WorksheetsYr8 Economics revision quiz
Total questions: 17
Worksheet time: 7mins
What is economics?
What is the main difference between a need and a want?
Needs are things we must have to live, wants are extras we would like.
Wants are more important than needs.
Needs are always more expensive than wants.
Needs and wants are the same.
Which of the following is a consumer responsibility?
Paying for goods and services.
Deciding how much businesses charge.
Collecting tax for the government.
Setting workers’ wages.
What does ACCC stand for?
Australian Competition and Consumer Commission
Australian Consumer and Corporate Council
Australian Company and Commerce Committee
Australian Credit and Consumer Commission
Which of the following is a type of scam?
Phishing email asking for your bank details
Joining a sports club
Entering a school raffle
Getting a store rewards card
Why do people make a budget?
To keep track of money coming in and out
To spend as much as possible
To avoid earning income
To stop saving money
What does supply and demand describe?
How the price of a product changes depending on buyers and sellers.
How much money a consumer saves in a year.
The way governments control all businesses.
How shops decide what colour products to sell.
Which of the following is one way the ACCC protects consumers?
Which of the following is a warning sign of a scam?
Being asked for personal details in an unexpected email.
A product coming with a receipt.
Buying something from a registered store.
Receiving change after a cash purchase.
Why is having a warranty important when buying a product?
It means you can return or repair faulty goods.
It lowers the price of the product.
It makes the product last forever.
It gives you free products from the shop.
How does setting financial goals help people?
It helps plan and save for future needs.
It encourages more debt.
It guarantees you will become rich.
It stops people from spending money.
Case Study 1 - Broken Tablet:
Ava bought a tablet for school. After two months, it stopped turning on. The store refused to help and told her it wasn’t their problem.
What consumer right does Ava have?
The right to repair, replacement, or refund for faulty goods.
The right to free upgrades.
The right to choose her own warranty length.
The right to avoid paying for products.
How can Ava use her rights to solve the problem?
She can demand a refund or replacement from the store.
She can ignore the issue and buy a new tablet.
She must pay the manufacturer for repairs.
She has no rights once the product leaves the store.
Case Study 2 - Saving for a Laptop:
Noah wants to buy a laptop for $1000, he has saved $400 and plans to save $100 each month until he has enough.
What is Noah’s financial goal?
To save $1,000 for a laptop.
To spend all his income on food.
To borrow money instead of saving.
To stop working completely.
How will budgeting help Noah?
It helps him plan his spending so he saves enough each month.
It guarantees he will win money.
It means he doesn’t have to work.
It makes the laptop cheaper.
Case Study 3 - Small Clothing Business:
Amira owns a clothing shop. Fabric costs have gone up, and she is thinking about raising her prices.
How does the higher price of fabric affect Amira’s supply of clothes?
It makes it more expensive to produce clothes, so supply may decrease.
It makes customers demand more clothes.
It guarantees Amira will earn more profit.
It makes fabric unlimited.
What should Amira think about before raising her prices?
Whether customers can still afford her clothes.
Whether her competitors keep their prices lower.
Whether she can still cover her costs.
All of the above.
