Quiz about Financial Literacy

Question 1

Something that you pay is called....

Accepted Answer

an expense

Answer

income

Answer

a profit

Answer

savings

Question 2

Money that you make is called...

Accepted Answer

income

Answer

variable expense

Answer

propery taxes

Answer

fixed expense

Question 3

Sawyer 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?

Accepted Answer

$4.50

Answer

$2.00

Answer

$2.50

Answer

$5.50

Question 4

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?

Accepted Answer

$12.00

Answer

$20.00

Answer

$10.00

Answer

$11.00

Question 5

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

Accepted Answer

profit

Answer

fixed income

Answer

savings

Answer

taxes

Question 6

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

Accepted Answer

$30.00

Answer

$50.00

Answer

$530.00

Answer

$40.00

Question 7

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

Accepted Answer

$8.00

Answer

$74.00

Answer

$34.00

Answer

$6.00

Question 8

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...

Accepted Answer

variable expense

Answer

variable income

Answer

savings account

Answer

fixed expense

Question 9

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

Accepted Answer

profit

Answer

fixed income

Answer

savings

Answer

taxes

Question 10

Scout earned $75.00 selling cupcakes.  If her profit was $63.50,  How much were her expenses?

Accepted Answer

$11.50

Answer

$12.00

Answer

$12.50

Answer

$13.50

Question 11

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

Accepted Answer

Tell you how you have to spend your money

Answer

Keep your money safe

Answer

Provide a small percent of interest for your savings account

Answer

Loan money to be repaid with interest

Question 12

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?

Accepted Answer

$109.24

Answer

$203.34

Answer

$150.24

Answer

$254.05

Question 13

Which situation shows a financially responsible citizen?

Accepted Answer

Only buying items that you CAN afford

Answer

Purchasing an expensive automobile you CANNOT afford.

Answer

Throwing money out the window.

Answer

Hiding your money under your mattress.

Question 14

What is the current amount of money in an account?

Accepted Answer

Balance

Answer

Certificate of deposit (CD)

Answer

Loan

Answer

Transaction

Question 15

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

Accepted Answer

$74.63

Answer

$74.04

Answer

$59.63

Question 16

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?

Accepted Answer

$1.44

Answer

$1.94

Answer

$2.44

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