WorksheetsUnit 1: Personal Finance & Economics
Total questions: 11
Worksheet time: 2hrs 50mins
In the marketplace, a consumer is someone who
works at a job.
provides a service.
gets a loan from a bank.
buys goods and services.
How does the government pay for services like fire departments and libraries?
by collecting taxes
by charging fees
by taking donations
by printing money
Riley gets a job delivering newspapers. Which of the following is an example of a human resource?
Riley's bicycle
the money Riley is paid
Riley herself
the newspapers Riley delivers
Stores are unable to stock enough bendable straws to meet their customers' demand. What will MOST LIKELY happen as a result?
A. Demand for bendable straws will fall.
B. Demand for bendable straws will disappear.
C. More bendable straws will be produced.
D. Fewer bendable straws will be produced.
How are goods and services usually allocated in the United States?
by price
by lottery
by equal sharing
by the government
What are capital resources?
people who start businesses
people who help to make goods
things that can be found in nature
things that are used to produce goods
Which of the following is TRUE about supply and demand?
If demand is greater than supply, then prices are lower.
If supply is greater than demand, then prices are lower.
If supply is equal to the demand, then prices are higher.
If supply is greater than demand, then prices are higher.
Johnny needs to study for his social studies test tomorrow. However, his friends have texted that they are meeting at the community pool to hang out. If Johnny goes with his friends, which of the following is an opportunity cost?
Johnny’s friends will not support him
Johnny’s score on his social studies test
Johnny’s ability to improve on his swimming
Johnny’s friends will give him a hard time for not joining them
Why are entrepreneurs called “risk-takers”?
because they are guaranteed success at their new business
because they get charged more taxes than other business owners
because they could lose all of their money starting a new business
because they combine land, labor, and capital to start a new business
Which of the following is an example of an entrepreneur?
Frank started a business delivering food.
Herby volunteered at his church last week.
Matt baked cookies for his elderly neighbors.
Arthur painted pictures of his friends for free.
How are people able to buy fresh fruit in the United States during the winter?
People travel from the United States to buy fruit in other countries.
Farmers in the United States only grow fruit that grows in cold weather.
Stores buy fruit from other countries and then sell it in the United States.
People who like fresh fruit buy a lot in the summer and store it in boxes.
