Wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Economics and Personal Finance

Total questions: 100

Worksheet time: 1hrs 2mins

Name
Class
Date
1.

Scarcity means:

a)

Limited resources, unlimited wants

b)

Unlimited resources, limited wants

c)

Limited wants, limited resources

d)

Resources cost nothing

2.

Opportunity cost is:

a)

The price of a good

b)

The next best alternative you give up

c)

Total benefits

d)

Money left after spending

3.

Which is a capital resource?

a)

A. A factory

b)

B. A teacher

c)

C. Iron ore

d)

D. A customer

4.

The study of the economy as a whole is:

a)

Microeconomics

b)

Macroeconomics

c)

Accounting

d)

Finance

5.

A market economy is based on:

a)

Government control

b)

Tradition

c)

Supply and demand

d)

Communal sharing

6.

Which results in a shortage?

a)

Price above equilibrium

b)

Price below equilibrium

c)

Equal supply and demand

d)

Price ceiling removed

7.

GDP measures:

4 lines
8.

Inflation is:

a)

A rise in overall prices

b)

A fall in overall prices

c)

A rise in wages only

d)

A rise in taxes

9.

Which is considered a need?

a)

Streaming services

b)

Food

c)

Designer clothes

d)

Concert tickets

10.

A recession occurs when:

a)

GDP increases for six months

b)

GDP decreases for six months

c)

Prices double

d)

Unemployment hits zero

11.

The law of demand says:

a)

As price rises, demand rises

b)

As price rises, quantity demanded falls

c)

As price rises, supply falls

d)

Income determines all demand

12.

A price ceiling causes:

a)

Surplus

b)

Shortage

c)

Higher equilibrium

d)

Lower production

13.

A monopoly is when:

a)

Two firms compete

b)

Many firms compete

c)

One firm controls the market

d)

Government owns all resources

14.

Human capital refers to:

a)

Money

b)

Tools

c)

Education and skills

15.

A command economy is run by:

a)

Consumers

b)

Private companies

c)

Government

d)

Foreign nations

16.

Which increases productivity?

a)

Less training

b)

Better technology

c)

Fewer workers

d)

Higher prices

17.

The Federal Reserve’s main job is to:

a)

Collect taxes

b)

Control the money supply

c)

Set wages

d)

Pass laws

18.

Unemployment caused by changes in skills is:

a)

Cyclical

b)

Frictional

c)

Structural

d)

Seasonal

19.

A tariff is a tax on:

a)

Income

b)

Imports

c)

Property

d)

Sales

20.

Comparative advantage means a country:

a)

Produces everything

b)

Produces at lower opportunity cost

c)

Imports everything

d)

Has more workers

21.

A budget is a:

a)

Bank account

b)

Plan for income and expenses

c)

Form of insurance

d)

Credit report

22.

Fixed expenses include:

a)

Rent

b)

Groceries

c)

Gas

d)

Clothing

23.

Variable expenses include:

a)

Mortgage payment

b)

Cell phone bill

c)

Entertainment

d)

Car insurance

24.

Disposable income is:

a)

Income before taxes

b)

Income after taxes

c)

Money saved

d)

Money borrowed

25.

An emergency fund should cover:

a)

One week of expenses

b)

One month of expenses

c)

Three to six months of expenses

d)

A full year of expenses

26.

Which is a short-term financial goal?

a)

Buying a home

b)

Saving for college

c)

Saving $300 for a car repair

d)

Retirement

27.

A pay stub includes all EXCEPT:

a)

Hours worked

b)

Taxes deducted

28.

Gross pay means:

a)

After deductions

b)

Before deductions

c)

After taxes only

d)

Net pay plus bonuses

29.

Net pay means:

a)

Pay before taxes

b)

Total hours worked

c)

Take-home pay

d)

Total sales

30.

A W-4 form tells your employer:

a)

When you get paid

b)

How much tax to withhold

c)

Your credit score

d)

Your bank balance

31.

A person is living within their means when they:

a)

Spend more than they earn

b)

Borrow constantly

c)

Spend less than or equal to their income

d)

Ignore budgeting

32.

A sinking fund is used for:

a)

Everyday spending

b)

Large future purchases

c)

Paying taxes

d)

Investing only

33.

Which is a want?

a)

Clothing

b)

Food

c)

Electricity

d)

Vacation

34.

