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SS G3 U5 - Running a Business in the Community Flashcards | StudBud
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SS G3 U5 - Running a Business in the Community
SS G3 U5 - Running a Business in the Community
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Questions
14
Answers
1
This image represents
scarcity
.
True
False
2
Which of the following quotes best describes
credit
?
"Cash only."
"A penny saved is a penny earned."
"Buy now, pay later."
"You break it, you buy it."
3
What field did Henry Ford become an entrepreneur in?
Weapons
Computers
Automobiles
Canned Goods
4
How does a business or entrepreneur earn
profit
?
When sales are lower than all business expenses
Businesses and entrepreneurs never earn profit
When sales are higher than all business expenses
When sales break even with all business expenses
5
What is
income
?
Money given to charity
Money earned for a job or work
Saving money for the future
Spending money at the store
6
This image represents
scarcity
.
True
False
7
What is
donating
?
Giving money or goods to a charitable organization
Earning money from a job or work
Putting money into a bank account
Taking money out of a bank account
8
If there is a
high supply
, and
low demand
for a product, what will likely happen to the price?
It will decrease.
It will stay the same.
It will increase.
9
Why might swimsuits be cheaper to buy during winter months?
Swimsuits aren't sold in winter months
There is a higher demand for swimsuits in the winter
There is a lower demand for swimsuits in the winter
10
Observe the image. Which of the following choice is a potential reason this item is on sale?
The supply of the product decreased.
The cost to make the product increased.
There is low demand for the product.
There is high demand for the product.
11
Which entrepreneur started the megastore Wal-Mart?
Wally Martin
Henry Ford
Sam Walton
Walter Samson
12
Saving your money for three months to buy a new dishwasher is a __________ spending decision.
Planned
Unplanned
13
What is a benefit of saving money?
To purchase future goods and services
To pay for college or other higher education
To earn interest
To cover future unexpected expenses
14
Going to the store for groceries but leaving with three new video games is an _____________ spending decision.
Planned
Unplanned
