SS TOTD2 Review

What is the way most people make money so they can pay their bills and buy the goods and services they want and need?

• find loose change in the couch cushions

• go to work for a business or company in exchange for a wage

• recycle aluminum cans

• enter into a pie eating contest for a cash prize

What is another word for "work"?

• labor

• aluminum

• millennium

• falcon

Here's a tricky one. Every sector of the US Economy makes money, but each has a different name. Households sell their labor for ____________; businesses want to make _______________; governments collect ______________; banks earn ________________.

• money; money; money; money

• savings; earnings; income; stuff

• wages; profit; taxes; interest

• labor; work; challenge; consumed

How do most communities get roads paved, receive fire and police protection, and have access to government insurance like Medicaid or Peach Care?

• schools make children do all of this hard work in exchange for a good education

• households have to do all of this themselves

• governments collect taxes and use the taxes to provide these public services

• banks collect interest and use this money to provide these services

What do entrepreneurs do?

• they start their own businesses

• they answer telephones all day as part of their job as an employee

• they wear interesting clothes

• they sing showtunes

What are some of the risks associated with being an entrepreneur?

• your business may not succeed

• you may lose a lot of your time and freedom because your business is a lot of hard work

• you may lose money

• all of these

Fill in the blanks: Households provide labor to businesses, and households ______________ goods and services. Businesses are ______________ who provide goods and services to households.

• produce; producers

• consume; consumers

• consume; producers

• produce; consumers

In order for banks to make money, they'll loan households and businesses money. If you get a loan, you have to pay back interest when you pay back the loan. This is how banks make money. But did you know you can also make money from banks? If you put your money in a savings account, you agree to let the bank use your money. In exchange, they will pay you ________________________ as a reward for you keep your money in a savings account.

• wages

• taxes

• income

• interest