Financial Literacy Review

Financial Literacy Review

Multiple Choice

Something that you pay is called....

• income

• a profit

• an expense

• savings

Multiple Choice

Money that you make is called...

• income

• propery taxes

• variable expense

• fixed expense

Multiple Choice

Each month I pay around $40 for gas, but it depends on how much I travel and what the gas prices are. This is an example of a...

• variable income

• fixed expense

• savings account

• variable expense

Multiple Choice

Mr. Rodriguez recently purchased a house. He pays $950 every month to pay back his home loan. He will continue to pay $950 a month until the total cost of the home is paid. Since the payment amount never changes, it is considered –

• variable

• fixed

Multiple Choice

Mrs. Nunn uses her air conditioning system more in the summer than in the winter. This makes her electricity bill more expensive in the summer. Since the cost of electricity can change, it is considered –

• variable

• fixed

Multiple Choice

Guillermo gets $20 weekly, but each week he pays for two batting lessons which are $4.50 each. How much money does he have left after his expenses?

• $11.00

• $12.00

• $14.50

• $15.50

Multiple Choice

Melanie's family lists their expenses as shown. How much more did her family spend on fixed expenses than on variable expenses?

House payment $2,843

Car payment $150

Car repair $280

Game system $399

New suit $428

• $1,886

• $2,446

• $2,733

• $3,302

Synthia is selling bracelets. She pays $2.00 for the beads and $2.50 for the string. She sells 10 bracelets for $1.00 each. How much are her expenses?

Will spends $8.00 on what he needs to make hot dogs. If he sells 20 hot dogs for $1.00 each, how much is his profit?

Multiple Choice

When you take the amount of money earned and subtract your expenses you are finding the...

• fixed income

• savings

• profit

• expenses

Fill in the Blank

Leslie had $106.80 in receipts from her concession stand and $54.98 in expenses. What was her profit?

Fill in the Blank

Edgar bought a package of blank cards for $8.15 and a paint set for $7.51. He made 12 greeting cards which he sold for $7 each. How much profit did Edgar make?

Multiple Choice

Scout earned $280.00 mowing lawns. Her profit was $250.00. How much were her expenses?

• $50.00

• $30.00

• $530.00

• $40.00

Multiple Choice

Shanelle earned $40.00 selling lemonade. Her profit was $32.00. How much were her expenses?

• $74.00

• $8.00

• $34.00

• $6.00

Multiple Choice

Which of the following is NOT something a financial institution can do?

• Keep your money safe

• Tell you how you have to spend your money

• Provide a small percent of interest for your savings account

• Loan money to be repaid with interest

Multiple Choice

Noah keeps track of his checking account balance by writing down all his purchases and deposits. The list below shows his transactions for a week.

- June 3rd, used debit card at coffee shop, $5.85

- June 4th, deposit of $20.00

- June 6th, used debit card for movie tickets, $9.75

- June 6th, used debit card for popcorn and snacks, $10.50

- June 8th, deposit, $115.34

What is the difference between the amount of money Noah spent and the amount of money Noah deposited?

• $109.24

• $150.24

• $203.34

• $254.05

Multiple Choice

Which situation shows a financially responsible citizen?

• Purchasing an expensive automobile you CANNOT afford.

• Throwing money out the window.

• Only buying items that you CAN afford

• Hiding your money under your mattress.

Multiple Choice

What is the current amount of money in an account?

• Certificate of deposit (CD)

• Transaction

• Loan

• Balance

Multiple Choice

Terry has $59.04 in savings account. Then she deposits $15 and earns $0.59 in interest. How much is in her account now?

• $74.04

• $59.63

• $74.63

Multiple Choice

Clark saved $1.50 of his $10 allowance. The he spent $4.39 at Taco! Taco! and $2.67 on a notebook. If he shared the rest, how much did he share?

• $1.44

• $2.44

• $1.94