Test Your Money Smarts

Economics 101

Economics and money play a crucial role in our daily lives, yet many people find these topics intimidating or confusing. This quiz is designed to test your knowledge of basic economic concepts and financial principles that everyone should understand.

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Economics Quiz

1 / 30

What is the primary purpose of money?

2 / 30

What does GDP stand for?

3 / 30

True or False: Inflation means the general price level of goods and services is increasing.

4 / 30

Which of these is an example of a fixed expense?

5 / 30

What does the acronym ATM stand for?

6 / 30

Who is typically depicted on the US $100 bill?

7 / 30

What is the term for the total value of all goods and services produced within a country in a year?

8 / 30

Which of these is NOT a type of bank account?

9 / 30

True or False: A budget helps you track your income and expenses.

10 / 30

Which of these is considered a liquid asset?

11 / 30

What’s the term for the gradual increase in the price of goods and services over time?

12 / 30

Which government agency is responsible for printing money in the US?

13 / 30

What’s the name for the practice of buying goods from one market and selling them in another for profit?

14 / 30

True or False: A bear market refers to a market experiencing prolonged price declines.

15 / 30

What does ROI stand for in business terms?

16 / 30

Which economic system is based on private ownership and free-market principles?

17 / 30

What’s the term for the amount of money borrowed from a lender?

18 / 30

True or False: A recession is defined as two consecutive quarters of negative GDP growth.

19 / 30

Which of these is NOT a type of tax?

20 / 30

What’s the term for the difference between a company’s assets and liabilities?

21 / 30

Which of these is an example of a regressive tax?

22 / 30

What does CPI stand for in economics?

23 / 30

True or False: Bonds are generally considered a lower-risk investment than stocks.

24 / 30

Which of these is NOT a type of market structure?

25 / 30

What’s the term for the point at which total revenue equals total costs?

26 / 30

Which of these is an example of a commodity?

27 / 30

True or False: A trade deficit occurs when a country imports more than it exports.

28 / 30

Which of these is NOT a factor of production in economics?

29 / 30

What’s the term for the total market value of a company’s outstanding shares?

30 / 30

Which economic principle states that as the price of a good increases, the quantity demanded decreases?

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From the fundamentals of money and banking to key economic indicators and market structures, this quiz covers a wide range of topics in an accessible, easy-to-understand format. Each question comes with an interesting fact or explanation, making it not just a test of knowledge, but also an opportunity to learn something new.

Whether you’re a student, a professional, or simply someone interested in improving your financial literacy, this quiz will help you gauge your understanding of essential economic concepts. Don’t worry if you’re not an expert – the questions are designed to be approachable for everyone.

Are you ready to put your economic know-how to the test? Let’s see how much you know about the world of money and markets. Good luck, and remember – in economics, as in life, every day is a chance to learn and grow

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