The difference between a trade-off and an opportunity cost is:
PBMF: Ch 18 Quiz

Quiz
•
Business
•
8th Grade
•
Easy
Regina Jackson
Used 1+ times
FREE Resource
24 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A trade-off involves a choice between two or more options, while opportunity cost is the value of the next best alternative foregone.
A trade-off is the cost of an opportunity, while opportunity cost is the benefit of a trade-off.
A trade-off is always monetary, while opportunity cost is always non-monetary.
There is no difference; they are the same concept.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you work 20 hours at $15 per hour, what's your gross pay?
$200
$250
$300
$350
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What percentage do self-employed individuals pay in total FICA taxes?
12.4%
15.3%
7.65%
10.2%
4.
MATCH QUESTION
1 min • 1 pt
Match each word or phrase with the correct description.
Variable Expenses
These vary from month to month
Fixed Expenses
income received from employment
Earned Income
These remain the same each period
5.
CLASSIFICATION QUESTION
3 mins • 1 pt
Organize these options into the right categories
Groups:
(a) Fixed Expenses
,
(b) Variable Expenses
car payment
rent
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Income tax is a tax levied on:
Goods and services
Property
Income of individuals and businesses
Imports and exports
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The organization that manages federal income taxes is:
Federal Reserve
Internal Revenue Service
Department of Treasury
Social Security Administration
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