for the Pepsi company as a truck driver. What type of resource is Jennifer?
Capital Resource
Human Resource
Natural Resource
Entrepreneur
Which of the following correctly describes an entrepreneur?
Christina folding laundry because it is one of her chores.
Jacob starting his own doggy daycare and hiring his friends.
Kimberley babysitting her brother while her parents go to the movies.
Brandi getting a job so she can buy Christmas presents.
Which of the following is true about supply and demand?
If demand is greater than supply, prices are lower.
If supply is greater than demand, prices are lower.
If supply is equal to demand, the prices are lower.
If supply is greater than demand, the prices are higher.
If a city builds a new park, how will it be paid for?
Donations the city collected
The mayor used her own money
The city used tax money paid by the citizens
The city got a loan from the federal government
What is the name of the place where people buy and sell goods?
Amazon
factory
marketplace
Industrial Park
Why is it important that goods are made all over the world?
It helps the government get rich through taxes.
Businesses can charge more for their goods.
Consumers pay the lowest prices possible.
It gives consumers access to goods their communities do not make.
Ben needs to study after baseball practice for his math test tomorrow. However, the team said they were going to hang out and get ice cream afterwards. If Ben goes for ice cream, what is his opportunity cost?
Ben's growing friendships with his teammates.
Ben's score on his Math test.
Ben's ability to improve his baseball skills.
Ben's teammates will call him a nerd.
When determining profit following a sale of a good, what must the business take into account?
consumer demand
competitor's prices
available supply
operating costs
What is profit motive?
the desire to have the most efficient business
the desire to hire the most talented employees
the desire to control all aspects of production
the desire to make as much money as possible
Which form of transportation is MOST accurate for Georgia?
I-85 and I-75 only link Georgia to Florida.
I-20 and I-16 only impact the eastern part of the state.
The interstate systems helps to support Georgia's ports.
Georgia's ports are isolated from the rest of the state.
What two transportation systems are MOST important for Georgia's tourism industry?
interstate highway system and the international airport
railroads and the deepwater ports
interstate highway system and the deepwater ports
railroads and international airport
Use the list to answer the following question.
Conductor, Mechanic, Track maintenance worker, and Engineer
All of the jobs in the preceding list exist because of:
Georgia's railroad transportation system
the interstate highway system
Hartsfield-Jackson Internation Airport
the Ports of Brunswick and Savannah
__________is one of the most important sectors of Georgia's economy and creates many jobs for the state's residents.
railroads
deepwater ports
interstate highway system
Hartsfield-Jackson Internation Airport
________accounts for the largest portion of Georgia's economy?
agriculture
entertainment
fishing
manufacturing
________is necessary in order to afford monthly bills and save for the future?
investing in stocks
getting a job
applying for a loan
obtaining a credit card
Income is_____________
Timothy earns an hourly wage working at a fast food restaurant.
Ali buys a new pair of brand name sneakers.
Maria puts money into a savings account at her local bank.
Sam takes out a loan to pay for his tuition for college.
Read the text and answer the question.
Landon worked in restaurants in the small town he lived in since he was young. The people in his town loved the high school football team. Landon always thought people would buy accessories with the team logo is they were available. He got permission from the school to use the logo for a fee and quit his job. He used his savings to buy blank shirts, a graphic design program for his computer, and a book to help him learn how to design the shirts. Finally, Landon started a website so that fans could order team accessories from him.
Why was this business venture particularly risky for Landon?
he lacked the capital he needed
he did not have relevant experience
the industry was heavily regulated
there was a lot of coompetition.
Read the text and answer the question that follows.
Bailey has been an auto mechanic for fifteen years. In her spare time, she designs engines. Her engines are unlike anything currently on the market; they are faster, cheaper to produce, and better for the environment. She wants to start her own business producing her engines but knows she must be able to mass produce them in order to be successful. This would require investments in equipment and labor that she does not have the money to pay for herself.
What risk is Bailey facing as she becomes an entrepreneur?
lack of capital
lack of experience
high level of regulation
high level of competition
Read the text and answer the question.
Diego recently graduated from college. During this time in school, he lived at his parents' home in the same town as his college. Now that he has graduated, he wants to rent an apartment of his own. The apartment he wants to requires payment of the first and last months' rent, plus a security deposit. Unfortunately, he does not have enough money to make these payments, nor ay reliable source of money for the monthly rent once he moves in.
What is the most financially responsible way for Diego to raise the money for the apartment?
get a job in order to begin earning an income
obtain a loan from a financial lending institution
open an account with a major credit card company
establish a savings account to begin earning interest
Which of these people is the MOST financially responsible?
Quentin, who used a mortgage to buy a house that he could not afford.
Rachelle, who buys lotto tickets with all of her extra money
Safia, who has a full-time job and always follows a persoaly budget
Terell, who maxed out his credit card buying a new television
Amir reads annual statements from his bank and credit card accounts and realizes that he is in the habit of spending more than he earns. How would developing a budget be helpful to Amir?
It would provide him with more money to spend.
It would lower the interest rate on his credit card.
It would prevent him from falling further into debt.
It would help him obtain a large loan from his bank.
Fabian often runs out of money before his monthly credit card bills are due. He does eventually pay the bills, but he also has to pay fees for late payments. What is the MOST financially responsible action Fabian could take?
obtaining a loan from his bank
applying for additional credit cards
developing a personal monthly budget
asking his employer for a salary
Which of the following persons will earn the MOST interest on the money in their savings account?
Bruno, who has $100 earns an annual interest rate of 10 percent
Diego, who has $1500 earns an annual interest rate of 1 percent
Sophia, who has $1000 earns annual interest rate of 2 percent
Gabriella, who has $800 earns an annual interest rate of 3 percent.
Read the information in the box.
Matt and Jenna are married. They each have jobs that allow them to pay their bills and save money each month. They would like to have children in the next few years.
Based on the circumstances described in the box, which type of debt would probably be the MOST reasonable for Matt and Jenna to incur?
using a credit card to pay for an extended vacation
getting a credit card to buy the latest personal electronics
using a credit card to buy the latest personal electronics
getting a loan from a mortgage company to purchase a home
Which phrase described a significant risk associated with mishandling credit?
paying more sales taxes
paying higher interest rates
receiving higher credit scores
receiving more credit card offers
What is profit motive?
the desire to have the most efficient business
the desire to hire the most talented employees
the desire to control all aspects of production
the desire to make as much money as possible
When determining profit following a sale of a good, what must the business take into account?
consumer demand
competitor's prices
available supply
operating costs
Based on your knowledge of Georgia's economy, what kind of event would be MOST damaging to Georgia's economy?
a televisionwriters' strick
a pest infestation affecting crops
a decline in international tourism
an oil spill near the Atlantic coast
