Listening. Allowance Helps Children Learn About Money

Allowance Helps Children Learn About Money

You will hear a text Allowance helps children learn about money. For questions 1-5, mark one letter (A, B or C) for the correct answer.

1. The purpose of giving an allowance is

A to avoid costly financial mistakes.

B to learn how to manage finances.

C to settle timing aspects.

1. What should children know about the budget?

A The budget demands buying clothing and electronics.

B The budget cannot be overdrawn.

C The budget requires balanced saving and spending.

1. The argument against paying children for work around the house?

A Children must not consider the house chores as a venture.

B The hose chores cannot provide understanding of how a business works.

C The house chores constitute the essential part of their family life.

1. Saving helps children understand that

A purchasing expansive items demands cost management.

B cutting costs enables them to plan for the future.

C planning for the future depends on costly goals.

1. Saving some part of the allowance enables children to

A learn how a business earns compound interest.

B learn how to deal with personal finance.

C accumulate impressive funds.

UNIT 3/1 THE ROLE OF THE MARKET

1. Which paragraph contains the following information?

1. the role of the market in solving the three economic issues

2. the definition of the market

3. different ways of conducting business

4. the reasons for running a business

5. how prices influence the allocation of resources

1. Complete each sentence with the correct ending, A-G, below.

1. In some market places buyers and sellers

2. Limited resources should be allocated

3. Reasonable rents and wages allow businessmen

4. The demand for hamburgers aims resources

5. Competition in the market of scarce supplies makes businessmen

A. are brought together.

B. at hamburger production.

C. to have profits.

D. meet face to face.

E. to produce necessary goods and services.

F. to switch to other products.

G. increase prices.

1. Do the following statements agree with the information given in the text?

Use TRUE if the statement agrees with the information

FALSE if the statement contradicts the information

NOT GIVEN if there is no information on this

1. Consumers choose to buy hamburgers instead of steaks because of their lucrative prices.

2. Café owners should pay higher wages to employees since they experience the lack of labour force.

3. Prices which are set once are usually fixed and do not depend on external circumstances.

4. The number of markets involved in the purchase of hamburgers can be unlimited.

5. The general definition of the market is adopted in order to show the role of the market.