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TCI L11 Economy Quiz

Quiz by Aubrey Morello

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10 questions
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  • Q1

    1.  What do we call the money earned just by keeping money in the bank?

    interest

    invest

    300s
  • Q2

    Businesses often _____________.  They could do this by paying to fix a broken machine. 

    invest

    interest

    300s
  • Q3

    What does it mean to SAVE money?

    spending it on things you want now

    buying expensive toys

    inventing new machines

    setting money aside for later

    300s
  • Q4

    If you put money in a savings account in the bank, what happens to it?

    It earns interest.

    It can't be taken out.

    The bank puts it in a piggy bank.

    It is gone forever.

    300s
  • Q5

    Which is NOT a way a business can use money wisely?

    It can use cheaper resources.

    It can buy machines that make goods faster.

    It can fix broken machines.

    It can buy lunch for all of its workers.

    300s
  • Q6

    If it costs money to invent new ways to do things, why do businesses do this?

    To run out of money

    To make new and better goods to sell

    To be the poorest business

    To win science contests

    300s
  • Q7

    True or False:  If I have saved a few coins, I should open a bank account.

    False, bank accounts are for larger amounts of money.

    True, bank accounts can be for less than $1.

    300s
  • Q8

    True or False:  Businesses will spend more money if they choose different resources to use.

    False: Businesses can choose cheaper resources and spend less money.

    True: If a business changes its resources, it will spend more money.

    300s
  • Q9

    True or False: Money that you earn by doing chores is interest

    False, interest is money a bank gives you when you have an account.

    True, Parents give their kids interest for doing chores.

    300s
  • Q10

    True or False: There are only two options with money you've earned: spend it or save it.

    False:  There are other things you can do that are not spending or saving.

    True: Buying and donating are ways to spend and investing is a way to save.

    300s

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