Money
What can you do with your money?
a. Earn
b. Save
c. Spend
d. All of the above
d. All of the above.
Your money is your private property, and you have the right to earn, save, and spend your money. It is your responsibility to make smart choices with your money.
A place where people live, work, trade, and share is called a ________.
a. Citizen
b. Community
c. Financial Institution
b. Community.
Things a person likes to do are called __________.
a. Jobs
b. Skills
c. Interests
c. Interests
The cost to run a business (including salaries, taxes, utilities, and the cost of resources) is called ________.
a. Profit
b. Revenue
c. Operating Costs
c. Operating Costs
What is an example of a financial institution?
a. A Lemonade Stand
b. A Bank
c. A Park
b. A bank.
A financial institution is a business that provides money related services. This is the center of JA BizTown's economy.
The members of a town, city, or country are called _________.
a. Citizens
b. Entrepreneurs
c. Customers
a. Citizens
Which of the following is a soft skill?
a. Communication
b. Science
c. Knowing how to make coffee
a. Communication.
Soft skills are needed in almost all jobs.
The money a business has left over after all their operating costs have been paid is called ________.
a. Profit
b. Gross Pay
c. Net Pay
a. Profit.
A business has to make a profit to stay in business. They need to make more money than it costs to run the business to make a profit.
What is one way to record when money is put into or taken out of your account?
a. Money Tracker
b. Taxes
c. You should not record this
It is important to track your spending and saving so you know how much money you have in your account.
Which of the following is a good?
a. Haircut
b. Lawn Mowing
c. Lemonade
c. Lemonade.
A good is thing people can buy and use.
Something a person does well is called a ________.
a. Interest
b. Skill
c. Interview
b. Skill
How should a business set prices?
a. Always set prices high.
b. Always set prices low.
c. Set prices based on customer interest, inventory, and operating costs.
c. Set prices based on customer interest, inventory, and operating costs.
If a business sets prices too high or too low, they might not make a profit.
Money that is borrowed (often from a bank) and must be repaid is called a ________.
a. Cash
b. Taxes
c. Loan
c. Loan.
A loan is money that is borrowed and must be paid back, usually with interest.
Which of the following is an example of a service?
a. Cookies
b. Lemonade
c. House Cleaning
c. House Cleaning.
A service is work done for others.
Which of the following is an example of a technical skill?
a. Time Management
b. Teamwork
c. Computer Programming
c. Computer programming.
Technical skills are skills needed for a specific job.
The amount of goods a business has in stock is called ________.
a. Inventory
b. Profit
c. Operating Costs
a. Inventory
Name one type of payment.
Answers include: cash, credit card, debit card, check, electronic payment, or gift card.
What do taxes help pay for?
a. Public Goods and Services
b. Private Goods and Services
c. Nothing
a. Public Goods and Services.
Public goods and services are available for all people to use, typically for free. This includes public parks, libraries, and schools.
What do you usually have to do before you get a job?
a. Make Money
b. Go to an Interview
c. Pay Taxes
b. Go to an Interview.
An interview is a conversation with a potential employer before you get a job to make sure you are a good fit.
A business can promote itself and get customers interested in it by _________.
a. Setting prices
b. Advertising
c. Philanthropy
b. Advertising.
Advertising is a way to bring business and customers together.