Community
What is the word for the place where people live, work, trade, and share?
community
What are the three types of resources used to produce goods and services?
: human, natural, and capital
What do you call a fee received for the use of money?
interest
Theo doesn’t really like playing the guitar, but everyone knows he has developed an ability for it. What’s another word for his ability?
skill
What do you call the money that’s left over after a business pays its costs?
profit
Elijah enjoys his right to use public goods and services. What is the responsibility that goes with that right?
to pay taxes
Where do people and businesses come together to buy and sell goods, services, and resources?
markets
Before Simon deposits his paycheck at the bank, he must do what on the back of the check?
endorse it
Which of the four career types is missing from the following list: People, Things, Ideas,....?
data
Rochelle sells lemonade at her neighborhood lemonade stand. Does she sell a good or a service?
good
Before Sally can vote, she must do what?
register (to vote)
Which concept tells us that people can’t have everything that they want?
scarcity
Liam deposited $5.00 in the bank. He then wrote a check for $4.00. Where should he record these transactions?
Money tracker
Teresa is skilled at knowing how to act as an employee. She dresses appropriately, treats customers nicely, and is punctual. What are these important skills called?
soft skills
When a business takes out a loan at a bank and promises to repay the loan, what must it sign?
promissory note
What are the three T’s of philanthropy?
Time, Treasure, and Talent
Someone who is an innovator, recognizes opportunities, and organizes resources to make a product is known as an…?
entrepreneur
Where does the money get deducted from when you make a purchase with a debit card?
bank account
When applicants seek a job, what should they write to spark an employer’s interest?
resume
Businesses need customers. What do they do to promote their products to customers?
advertise
What’s the term for things owned by all people for everyone’s use, for example, a city park?
public goods and services
What is the freedom that Tom enjoys when he buys a new tractor to use on his farm?
freedom to own property (freedom to buy goods and services is also acceptable)
Shane wants cash back from his deposit. What must he do on his deposit ticket that is different from when he doesn’t want cash back?
Sign the deposit slip
What is the term for the amount an employee earns before taxes are deducted?
gross pay
What do you call the expenses for rent, utilities, supplies, advertising, and equipment for a business?
operating costs