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Social Studies Quarter 1 Assessment

Quiz by Nancee Knight

Grade 5
Social Studies
Georgia Standards of Excellence

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29 questions
Show answers
  • Q1
    In the U.S. economy, banks provide customers
    a way to earn money without paying taxes.
    an easy way to trade stocks and bonds.
    checking and savings accounts.
    public goods such as roads and parks.
    nones
    SS5E2
  • Q2
    There are many different companies in the world that make soft drinks. Each of these companies can decide the size of their bottles and how many soft drinks to make.
    Companies do not pay attention to the price of other soft drinks.
    Companies are not allowed to change the price of soft drinks.
    If only one company raises the price, it will sell fewer soft drinks.
    If all companies raise their prices, no one would buy soft drinks.
    nones
    SS5E3
  • Q3
    The chocolate doughnuts at Tara's doughnut shop are so popular that customers are offering to pay double for them. To keep her customers happy, Tara will most likely
    lower the price of chocolate doughnuts.
    stop making chocolate doughnuts.
    increase the number of chocolate doughnuts she makes.
    decrease the number of chocolate doughnuts she makes.
    nones
    SS5E2
  • Q4
    Barbara works at a mall near her house for a shop that sells clothes. She works 40 hours a week and is paid by the hour. Barbara is earning income by
    selling her possessions to other people.
    making money from an investment.
    collecting money from the government.
    selling her labor to a private business.
    nones
    SS5E3
  • Q5
    In the United States, most government income is raised through taxes. One major role of the federal government in taxation is
    to keep tax rates low.
    to make sure people have good jobs.
    to keep prices low.
    to make sure taxes are collected.
    nones
    SS5E2
  • Q6
    Why would an entrepreneur be willing to risk losing money in starting a new business?
    They believe the business has a greater chance of succeeding than failing.
    They make dangerous financial decisions in the slight hope that the business will be successful.
    They believe that the business is guaranteed to make money no matter what.
    They make dangerous financial decisions because they own other businesses that are profitable.
    nones
    SS5E3
  • Q7
    In the U.S. economy, the main function of private businesses is to
    provide cheap products for consumers.
    consume goods and services.
    provide taxes to the government.
    produce goods and services.
    nones
    SS5E2
  • Q8
    Mr. and Mrs. Monroe moved to the American colonies from Britain to start a farm. When they arrived, they bought plant seeds. Why was it important for the Monroes to buy these seeds?
    The plant seeds could be used to earn a profit.
    The plants that grew from the seeds could be used for decoration.
    The plants that grew from the seeds could be used to provide shade.
    nones
    SS5E2
  • Q9
    • income • expenditures • saving Which of the following is the best title for the list?
    Risks and Rewards of a Business Loan
    Risks and Rewards of Using Credit
    Elements of a Personal Budget
    Elements of a Checking Account
    nones
    SS5E4
  • Q10
    Which of these is part of a personal budget?
    profit
    expenses
    price
    sales
    nones
    SS5E4
  • Q11
    Which of the following is an example of a business taking a risk?
    adding information to the company website
    opening a new store in a new city
    emailing a newsletter to customers
    buying new furniture the office
    nones
    SS5E3
  • Q12
    Why would an entrepreneur be willing to risk losing money in starting a new business?
    They make dangerous financial decisions in the slight hope that the business will be successful.
    They make dangerous financial decisions because they own other businesses that are profitable.
    They believe that the business is guaranteed to make money no matter what.
    They believe the business has a greater chance of succeeding than failing.
    nones
    SS5E3
  • Q13
    In the U.S. economic system, households provide labor and
    consume goods and services.
    keep the economy stable.
    keep the economy efficient.
    compete for goods and services.
    nones
    SS5E2
  • Q14
    The main reason that the government collects taxes is to pay for things like
    new businesses.
    houses and cars
    new furniture.
    roads and bridges.
    nones
    SS5E2
  • Q15
    Claire is making a personal budget. Which of these should Claire include in the Income section of her budget?
    allowance – $5
    tee shirt – $12
    snack – $2
    movie ticket – $8
    nones
    SS5E4

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