WorksheetsABIT Economy Terms
Total questions: 15
Worksheet time: 8mins
What is an economic slump?
A sudden increase in economic growth.
A temporary rise in unemployment rates.
A period of significant decline in economic activity.
A stable period of economic activity.
Define shareholder in a business context.
A shareholder is a company employee.
A shareholder is a government representative.
A shareholder is a type of customer.
A shareholder is an owner of shares in a company.
What does production refer to in economics?
The process of creating goods and services.
The study of market trends and consumer behavior.
The process of distributing wealth among individuals.
The act of selling goods to consumers.
What is the difference between a company and an enterprise?
A company is a specific type of enterprise focused on profit, while an enterprise can refer to any venture or project.
An enterprise is always a non-profit organization.
A company is larger than an enterprise.
A company can only operate in one country while an enterprise can operate globally.
Who is a sole proprietor?
A sole proprietor is a corporation with shareholders.
A sole proprietor is a government official managing public funds.
A sole proprietor is an individual who owns and runs a business alone.
A sole proprietor is a business entity owned by multiple partners.
What does it mean to withdraw money from an account?
To take out money from a bank account.
To check the balance of an account.
To transfer money to another account.
To deposit money into a bank account.
What is an instant loan?
A quick, short-term loan that offers fast access to funds with minimal documentation.
A long-term loan with low interest rates and flexible repayment terms.
A loan that requires extensive documentation and approval process.
A type of loan that takes weeks to process and disburse funds.
How would you describe a frugal person?
A frugal person is careful with money and avoids unnecessary spending.
A frugal person frequently borrows money from others.
A frugal person spends lavishly on luxury items.
A frugal person is indifferent to financial matters.
What does stingy mean?
Unwilling to spend or share; miserly.
Generous and giving
Eager to help others
Willing to share resources
What is considered an expense in a business?
Profits retained from previous years
Revenue generated from sales
Costs incurred to generate revenue.
Assets owned by the business
What does it mean to reimburse someone?
To charge someone for services rendered.
To provide someone with a gift or bonus.
To lend someone money for a purchase.
To pay someone back for expenses they incurred.
What does it mean to recall an item from the market?
To promote a product to increase sales.
To donate products to charity organizations.
To request the return of a product from consumers due to safety or quality issues.
To introduce a new product line in the market.
What is the difference between retail and wholesale?
Retail sells in bulk to consumers; wholesale sells to individuals.
Retail is only for online sales; wholesale is for physical stores.
Retail sells to consumers; wholesale sells in bulk to businesses.
Retail and wholesale both sell to businesses but at different prices.
What is a startup?
A startup is a newly established business aiming to develop a unique product or service.
A startup is a large corporation with multiple products.
A startup is a non-profit entity focused on social causes.
A startup is a government-funded organization.
What is fiscal policy?
Fiscal policy refers to the central bank's control over interest rates.
Fiscal policy is the government's approach to managing the economy through spending and taxation.
Fiscal policy is the regulation of money supply by the government.
Fiscal policy is the government's strategy for international trade agreements.
