Common Assessment SS 1 Review

What is a common way to earn an income to buy things you want?

• Selling your labor to a business

• Buying stocks

• Investing in real estate

• Winning a lottery

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DOK Level 1: Recall

How do private businesses typically provide goods and services?

• Through government funding

• By collecting taxes from households

• By selling products and services to households

• Through charitable donations

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DOK Level 1: Recall

What is one service that governments typically do not provide, which is instead offered by private businesses?

• Public transportation

• Hamburgers

• National defense

• Environmental regulation

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DOK Level 1: Recall

Which of the following is a key difference between entrepreneurship and getting a job?

• Entrepreneurs work for businesses, while employees start businesses

• Entrepreneurs create and run their own businesses, while employees work for existing businesses

• Employees are self-employed, while entrepreneurs work for large corporations

• Entrepreneurs work part-time, while employees work full-time

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DOK Level 1: Recall

What is the primary role of an entrepreneur?

• To work for a government agency

• To create and manage a new business

• To invest in the stock market

• To provide loans to businesses

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DOK Level 1: Recall

Which of the following is a basic need that people typically spend money on?

• Luxury cars

• Designer clothes

• Food

• Expensive vacations

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DOK Level 1: Recall

What is a common characteristic of a private business?

• It is funded by taxes

• It is owned by the government

• It aims to make a profit

• It provides free services

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DOK Level 1: Recall

Which of the following is an example of a service provided by the government?

• Fast food restaurants

• Public schools

• Movie theaters

• Shopping malls

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DOK Level 1: Recall

What is the main purpose of taxes collected by the government?

• To fund private businesses

• To pay for public services

• To increase personal wealth

• To support international trade

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DOK Level 1: Recall

Which of the following is a simple procedure to save money?

• Spending all your income

• Keeping money in a savings account

• Borrowing money from friends

• Investing in high-risk stocks

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DOK Level 1: Recall