SS Q1 AKS Review

Why do households “sell their labor” to businesses?

• To receive income.

• To receive tax money.

• To receive small business loans.

• To receive government services.

Why is competition good for consumers?

• Competition allows customers to buy goods and services on credit.

• Competition encourages customers to save their money instead of spending it.

• Competition guarantees that consumers can purchase anything they want at any time.

• Competition encourages businesses to offer consumers low prices and quality products.

Coca Cola and Pepsi produce a similar product. How could competition between the two companies MOST LIKELY affect consumers?

• The companies will each try to raise the price of the product in order to drive up demand.

• 1. The companies will each try to produce a better version of the product and sell it at a lower cost to consumers.

• 1. The companies will each try to reduce production costs, lowering the quality of the product available to consumers.

• 1. The companies will each try to make less of the product, which will result in increases in consumer demand and price

Use the information to answer the question.  

?

_______________________________

• Risk Taker

• Hard Worker

• Attitude of Success

Which of the following would be the BEST title for this list?

• Consumer

• Banker

• Government

• Entrepreneur

What is a financial document that outlines a person's income and expenses?

• a loan application

• 1. a savings account

• 1. a personal budget

• 1. a checking account

Which part of a personal budget records the amount of money a person spends? 

• 1. salary 

• 1. income

• 1. expenses

• 1. interest earned

Use the information to answer the question. 

Jamaal has a personal budget to keep up with his money. He realizes that he is out of pencils for school. He goes to the store to buy pencils but wants to make a wise spending decision that is within his budget. 

Which of the following decisions is Jamaal MOST LIKELY to make?

• He will buy a pack of pens if they cost less than a pack of pencils.

• 1. He will buy the most expensive pencils available as long as they are on sale.

• 2. He will buy one pencil for $5.00 rather than a less expensive pack of five pencils.

• 1. He will buy a pack of pencils that costs $2.00 rather than one that costs $3.00.

A variable expense

• occurs irregularly; CHANGES

• doesn't occur regularly; does NOT change

A fixed expense 

• occurs irregularly; CHANGES

• occurs regularly; does NOT change

Use the map to answer the question.

Why were trails important to the development of the United States in the nineteenth century?

• The trails helped ranchers drive their cattle to major port cities so the cattle could be shipped internationally.

• The trails helped ranchers drive their cattle to railroad hubs so the cattle could be shipped all over the country.

• The trails helped factory owners transport goods to railroad hubs so the goods could be shipped to other states

• The trails helped factory owners in the center of the country ship their goods to major port cities on the Gulf Coast.