Social Studies Grade 8

All the following are characteristics of Insurance Companies EXCEPT:

• Executor function

• Risk-oriented

• Pay Claims

• Bi-Lateral agreement

John and Mary Johnson want to purchase a house because they have recently started their family. Which economic institution would be MOST ideal for the Browns to transact this business?

• Building Society

• Credit Union

• Bank

• Insurance Company

Karen was in an accident and now she wants to make a claim of 2 million dollars to assist with her expenses. Which economic institution would she complete her transaction?

• Bank

• Credit Union

• Insurance Company

• Building Society

________________________ is an example of a Building Society in Jamaica.

• Sagicor

• Victoria Mutual

• Scotia

• N.C.B.

Which of the options below BEST define an economic institution?

• Economic Institutions describe a range of activities in which individuals, groups, organizations engage to satisfy their wants and needs.

• Economic Institutions ensure that law and order is maintained in society.

• Economic Institutions ensure that social and political needs are met.

• Economic Institutions describe a range of activities that meet economic needs.

Which institution would the following transactions take place purchases goods and services and do transaction at a bank ?

• Social

• Political

• Economic

• Educational

All the following are benefits of Informal Institutions EXCEPT:

• Allows individuals to get money without hassle

• Taxes are deducted from sum of money received

• No long wait in lines

• There is a flexible payment plan

Which of the following is an example of a short term financial plan?

• Writing a resume to get a job in one months time

• Purchasing a house in the next 7 years

• Purchasing a car in 5 years

• Saving money towards tertiary studies two years from now

All the following are associated with informal institutions EXCEPT:

• Activities are unrecorded

• Activities are unregistered

• Activities are unrealistic

• Activities are unregulated

A consumer is someone who________________.

• Persons who use goods, services and credit in order to acquire their wants and needs.

• Persons who use credit goods and services only

• Persons who supply their wants and needs by borrowing

• Persons who use goods, services and credit to fulfill only the necessities of life