The purpose of financial planning is to:

a)

Eliminate taxes

b)

Reach money goals

c)

Get loans

35.

A progressive tax system charges:

a)

Higher income = lower tax

b)

Same rate for all

c)

Higher income = higher tax rate

d)

No taxes for low income

36.

Payroll deductions include:

a)

Rent

b)

FICA

c)

Groceries

d)

Gas

37.

Which type of tax funds Social Security?

a)

Excise

b)

Payroll

c)

Property

d)

Sales

38.

Why track expenses?

a)

To avoid taxes

b)

To understand spending habits

c)

To increase credit limits

d)

To raise interest rates

39.

The largest expense for most adults is:

a)

Food

b)

Rent or mortgage

c)

Entertainment

d)

Clothing

40.

Financial literacy means:

a)

Knowing how to manage money

b)

Knowing how to write essays

c)

Speaking multiple languages

d)

Filing medical forms

41.

A checking account is for:

a)

Long-term savings

b)

Daily transactions

c)

Retirement

d)

Investments

42.

A debit card pulls money from:

a)

A loan

b)

Your checking account

c)

Investments

d)

A credit line

43.

Overdraft fees occur when you:

a)

Deposit too much

b)

Spend more than you have

c)

Use a credit card

d)

Pay bills early

44.

FDIC insurance protects:

a)

Up to $100,000

b)

Up to $250,000

c)

Up to $500,000

d)

Unlimited amounts

45.

Credit is:

a)

Money you lend

b)

Money borrowed

c)

A type of income

d)

A tax form

46.

A credit score ranges from:

a)

1–100

b)

300–850

c)

500–1,000

d)

0–50

47.

A high credit score results in:

a)

Higher interest rates

b)

Lower interest rates

48.

Payment history makes up about _____ of your credit score.

a)

10%

b)

30%

c)

35%

d)

50%

49.

Credit utilization means:

a)

Total income

b)

Percentage of credit used

c)

Amount borrowed each month

d)

Interest paid

50.

Ideal credit utilization rate:

a)

Under 10%

b)

Under 30%

c)

Under 60%

d)

100%

51.

Annual Percentage Rate (APR) is:

a)

Yearly cost of borrowing

b)

Monthly spending

c)

Your credit score

d)

Bank fees

52.

A secured loan requires:

a)

Income

b)

Collateral

c)

A co-signer

d)

No credit check

53.

Bankruptcy affects your credit for up to:

a)

1 year

b)

3 years

c)

7 years

d)

20 years

54.

A credit report shows:

a)

Your investment returns

b)

Payment history and debt

c)

Bank account passwords

55.

A payday loan typically has:

a)

Low interest

b)

No interest

c)

Extremely high interest

d)

Government subsidy

56.

A grace period on a credit card means:

a)

Pay later without interest

b)

Skip payments

c)

Lower your credit score

d)

Freeze your card

57.

A co-signer is someone who:

a)

Helps build your budget

b)

Pays your taxes

c)

Shares legal responsibility for a loan

d)

Gives you income

58.

The safest way to build credit is:

a)

Maxing out a card

b)

Paying late

c)

Using a secured credit card responsibly

d)

Ignoring bills

59.

A loan’s principal is:

a)

Total interest owed

b)

The amount borrowed

c)

Late fees

d)

Monthly income

60.

Interest is:

a)

Free money

b)

The cost of borrowing money

c)

A tax

d)

A type of insurance

61.

A savings account is best for:

a)

Retirement

b)

Emergency funds

c)

Daily spending

d)

Buying stocks

62.

Compound interest means interest earned on:

a)

Principal only

b)

Principal plus interest

c)

Loans only

d)

Taxes

63.

A stock represents:

a)

A loan to a company

b)

Ownership in a company

c)

A government bond

d)

A savings account

64.

A bond is:

a)

Ownership in a company

b)

A form of debt issued by governments or corporations

c)

A checking account

d)

A credit card

65.

Which is lowest risk?

a)

Stocks

b)

Mutual funds

c)

Savings accounts

d)

Cryptocurrency

66.

Diversification reduces:

a)

Profit

b)

Risk

c)

Savings

d)

Taxes

67.

A mutual fund is:

a)

One company's stock

b)

A mix of stocks and bonds

68.

