4th Grade - Financial Literacy Quiz

Veronica went to the bank to borrow a large amount of money. Which could be one reason Veronica would need a large amount of money?

• to purchase a hamburger

• to purchase a house

• to pay the electric bill

• to purchase a chair

Danny made a list of his monthly expenses. Which of the following is an example of a variable expense?

• paying rent

• a car loan

• movie tickets

• personal loan

Mr. Martin wanted to save money to take his family on a vacation. Which plan below saves him the most amount of money?

• $80 a month for 6 months

• $3 a day for 180 days

• $70 a month for 9 months

• $5 a day for 125 days

The East High School volleyball team sells calendars to raise money for their uniforms. The team buys the calendars for $2 each. They sell the calendars for $7 each. If the team sells 216 calendars, what will be their profit?

• $1,512

• $1,080

• $2,250

• $432

Julie is selling cookies at a bake sale. Sales have been slow. She decides to lower the price of the cookies. Which statement is true?

• The lower selling price will not affect Julie’s expenses, but will affect her profit.

• The lower selling price means Julie will pay less for her ingredients.

• The lower selling price means Julie can lower her helper’s pay.

• The lower selling price will affect Julie’s expenses, but not her profit.

Roland received $50 from his grandparents for his birthday. Which would be the best way Roland could choose to save his money?

• put it in his piggy bank

• give it to a charity

• deposit it in a checking account

• deposit it in a savings account

Mr. Antonio puts part of every paycheck into a retirement saving account. He most likely does this because…

• he can earn extra money by having his money in the account

• he does not trust banks

• the retirement savings account is the only place he can put his money

• he wants to borrow money for a new car

What is the difference between variable expenses and fixed expenses?

• The difference is variable expenses is when you save money and fixed is when you spend money.

• The difference is variable expenses is when you spend money and fixed is when you save money.

• The difference is variable expenses can change while fixed expenses do not change.

• The difference is variable expenses do not change while fixed expenses change.

If you save $0.25 a week, how much will you have at the end of the year?

• $12

• $13

• $14

• $15