Which of the following correctly describes supply and demand?

Producers will make what consumers demand.

Which statement BEST describes how banks make a profit?

Banks charge interest on money from loans

What is a pro about a bank loan?

You can borrow money for big purchases

What is the difference between a savings account and a checking account?

savings helps save money & checking is used to pay bills

What impact does a savings account have on an individual's money?

Interest is paid on money in a savings account

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Economy Review for Test

13 termsStudBud Administration1,046 plays

5th Grade Standards SS5E2 and SS5E3

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Questions 13

Answers

1
Something you do for others
goods
demand
services
supply
2
How can households help businesses be successful?
Buy goods from the business
Use services from the business
Tell their friends about the business
All of the above
3
Which of these is an example of a consumer?
A man making a vase
A painter painting a picture
A construction worker building a house
A women buying groceries
4
Which of the following correctly describes supply and demand?
Suppliers will make whatever they decide to.
Consumers will buy whatever is produced
Producers will make what consumers demand.
Investors will put money into any business.
5
Something you buy that you can hold or touch
goods
demand
supply
services
6
Which statement BEST describes how banks make a profit?
Banks borrow money from the community
Banks borrow money from the government
Banks charge fees on personal savings
Banks charge interest on money from loans
7
What is a pro about a bank loan?
You can borrow money for big purchases
It is faster and easier to pay for goods
The bank pays you interest
It lets you save for big purchases
8
What is the difference between a savings account and a checking account?
savings helps save money & checking is used to pay bills
savings lets you borrow money and checking pays expenses
checking accounts save money and savings accounts pay bills
checking is faster and with savings you get a debit card
9
Money earned for doing work
income
services
goods
supply
10
Someone who sets up a business and takes a financial risk in hopes to make a profit
income
goods
entrepreneur
demand
11
What impact does a savings account have on an individual's money?
Savings accounts stopped after WWII
You have to have a savings account to get a loan
The government takes interest away from savings accounts
Interest is paid on money in a savings account
12
When consumers want a good or service
goods
services
supply
demand
13
Which of the following is NOT a service provided by the government?
military
teachers
doctors
police

Economy Review for Test Flashcards | StudBud