A 401(k) is offered by:

a)

Banks

b)

Employers

c)

Mortgage lenders

d)

Credit unions

69.

An IRA is used for:

a)

Buying a home

b)

Retirement savings

c)

Car repairs

d)

Taxes

70.

Liquidity means:

a)

Ability to earn interest

b)

Ability to convert an asset into cash quickly

c)

Risk level

d)

Annual fees

71.

High-risk investment:

a)

Treasury bonds

b)

Index funds

c)

Cryptocurrency

d)

Certificates of deposit

72.

Long-term investing benefits from:

a)

Volatility

b)

Time in the market

c)

Constant selling

d)

Emotional decisions

73.

Which earns the highest return long-term?

a)

Stocks

b)

Savings account

c)

CD

d)

Cash under mattress

74.

A bull market means:

a)

Prices falling

b)

Prices rising

c)

No trading

75.

A bear market means:

a)

Prices rising

b)

Prices falling

c)

No trading

d)

Zero inflation

76.

Risk tolerance depends on:

a)

A. Age, goals, income

b)

B. Shoe size

c)

C. GPA

d)

D. Tax bracket

77.

Time value of money means:

a)

Money loses value over time

b)

Money today is worth more than money later

c)

Money has no value

d)

Interest never changes

78.

A CD requires:

a)

Frequent withdrawals

b)

Locking money for a set time

c)

High risk

d)

No interest

79.

Dollar-cost averaging means:

a)

Buying all at once

b)

Investing the same amount regularly

c)

Investing only during crashes

d)

Avoiding the stock market

80.

A brokerage account allows you to:

a)

File taxes

b)

Trade investments

c)

Borrow money

d)

Get a mortgage

81.

A deductible is:

a)

Insurance company’s cost

b)

Amount you pay before insurance covers rest

c)

Monthly premium

d)

Late fee

82.

A premium is:

a)

Money paid monthly for insurance

b)

Insurance payout

c)

Deductible

d)

Tax

83.

Liability auto insurance covers:

a)

Your car only

b)

Damage you cause to others

c)

Your medical bills only

d)

Stolen property

84.

Collision insurance covers:

a)

Damage from accidents to your car

b)

Flood damage

c)

Stolen cars

d)

Natural disasters

85.

Health insurance helps pay for:

a)

Clothes

b)

Vacations

c)

Medical care

d)

Rent

86.

Life insurance provides money to:

a)

You for retirement

b)

Your beneficiaries after death

c)

Your employer

d)

Your bank

87.

The purpose of insurance is to:

a)

Increase spending

b)

Transfer financial risk

88.

A scam email is called a:

a)

Phishing email

b)

Sorting email

c)

Spam tax

d)

Invoice

89.

Identity theft involves:

a)

Changing passwords

b)

Using someone's personal info without permission

c)

Organizing files

d)

Paying taxes late

90.

To avoid online scams:

a)

Use strong passwords

b)

Send personal info to unknown senders

c)

Click suspicious links

d)

Ignore bank statements

91.

A warranty is:

a)

Protection for a product

b)

A tax form

c)

A savings account

d)

A scam

92.

A consumer right is the right to:

a)

Be ignored

b)

Safety

c)

Hidden fees

d)

False advertising

93.

A consumer responsibility is to:

a)

Misuse products

b)

Read instructions

c)

Avoid receipts

d)

Return everything

94.

Sales tax is paid on:

a)

Most purchases

b)

Income

c)

Property

95.

A resume is used to:

a)

Pay taxes

b)

Apply for a job

c)

Buy insurance

d)

Open an account

96.

A cover letter is:

a)

A personal introduction for a job

b)

Tax form

c)

Budget sheet

d)

Loan

97.

A job interview requires:

a)

Professional behavior

b)

Sleeping

c)

Slang

d)

No preparation

98.

Human capital increases when you:

a)

Watch TV

b)

Pursue education or training

c)

Avoid school

d)

Skip work

99.

Entrepreneurship means:

a)

Starting your own business

b)

Buying insurance

c)

Paying taxes

d)

Hiring a tutor

100.

Profit is:

a)

Revenue minus expenses

b)

Total expenses

c)

Taxes plus revenue

d)

Income without costs

Similar Resources on Wayground

Principles of Business

100 questions

Principles of Business

quiz

Worksheet

•

12th Grade