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