What is scarcity?
"I KNOW MONEY" Economic Concepts Pre-Test

Quiz
•
History
•
12th Grade
•
Hard
Markus Mathews (Arroyo Valley HS)
Used 3+ times
FREE Resource
17 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Answer explanation
Scarcity means there are limited resources, so we must make choices about how to use them.
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
If you buy a video game, what is the opportunity cost?
The fun you have playing the game
The money you spent on the game
The other things you could have bought with the same money
The time you spend playing the game
Answer explanation
Opportunity cost is the value of the next best thing you give up when making a choice.
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Why is compound interest called the "eighth wonder of the world"?
Answer explanation
Compound interest grows your money by earning interest on both your original savings and past interest.
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
If you save $100 a month starting at age 18, how will it help you by age 30?
You will have less money than you saved
You will have more money than you saved due to interest
Saving at a young age makes no difference
You will owe taxes on the money you saved
Answer explanation
Starting early allows your money to grow over time through compound interest.
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What is the difference between gross pay and take-home pay?
Gross pay is what you keep; take-home pay is before taxes
Gross pay is your salary before taxes; take-home pay is after taxes
Gross pay includes bonuses; take-home pay is your base salary
Gross pay is what you earn from investments; take-home pay is from wages
Answer explanation
Gross pay is your total earnings, while take-home pay is what you keep after taxes and deductions.
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Why is it important to track your "burn rate"?
To know how much money you make each month
To understand how much you spend and can save
To see how quickly you can spend your entire paycheck
To find out how much money is wasted on interest
Answer explanation
Tracking your burn rate helps you manage your spending and ensure you save enough.
7.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which is an example of a “need” and not a “want”?
An iPhone upgrade
A new pair of Jordan's
A Netflix subscription
Rent for your home
Answer explanation
Needs are essentials for survival, like housing, while wants are extras.
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