BizTown Community & Economy Quiz Review

What does philanthropy mean?

• the effort to increase the well-being of others through charitable giving

• the effort to provide health care by the government

• the ability to sell goods and services at a discount

• the requirement to pay taxes as a citizen

What is a responsibility of U.S. citizens?

• being an informed voter

• giving money to charity

• participating in group activities

• sharing personal information 

What is required of responsible citizens?

• to volunteer at a community event

• 
   to donate to charity

• to pay taxes

• to sign a contract

Why are taxes required instead of voluntary?

• 
  Taxes can be automatically taken out of your paycheck.

• Tax money is spent on private goods.

• Not everyone was willing to pay their part.

• It was found to be illegal to have voluntary payments.

Which of these is flowing through the circular flow of an economy diagram?

• 
  customers

•  entrepreneurs

• regulations

• money

Which part of the circular flow of an economy are you a part of when you buy fries at a food truck?

• citizens providing resources

• citizens paying businesses

• businesses paying citizens

• businesses producing products

Which of the given options fits with the "businesses produce products" part of the circular flow of an economy?

• A restaurant gives out paychecks to employees. 

• Citizens buy vegetables at a store. 

• A factory delivers furniture to a store for sale.

• Citizens work at a bank.

Natural resources are ones that ________.

• do not have to be paid for because they come from nature

• are made by people to produce a good

• are found in nature and are used to make goods or provide services

• 
  people make and use

What is a role of business in the economy?

• approve a new government plan

• produce goods and services

• buy products for personal use

• provide labor to build products

Free enterprise is different from a command economy because ________.

• businesses are given the prices to set

• 
  businesses set the price based on consumers' decisions

• businesses are free from any laws

• it doesn't cost anything