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Economics
| Question | Answer |
|---|---|
| Read the sentence: 'Many people earn money in the service industry'. What is the meaning of the word “earn” in the sentence? a. selling products b. spending money c. community service d. to be paid for work | to be paid for work |
| Match each industry with the person best suited for it: agriculture- Luke likes making things grow, Jackson studied medicine at university, Betsy enjoys putting things together or Sofia knows all the best places to visit in the state. | Luke likes making things grow |
| Match each industry with the person best suited for it: healthcare- Luke likes making things grow, Jackson studied medicine at university, Betsy enjoys putting things together or Sofia knows all the best places to visit in the state. | Jackson studied medicine at university. |
| Match each industry with the person best suited for it: manufacturing- Luke likes making things grow, Jackson studied medicine at university, Betsy enjoys putting things together or Sofia knows all the best places to visit in the state. | Betsy enjoys putting things together. |
| Match each industry with the person best suited for it: tourism- Luke likes making things grow, Jackson studied medicine at university, Betsy enjoys putting things together or Sofia knows all the best places to visit in the state. | Sofia knows all the best places to visit in the state. |
| Which sentence is the best example of the tourism industry? a. Jackie is a doctor at a hospital. b. Enzo plants trees on a tree farm. c. Tayler creates exhibits at a museum. d. Jorge draws pictures at a puzzle factory. | c. Tayler creates exhibits at a museum. |
| Workers at this factory belong to what industry? a. agriculture b. healthcare c. manufacturing d. tourism | c. manufacturing |
| How do people pay for the things they need and want? a. by going to school b. by adopting a new pet c. by buying groceries online d. by earning money by working | d. by earning money by working |
| An agricultural worker might earn money from __________. a. building cars in a factory b. teaching reading at a school c. growing fruit to sell at the market d. creating video games on a computer | c. growing fruit to sell at the market |
| What are goods? | things people buy and sell |
| What is a service? | something a person does for someone else |
| Which job produces goods for people? a. doctor b. farmer c. lawyer d. veterinarian | b. farmer |
| Which job provides a service for people? a. baker b. farmer c. teacher d. furniture maker | c. teacher |
| What is NOT a reason a person might choose their job? a. their skills b. their friends c. their location d. their schedules | b. their friends |
| What job might someone have if they live near the water? a. scuba diver b. music teacher c. garden center d. playing in a band | a. scuba diver |
| What job might someone have if they enjoy music? a. farmer b. playing in a band c. garden center worker d. computer programmer | b. playing in a band |
| Which industry is the business of growing crops and raising animals? a. agriculture b. healthcare c. manufacturing d. tourism | a. agriculture |
| Which is NOT an example of a manufactured product? a. car b. crops c. furniture d. toy | b. crops |
| Which of the following is a service-based industry? a. agriculture b. healthcare c. manufacturing d. tourism | b. healthcare |
| What do banks and credit unions help people do? a. grow crops b. save money c. buy groceries d. make piggy banks | b. save money |
| Which sentence is the best example of spending money on a need? a. Sierra bought a new video game. b. Jason bought two bags of candy. c. Sally bought food to make dinner. d. Juan bought a used baseball glove. | c. Sally bought food to make dinner. |
| Matching: Match each term to its example. saving: Drey keeps part of his weekly allowance, Jen gave money to a fundraiser or Jaxon purchased a scooter. | Drey keeps part of his weekly allowance |
| Matching: Match each term to its example. donating: Drey keeps part of his weekly allowance, Jen gave money to a fundraiser or Jaxon purchased a scooter. | Jen gave money to a fundraiser |
| Matching: Match each term to its example. spending: Drey keeps part of his weekly allowance, Jen gave money to a fundraiser or Jaxon purchased a scooter. | Jaxon purchased a scooter. |
| Why do people earn money? a. to work b. to go places c. to only buy things they need d. to buy what they need and want | d. to buy what they need and want |
| House payments are one example of __________. a. saving money b. donating money c. spending money d. borrowing money | c. spending money |
| The article says “after we spend money to meet our needs, we can __________.” a. buy things we want b. pay utilities and rent c. hide it under our bed d. give things to other people | a. buy things we want |
| Why do people save money? a. to buy things they want later b. to sell things they don’t need c. to have a big bank account d. to give it away to other people | a. to buy things they want later |
| Saving is putting some __________ aside each time you are paid. a. candy b. energy c. money d. time | c. money |
| Where do many people put the money they save? a. in a bank b. in their closets c. in their pockets d. under their beds | a. in a bank |
| Why do people use banks and credit unions? a. to save money b. to cash checks c. to share with friends d. to hide their money | a. to save money |
| What is the job of banks and credit unions? a. to spend money b. to share your money c. to keep your money safe d. to keep your money hidden | c. to keep your money safe |
| What kinds of accounts can people have at banks? a. taxes and investment b. checking and investing c. budgeting and savings d. checking and savings | d. checking and savings |
| What term means to borrow money to pay for expenses now? a. interest b. debt c. loan d. investment | c. loan |
| What term means the money you owe? a. interest b. debt c. loan d. investment | b. debt |
| What term means the extra money you pay in order to borrow money? a. debt b. interest c. investment d. loan | b. interest |
| What term means giving part of what you have to others? a. budgeting b. donating c. savings d. spending | b. donating |
| Donations can help individuals have what? a. what they need to do b. what they need to read c. what they need to travel d. what they need to be successful | d. what they need to be successful |
| Donations can help communities do what? a. save money b. spend money c. budget money d. solve problems | d. solve problems |
| A budget should include - a. donating all income. b. purchasing wants first. c. spending and saving money. d. putting all money into savings. | c. spending and saving money. |
| A plan for how we use our money is called a. spending b. a budget c. saving d. an outline | b. a budget |
| What type of goals do people set when they create a budget? a. buying and selling goals b. selling and long-term goals c. long-term and short-term goals d. Indoor and outdoor spending goals | c. long-term and short-term goals |
| “A budget shows your plan for how much money you want to save. “This means that a budget can help you a. save money b. work harder c. start a business d. spend at the mall | a. save money |
| What is the first thing to write down when you are creating a budget? a. how much money you don’t want b. how much money someone has c. how much money you give away d. how much money you receive | d. how much money you receive |
| What is an income? a. money you receive b. money you spend c. money you owe d. money on a table | a. money you receive |
| After paying for the important things, what can you allocate money for? a. other things in a store b. other things you hate c. other things you need d. other things you want | d. other things you want |
| f we don’t have money, what can we have a budget for? a. our time b. our chores c. our savings d. from 1:00 p.m. to 6:00 p.m | a. our time |
| How did the author come up with the two hours we can use for fun? a. by adding two to five hours b. by taking one out of five hours c. by taking four out of five hours d. by taking three out of five hours | d. by taking three out of five hours |
| Which of these is NOT what we should do with our time and money? a. Use time wisely. b. Only have fun. c. Budget our time. d. Do chores on time | b. Only have fun. |
| What does “allocate” mean? a. spend money wisely every month b. allow yourself to spend money c. create a budget for a month d. set money aside for something | d. set money aside for something |
| After setting money aside for needs, what do you make goals for? a. transportation b. wants c. budgets d. utilities | b. wants |
| Which of the following is NOT a need? a. housing b. food c. vacation d. transportation | c. vacation |
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