G6 LP- ASSESSMENT 1

Trading something for something else - no currency involved

• Goods

•  Barter

• Demand

• Supply

Money is a medium of _______.

• Communication

• Information

• Heat

• Exchange

For Rs. 106, select notes and coins that will be used.

• Rs. 100 note

• Rs. 10 note

• Rs. 5 coin

• Rs. 1 coin

Smith has Rs. 100 with him. Out of that, he purchased an ice-cream priced at Rs. 18 and some fruits for Rs. 27.  Smith also spent Rs.10 for buying paper bags.  Calculate the savings for Smith.

• 30

• 45

• 55

• 90

______ is the portion of income one keeps aside for future use.

•   Expense

• Needs

• Wants

• Savings

 _______ is the thing that stops a person from spending on wants.

• Self-control

• Greed

• Wishes

• Desires

Mr. A sacrifices his wants for his family. Mr. A focuses on only fulfilling his needs and he does not think of satisfying his wants. This attitude of Mr. A is known as _________.

•  Instant Gratification

• Delayed Gratification

•  Impulsive buying

• Budgeting

________ means lack of availability of goods or service.

• Scarcity

•  Loss

• Opportunity Cost

•  Options

 What are the main reasons to save money?

• It helps in emergencies

• For major purchases

• Future purpose

• All of the above

Another term for ________ is availability.

• Price

• Demand

• Supply

• Goods