WorksheetsUnit 3 Day 2
Total questions: 15
Worksheet time: 8mins
What is the definition of opportunity cost?
The money you earn from a job
What you give up when you choose one option over another
The time spent on an activity
The resources you have available
Why is time considered a resource?
Because it can be bought and sold
Because there are only 24 hours in a day
Because it is unlimited
Because it is not important
What happens when you use time for one activity?
You can use it for another activity at the same time
You cannot use it for another activity
You gain more time
You lose money
Which of the following best describes opportunity cost in your own words?
The benefit you receive from a choice
The next best alternative you give up when making a decision
The total cost of all options
The time spent on an activity
If you spend your time studying instead of watching TV, what is your opportunity cost?
The knowledge you gain
The time spent studying
The entertainment from watching TV
The money you save
Why can’t you use time for two activities at once?
Because time is unlimited
Because time is a limited resource
Because activities are not important
Because you can always make more time
What is the definition of income?
Money that comes in to you
Money that you spend
Money that you save
Money that you borrow
Which of the following is NOT a main type of income?
Earned income
Investment income
Passive income
Borrowed income
Which type of income takes the most time to earn?
Passive income
Investment income
Earned income
Gift income
Investment income is money earned from which sources?
Work hours
Interest and dividends
Gifts
Selling products
Which type of income is most likely to be received without working actively?
Earned income
Investment income
Passive income
Salary income
Why does earned income take the most time to earn?
Because you must work hours to earn it
Because it comes from investments
Because it is received passively
Because it is a gift
Which of the following is NOT usually needed to reach a financial goal?
Money
Time
Energy
Luck
If someone has a lot of time but little money, which resource might they need to focus on to reach a financial goal?
Money
Time
Energy
Food
What is a possible reason why time is considered limited?
Because everyone has unlimited time.
Because time cannot be increased.
Because time depends on wealth.
Because time is easy to get.
