Ms. Erin wants to buy a new laptop. She makes 1,400 dollars every payday from her teaching job. The laptop she wants to buy is 600 dollars. How much money will she have leftover in profit from payday if she buys the new laptop?
Remember: revenue-expenses = profit
Question 22
22.
Ms. Vics Bakery sold 1,200 dollars worth of cookies yesterday. She had to pay her employee's for their work, and she had to pay for the materials to make the cookies. In total, she spent 540 dollars in expenses. How much profit did Ms.Vic make?
Remember: revenue-expenses = profit
Question 23
23.
Mr.Jimmy owns a lemonade stand during the summer. He goes out and buys lemons, sugar, cups and everything else he needs. He spends 150 dollars on all of his supplies. Mr. Jimmy only has a few customers his first day, and only makes 75 dollars in revenue. What is his profit? (HINT: Profit can be a negative number)
Remember: revenue-expenses = profit
Question 24
24.
Question 25
25.
Question 26
26.
Question 27
27.
Question 28
28.
Question 29
29.
Question 30
30.
Question 31
31.
Question 32
32.
Why is it important that every state in the US uses the same form of currency?
Question 33
33.
Why does the government collect taxes? Why is collecting taxes important?
Question 34
34.
Question 35
35.
Question 36
36.
Imagine a government worker knocks on your door. The worker says the government wants to build a road on land you own. How could you respond? What are your options?
Question 37
37.
What kinds of programs or projects does the government spend tax dollars on?
Question 38
38.
If you worked for the government and had the power to decide how to spend tax dollars, what would you do with the money? How would you spend it?
Question 39
39.
What is an entreprenuer? (describe what they do and what characteristics they have)
True or False: The new United States had a lot of debt after the Revolutionary War.
True
False
Under the Articles of Confederation, how much power did the government have over the economy?
Total power
Some power
Little to no power
The Constitution gives the government the power to do what?
Take property from citizens
Create, collect and manage money
Force citizens to practice a specific religion
Work an assigned job
What is the name of the economics book written by Scottish philosopher Adam Smith?
How to get Rich
Free Market Basics
The Wealth of Nations
State Guide to Business
A person who buys or uses goods is a _____________?
producer
consumer
supply
demand
goods
services
The physical product that can be bought or sold is a ___________________.
producer
consumer
supply
demand
good
services
The person or business that makes or sells an item is the ___________________.
producer
consumer
supply
demand
good
services
The amount of goods available to buy is the __________________.
producer
consumer
supply
demand
good
services
A task or job done for payment is a ________________
producer
consumer
supply
demand
good
service
The amount a good or service is wanted is the _________________.
producer
consumer
supply
demand
good
service
If something is high in demand and the supply is low, will the price go UP or DOWN?
UP
DOWN
If something is low in demand and the supply is high, will the price go UP or DOWN?
UP
DOWN
The amount of money a person makes in a year is often called what?
Income
Expenses
Profit
Revenue
Debt
Interest
________________ is extra money you owe the bank when paying back a loan or debt.
Income
Expenses
Profit
Revenue
Debt
Interest
______________ is the total amount of money a business makes.
Income
Expenses
Profit
Revenue
Debt
Interest
________________ is the amount of money a business spends to operate.
Income
Expenses
Profit
Revenue
Debt
Interest
_____________ is the money a person or business owes after taking out a loan or borrowing money.
Income
Expenses
Profit
Revenue
Debt
Interest
_____________ is the amount of money left after a business subtracts expenses from their revenue.
Income
Expenses
Profit
Revenue
Debt
Interest
If my expenses are BIGGER than my income, I would go into debt.
TRUE
FALSE
If my expenses are SMALLER than my income, I would go into debt.
TRUE
FALSE
What kind of economy does the United States have?
Closed Market
Communist Market
Free Market
Standard Market
Which two Founding Fathers argued over the economy after the American Revolution?
George Washington
Thomas Jefferson
Sam Adams
Ben Franklin
Alexander Hamilton
John Adams
James Madison
Which Founding Father wanted an economy based on farming?
Jefferson
Hamilton
Which Founding Father wanted to create a national bank?
Jefferson
Hamilton
Which Founding Father thought taxes were needed?
Jefferson
Hamilton
Which Founding Father did not want to tax American citizens?
Jefferson
Hamilton
Which Founding Father thought the government should have a large role in the economy?
Jefferson
Hamilton
Which Founding Father thought the government should have a small role in the economy?
Jefferson
Hamilton
States are allowed to place tariffs on other state's goods and services
True
False
The US government is allowed to place tariffs on goods and services from other countries.