Lesson 01 - Commerce and Choice Revision Quiz

What should we consider water?

• want

• need

What should we consider a television?

• need

• want

A consumer is someone who purchases goods and services to satisfy their needs and wants.

• True

• False

The amount of money your receive when working.

• shopper
• consumer
• producer
• income

The goods and services you purchase.

• budget
• expenses
• net pay
• gross earnings

Complete the sentence, "Businesses make profit by exchanging products for..."

• other, more valuable products

• a monetary amount larger than it cost to make them

• other, less valuable products

• a monetary amount smaller than it cost to make them

What should we consider fruit and vegetables?

• need

• want

Match the definition to the correct word below

"The value of the owners share in a business"

• Debt

• Liability

• Equity

• Demand

Which of the following is not an important consumer decision?

• Is there something better?

• Can I afford it?

• Can I make this item myself?

• Do I really want this item?

Money is defined as...

• the reason why we are all here in commerce

• the root of all evil

• an important economic tool

• a means of exchange