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Microeconomics For Kids! Trivia Quiz

Microeconomics deals with individual businesses. A good example for kids is a bake sale. You already have the tools to bake with, so see if you can answer these questions about making money by selling baked goods!

A multiple-choice quiz by Jordanar18. Estimated time: 3 mins.

Author
Jordanar18

Time
3 mins

Type
Multiple Choice

Quiz #
395,899

Updated
Dec 03 21

# Qns
10

Difficulty
Easy

Avg Score
8 / 10

Plays
406

One at a Time - Single Page - Timed Game

Question 1 of 10

1. Which of these might be a good place to set up your bake sale? Hint

Inside a restaurant

Inside your home

Outside your home

Inside a grocery store

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Question 2 of 10

2. What might be a good way to get customers to come to your bake sale? Hint

Making phone calls to everyone in the phone book

Advertising

Begging people to come

Dragging people to your sale

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Question 3 of 10

3. You are trying to decide how many treats to bake for your sale. Which of these should you do? Hint

Only bake a little because ingredients are expensive

Bake during the sale so you don't have to bake too much

Guess how much you need and bake that exact amount

Bake a lot of treats because you don't want to run out

4. You go out to buy ingredients for your bake sale, but you find that the good ones are expensive. Which of the following options might be the best approach to ensure you stay within your budget, but also make tasty treats? Hint

Buy the least expensive ingredients

Only buy some of the ingredients

Buy the most expensive ingredients possible because you'll make the money back

Buy the most expensive ingredients you can afford

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Question 5 of 10

5. It is a good idea to keep track of how much you paid for the ingredients for your sale.

True

False

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Question 6 of 10

6. You are trying to decide how many different treats to bake for your sale. Which of these should you do? Hint

Only make cookies, and a lot of them

Make a few different treats, all having chocolate in them

Make a hundred different treats

Make several different treats, using a variety of ingredients

NEXT>

Question 7 of 10

7. You need to set the prices for the bake sale. How high should you set the prices to ensure you make a profit, but don't discourage customers? Hint

Fairly high: You want to make more money than the ingredients cost you

Fairly low: Just enough to cover the cost of the ingredients

Very high: You want to make a ton of money

Very low: You want to be sure to sell all of your treats

NEXT>

Question 8 of 10

8. The bake sale has started and you are making money, so you want to raise the prices to make more money. Is this a good idea?

Yes

NEXT>

Question 9 of 10

9. There is only a little time left in the sale, and you are getting fewer customers. Which of these is the best thing to do? Hint

Give out food for free because you don't want to waste it

End the sale early so you can eat the food while it's still fresh

Lower the prices so people buy more food

Raise the prices to make as much money as possible

NEXT>

Question 10 of 10

10. It's the end of the day, the sale went well, and you had a lot of fun! Which of these might you decide to do? Hint

Quit school and run bake sales every day

Sell the leftover food online

Never have another sale because you made enough money during this one

Have another bake sale when you're ready

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Quiz Answer Key and Fun Facts

1. Which of these might be a good place to set up your bake sale?

Answer: Outside your home

Unless you own a store, you must find an outdoor place where you're allowed to sell your items. By setting up outside your home, you give customers an easy way to come to your sale, and have a place to safely operate. Most store owners don't allow other people to sell things inside their stores!

2. What might be a good way to get customers to come to your bake sale?

Answer: Advertising

Almost all companies use advertising as a way to attract customers. Big companies use TV commercials, magazines, newspapers, and billboards to get customers. For a bake sale, it can be as simple as putting a poster on a telephone pole, or just telling your friends about it!

3. You are trying to decide how many treats to bake for your sale. Which of these should you do?

Answer: Bake a lot of treats because you don't want to run out

You should bake a lot of treats, so if a lot of people come you can sell as much as they want to buy. You would rather there be extra treats than not enough! If you have ever wondered why grocery stores have a lot of the same item, it is because they don't want to run out of it! Also, baking during the sale wastes time when you could be serving customers!

Answer: Buy the most expensive ingredients you can afford

Buying the most expensive ingredients you can afford ensures your treats are as tasty as possible, and that, if you've kept to your budget, you won't lose too much money if your bake sale doesn't go well. Also, make sure you buy enough so you don't run out!

5. It is a good idea to keep track of how much you paid for the ingredients for your sale.

Answer: True

You need to keep track of how much you spent on ingredients, so you know how much money to charge in order to make money off the sale. Make sure you write it down on paper, and don't lose it!

6. You are trying to decide how many different treats to bake for your sale. Which of these should you do?

Answer: Make several different treats, using a variety of ingredients

You should make different items, because you want to give customers choices. Using different ingredients also gives them a choice of what type of flavors they want to have. Some people are also allergic to chocolate!

7. You need to set the prices for the bake sale. How high should you set the prices to ensure you make a profit, but don't discourage customers?

Answer: Fairly high: You want to make more money than the ingredients cost you

You want to make the prices high so you can make money. This is called turning a profit. It's what businesses are for! Setting the prices too high won't get a lot of customers, and making them too low will not make you a profit. You need to base the price on how much the ingredients cost you.

8. The bake sale has started and you are making money, so you want to raise the prices to make more money. Is this a good idea?

Answer: No

You are doing well with the current prices, so you shouldn't change them. If you raise them, you are not being fair to the new customers, and you may not sell as much as the sale goes on. Be careful with changing the prices during the sale!

9. There is only a little time left in the sale, and you are getting fewer customers. Which of these is the best thing to do?

Answer: Lower the prices so people buy more food

If you have extra food towards the end of the sale, you should lower the prices to sell as much food as possible. You can also offer a discount for buying extra food, such as getting an extra item after buying two (buy 2, get 1 free). Get those extra dollars while you still can!

10. It's the end of the day, the sale went well, and you had a lot of fun! Which of these might you decide to do?

Answer: Have another bake sale when you're ready

If you made money during this sale and you want to have another one, you should do it! If it was really tiring, you should wait until you're ready. Don't sell the leftover food, because it won't be as fresh!

Source: Author Jordanar18

This quiz was reviewed by FunTrivia editor NatalieW before going online.
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