Financial Literacy and Data Analysis

Interest is:

• Paying back money to someone you owe it to

• Keeping the money you owe someone

• Paying back money you are borrowing plus an additional amount of money

If Mr Smith borrowed money from the bank, to pay for repairs on his home and he paid the bank more money than he borrowed. Mr Smith paid the bank more because

• He made a mistake in calculating the amount he needed to pay back.

• He had to pay sales tax on the amount of money he borrowed.

• He needed more money to repair the house.

• He had to pay interest on the amount of money he borrowed.

If a crop of fruit is destroyed, this will have an effect on the price of the remaining crop. Which statement would best describe the effect of the price?

• The price will likely increase because they will have more of he crop to sell.

• The price will decrease because they will have more of the crop to buy.

• The price will likely increase because there will be a shortage of the crop and fewer available to buy.

• The price will decrease because more people want to buy the crop.

What will be a factor to affect the amount of money you would get paid by a company?

• The amount of money you have to pay in bills.

• The size of your family.

• The work experience you have.

• The amount of money you save.

A police officer is paid for work he does for the city. What factor would most likely NOT be an effect of the amount of money he makes?

• The size of his family

• The number of years he has worked

• The amount of training he has had

• The special skills he has

Which collection of coins is worth 87 cents?

• 3 quarters

• 2 quarters, 2 dimes, 3 nickels, and 2 pennies

• 2 quarters, 2 dimes, 2 nickels, and 2 pennies

• 3 quarters, and 2 pennies

Which of the following would be a good reason to save your money long term?

• Buying a new toy

• Going to get pizza on Friday

• Saving for college

• Buying a book at the carnival

Which set of coins would equal to 68 cents?

• 3 dimes, and 4 nickels

• 1 quarter, 4 dimes, and 3 pennies

• 2 quarters

• not here

An example of planned expenses is:

• flat tire

• going to college

• repairs to your house caused by a storm

• a hail storm broke your windows

A borrower is

• A person that eats ice cream

• Some one that is using credit to purchase something

• Someone that is going to the playground

• A person that goes to the store