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3rd Grade Social Studies: Chapter 6 Economics
Test Description: Social Studies: Chapter 6 Economics
Instructions: Answer all questions to get your test result.
1) _______________________ is one way to earn interest.
A
Putting money in a savings account
B
Putting money in a piggy bank
C
Spending money on expenses
D
Making a budget
2) ___________ is one way to increase your income.
A
Getting a job
B
Going shopping
C
Making a budget
D
Buying an iPad
3) Every budget should ___________
A
balance your income.
B
stop you from spending
C
increase your expenses
D
increase your income
4) Which is NOT true about our economy?
A
People can choose what they consume.
B
People can choose what they produce.
C
Running a business is hard work.
D
Everything is cheap or free.
5) Jason sells lemonade. If the cost of lemons goes up and he doesn't raise the price of his lemonade, _____________.
A
he will buy less
B
customers will pay more
C
his profits will go down
D
he will sell less lemonade
6) A business could ________________ to make more money.
A
pay employees more
B
buy less expensive good
C
have fewer consumers
D
increase expenses
7) ________________ is one expense a business does NOT have.
A
employees' pay
B
electricity
C
rent
D
consumers
8) Katy made a _________ to plan how to save and spend her money.
A
budget
B
producer
C
consumer
D
profit
9) After Eric paid the bills and employees, he still had a $300
A
producer
B
consumer
C
budget
D
profit
10) A ________________ is someone who pays for goods and services.
A
producer
B
profit
C
consumer
D
business
11) Getting your hair cut is a ____________
A
service
B
.
C
.
D
good
12) Games from a garage sale are ___________.
A
.
B
service
C
.
D
goods
13) Fish from a pet store are ______________.
A
services
B
.
C
.
D
goods
14) You are offering _________ if you are hired to cut someone's lawn.
A
services
B
goods
C
.
D
.
15) You buy _______________ when you visit the doctor for a checkup.
A
goods
B
.
C
services
D
.
16) You are buying _____________ when you buy flowers from a florist.
A
services
B
.
C
goods
D
.
17) If you pay your sister $5 to clean your messy room, you are paying for _______.
A
goods
B
.
C
services
D
.
18) If your brother sells you his old baseball mitt for $2 you are paying for ______.
A
services
B
goods
C
.
D
.
19) A ___________ pays for goods or services.
A
.
B
consumer
C
producer
D
.
20) A _________ offers goods or services for sale.
A
.
B
consumer
C
.
D
producer
*select an answer for all questions
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