Quiz about Personal Financial Literacy Grade 4

Question 1

Brad's employer direct deposited $2,000 into his monthly account. He put $800 toward his monthly rent. This is an example of __________________ his money.

Accepted Answer

spending

Answer

saving

Answer

sharing

Question 2

Brad's employer direct deposited $2,000 into his monthly account. He put $200 into his retirement account. This is an example of __________________ his money.

Accepted Answer

saving

Answer

spending

Answer

sharing

Question 3

Brad's employer direct deposited $2,000 into his monthly account. He donated $200 to the Austin Zoo. This is an example of __________________ his money.

Accepted Answer

sharing

Answer

saving

Answer

spending

Question 4

What word means an expense that you pay each month?

Accepted Answer

fixed expense

Answer

variable expense

Question 5

What word means an expense that may change?

Accepted Answer

variable expense

Answer

fixed expense

Question 6

Which of the following are examples of fixed expenses? (Choose all that apply.)

Accepted Answer

Monthly utility bill

Accepted Answer

Monthly rent bill

Accepted Answer

Monthly Netflix bill

Answer

Weekend trip to the beach

Answer

Entrance fee at Barton Springs

Question 7

Which of the following is a variable expense?

Accepted Answer

Pool noodle purchase on Amazon

Answer

Monthly car insurance payment

Question 8

Which of the following is a fixed expense?

Accepted Answer

Monthly mortgage payment on a house

Answer

Gas for the car after a trip

Question 9

Which of the following is a variable expense? (Choose all that apply.)

Accepted Answer

A highway toll

Accepted Answer

Day trip to Austin Zoo

Accepted Answer

HEB groceries

Accepted Answer

Restaurant bill

Accepted Answer

Trip to Six Flags Fiesta Texas

Question 10

Jamie started a business making hair bows. She spent $10 on materials for the bows. She sold 25 bows for $3 each and earned $75 her first week. The $75 she earned is her ___________.

Accepted Answer

Receipts

Answer

Profit

Answer

Expenses

Question 11

Jamie started a business making hair bows. She spent $10 on materials for the bows. She sold 25 bows for $3 each and earned $75 her first week. The $10 she spent on materials is her ___________.

Accepted Answer

Expenses

Answer

Profit

Answer

Receipts

Question 12

Jamie started a business making hair bows. She spent $10 on materials for the bows. She sold 25 bows for $3 each and earned $75 her first week. The $75 she earned minus the $10 she spent on materials is $65, her ___________.

Accepted Answer

Profit

Answer

Receipts

Answer

Expenses

Question 13

Alejandro goes to the bank to open an account for his "day to day" expenses: groceries, gas, rent, bills, entertainment, etc. What is the most appropriate account for him to open?

Accepted Answer

checking account

Answer

savings account

Answer

retirement account

Question 14

Thomas went to the ATM machine at this bank and added $100 cash to his checking account. Which word means add money to an account?

Accepted Answer

deposit

Answer

withdraw

Question 15

Kristen uses her debit card to pay $100 for her groceries. When she uses her debit card, she immediately withdraws money out of her...

Accepted Answer

checking account

Answer

savings account

Answer

line of credit

Answer

retirement account

Question 16

Debra just graduated from college and began her first job as an EMT. She reads that she needs an "emergency fund," which is 6 months worth of her monthly saved up in case she suddenly loses her job or has an emergency. She goes to her bank to set up an account for her emergency fund. What type of account should Debra set up?

Accepted Answer

savings account

Answer

checking account

Answer

retirement account

Answer

line of credit (credit card)

Question 17

Debra sets up a savings account for her emergency fund. Each month for 6 months, Debra puts $100 into her savings account. When she checks the balance in her savings account at the end of 6 months, she finds $603 in the account. Where did the extra $3 come from?

Accepted Answer

Interest earned for lending the bank money

Answer

A typical "thank you" gift from the bank

Question 18

Which of the following financial institutions is for-profit, a safe and secure place to put your money, lends customers money for big purchases, and allows customers to deposit and withdraw money from their accounts?

Accepted Answer

A bank

Answer

A credit union

Answer

An accounting firm

Question 19

Which of the following financial institutions is not-for-profit, is owned by its members, is usually local, is a safe and secure place to put your money, lends customers money for big purchases, and allows customers to deposit and withdraw money from their accounts?

Accepted Answer

A credit union

Answer

A bank

Answer

An accounting firm

Question 20

The Gotrocks family borrowed $100,000 from Chase Bank to purchase their new home. They developed a plan to pay the loan monthly over 15 years. At the end of the life of the loan (15 years), they paid the bank $103,000. Where did the extra $3,000 come from?

Accepted Answer

The bank charged them interest, the cost of borrowing money, and it came to $3,000 over 15 years.

Answer

The bank made an error and overcharged them $3,000

Answer

The property value of the house went up, so they had to pay the bank more.

Question 21

Which of the following local financial institutions are not-for-profit, is owned by its members, is a safe and secure place to put your money, lends customers money for big purchases, and allows customers to deposit and withdraw money from their accounts? (Check all that apply)

Accepted Answer

The University of Texas Federal Credit Union

Accepted Answer

Austin Telco Federal Credit Union

Answer

Wells Fargo Bank, Inc.

Answer

KPMG Accounting & Advisory Firm, LLP

Answer

Bank of America, Inc.

Question 22

Which of the following is an advantage of using a credit union over a bank?

Accepted Answer

They have better interest rates for members than banks because they are not-for-profit.

Answer

They give members free money annually as an incentive to join.

Question 23

Which of the following is an advantage of using a bank over a credit union?

Accepted Answer

The big banks have branches all over the country, so you won't have to pay fees to another bank when you travel and have to withdraw money.

Answer

Banks always have better customer service than credit unions.

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Mathematics