WorksheetsThe Basics of Earning & Ways to Make Money
Total questions: 21
Worksheet time: 16mins
What is bartering?
The use of money to buy goods and services
The exchange of goods and services without the use of money
The saving of money for future use
The production of goods for personal use
What is one possible problem with bartering?
There is no need for any goods or services
There is no common medium of exchange
There is an abundance of resources
There is too much money in circulation
Which of the following is NOT one of the three critical elements that money provides in an economy?
A medium of exchange
A unit of account
A store of value
A means of production
What does a medium of exchange mean?
Money allows prices to be assigned to everything in an economy.
Money can be saved and does not have to be used immediately.
Money is anything that people are willing to assign value to and accept as payment.
Money helps us measure value in an economy.
What does a unit of account mean?
Money allows prices to be assigned to everything in an economy and compared with each other.
Money can be saved and does not have to be used immediately.
Money is anything that people are willing to assign value to and accept as payment.
Money provides an alternative to bartering.
Which attribute of money helps us measure value in an economy?
A medium of exchange
A unit of account
A store of value
A means of production
What does a store of value mean?
Money allows prices to be assigned to everything in an economy.
Money can be saved and does not have to be used immediately.
Money is anything that people are willing to assign value to and accept as payment.
Money helps us measure value in an economy.
Which attribute of money provides an alternative to bartering?
A unit of account
A store of value
A medium of exchange
A means of production
What is one of the functions of money that reduces everything in an economy to a number?
Store of value
Medium of exchange
Unit of account
Means of payment
Which function of money allows it to maintain value over time?
Unit of account
Store of value
Medium of exchange
Means of payment
What is defined as anything that people accept for payment?
Store of value
Unit of account
Medium of exchange
Means of payment
The amount you are paid per hour.
Wage
Salary
Interest
Dividend
A set amount of income that does not change throughout the year.
Wage
Salary
Interest
Dividend
Money earned by an individual or company for lending funds.
Wage
Salary
Interest
Dividend
Any payment for the use or occupation of property.
Rent
Salary
Interest
Dividend
Payments from companies in which you own stock.
Rent
Salary
Interest
Dividend
Profits you make from selling an asset.
Rent
Salary
Capital Gains
Dividend
An individual’s total earnings before taxes and other deductions.
Gross Income
Net Income
Deductions
Hourly Pay
An individual's income after taking taxes and deductions out.
Gross Income
Net Income
Deductions
Hourly Pay
A pro to hourly pay is . . .
Overtime & Holiday Pay
Pay Losses
Fixed Schedule
A pro to salary pay is . . .
Overtime & Holiday Pay
Benefits
Fixed Schedule
