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Test your basic knowledge |
Civics: Economics
Start Test
Study First
Subject
:
civics
Instructions:
Answer 38 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. A manufacturer's promise to repair something it it breaks within a certain time from the date of purchase
Dividends
Warranty
Boycott
Profit
2. A type of business in which two or more people share ownership
Command Economy
Fixed Expenses
Variable Expenses
Partnership
3. One that is a mixture of the three basic systems
Market Price
Command Economy
Mixed Economy
Insurance
4. Payments from the profits of companies in which they own stock
Fixed Expenses
Factors of Production
Disposable Income
Dividends
5. The price at which buyers and sellers agree to trade
Boycott
Occupational Outlook Handbook
Variable Expenses
Market Price
6. A plan by which a company gives protection from the cost of injury or loss
Interest
Insurance
Traditional Economy
Profit
7. Idea that resources are always limited compared with the number and variety of wants people have
Opportunity Cost
Market Price
Scarcity
Capitalism
8. Resources people have for producing goods and services to satisfy their wants
Variable Expenses
Corporation
Factors of Production
Market Economy
9. Organizations of workers that seek to improve wages and working conditions and to protect members' rights
Sole Proprietorship
Occupational Outlook Handbook
Labor Unions
Corporation
10. The act of buying or using goods and services
Occupational Outlook Handbook
Entrepreneur
Sole Proprietorship
Consumption
11. The amount of a product or service that buyers are willing and able to buy at different prices
Disposable Income
Capital
Demand
Boycott
12. The amount of a product that producers are willing and able to offer at different prices
Time Deposit
Occupational Outlook Handbook
Fixed Expenses
Supply
13. The action of using your money to help a business get started or grow - with the hope that the business will earn a profit in which you can share
Partnership
Opportunity Cost
Labor Unions
Invest
14. The basic economic decisions are made according to long-established patterns of behavior that are unlikely to change
Traditional Economy
Disposable Income
Demand
Partnership
15. Expenses that have to be paid regularly - usually every month - such as rent and car payments
Collective Bargaining
Fixed Expenses
Mixed Economy
Time Deposit
16. Amount
Warranty
Demand
Quantity
Entrepreneur
17. A person who starts a business
Market Economy
Occupational Outlook Handbook
Fringe Benefits
Entrepreneur
18. Expenses that change from month to month
Variable Expenses
Quantity
Warranty
Time Deposit
19. The amount of money left after taxes have been paid
Corporation
Factors of Production
Disposable Income
Free Enterprise
20. A system in which private individuals own the factors of production and are free to make their own choices about production - distribution - and consumption
Liquidity
Mixed Economy
Time Deposit
Market Economy
21. Indirect payments for work
Career
Fringe Benefits
Demand
Collective Bargaining
22. The difference between the total cost of production and the total revenues received from buyers
Invest
Consumption
Profit
Labor Unions
23. When workers refuse to work unless employers meet certain demands
Time Deposit
Capitalism
Strike
Supply
24. A business that is separate from the people who own it and legally acts as a single person
Corporation
Capital
Labor Unions
Quantity
25. A guide published by the Department of Labor Bureau of Labor Statistics which tells about hundreds of jobs - their requirements - and their future possibilities
Dividends
Entrepreneur
Occupational Outlook Handbook
Variable Expenses
26. Anything produced in an economy that is used to produce other goods and services
Demand
Disposable Income
Capital
Invest
27. The practical application of science to commerce or industry
Scarcity
Technology
Strike
Corporation
28. The highest valued benefit given up when a choice is made
Traditional Economy
Fringe Benefits
Opportunity Cost
Factors of Production
29. The government or a central authority owns or controls the factors of production and makes the basic economic decisions
Boycott
Command Economy
Demand
Opportunity Cost
30. The ability to turn savings back into cash
Liquidity
Partnership
Sole Proprietorship
Factors of Production
31. The occupation for which you train and which you pursue as your life's work
Capitalism
Dividends
Career
Quantity
32. A system in which people make their own decisions about how to save resources as capital and how to use their capital to produce goods and services
Capitalism
Labor Unions
Market Price
Invest
33. Refuse to buy
Boycott
Quantity
Insurance
Warranty
34. A business owned by an individual
Boycott
Market Price
Profit
Sole Proprietorship
35. The payment for use of capital
Entrepreneur
Consumption
Variable Expenses
Interest
36. The process by which representatives of unions and business try to reach agreement about wages and working conditions
Factors of Production
Market Economy
Collective Bargaining
Partnership
37. A savings plan with a set length of time that you must keep your money in the account
Time Deposit
Market Economy
Sole Proprietorship
Labor Unions
38. The system in which individuals in a market economy are free to undertake economic activities with little or no control by the government
Fringe Benefits
Free Enterprise
Disposable Income
Capitalism