Financial Literacy 1

A fireman is paid by the city for the work he does. Which factor would most likely NOT affect the amount of money the fireman is paid?

• The number of hours he works each week

• The extra training and advanced skills the fireman has

• The number of years he has worked for the city

• The number of family members who are also firemen

When wants or needs exceed the resources available or there is a shortage in supplies, it is known as

• Interest

• Savings

• Scarcity

• Spending

Mr. Cardenas put $4,000 into a savings account at a bank. After one year, he checked the amount in his account. It showed he had $4,052 in his account. Which of these is the most likely reason his savings account showed more than the amount he first put into his account?

• He made a mistake in calculating the amount he put in his savings account.

• He received a year’s worth of interest on the money in his savings account

• The bank added sales tax to the amount he put in his savings account.

• The bank charged him $52 for keeping his money safe.

Mrs. Hughes borrowed $20,000 from a bank to redo her kitchen. She paid back $20,516 to the bank for the amount she borrowed plus interest.

What does paying back with interest mean?

• Paying back some extra money to the bank because she liked their service

• Paying back the amount of money borrowed and then borrowing more

• Paying back the amount borrowed plus an amount the bank charges for loaning the money

• Paying back only the money she borrowed

Janice receives a monthly salary for her job at a bank. Which factor would most likely affect the amount of money Janice gets paid by the bank?

• The number of customers the bank has

• The amount of money she had in her account at the bank

• The amount of work experience she has in banking

• The amount she saves each month

Mrs. Hawthorn is a manager in an art supply store. Which factors would most likely affect the amount of money she is paid for her job?

Select TWO correct answers.

• The number of children she has

• The experience she has as a store manager

• The fact that she is single

• The smart work related decisions she has made

• The amount of money she saves every month

The city pays each fire fighter for the work the firefighter does. Which factor would most likely not affect the amount of money this city pays a firefighter?

• The number of years of experience the firefighter has

• The level of education the firefighter has

• The number of cars the firefighter has

• The additional skills the firefighter has

Zane wants to earn more money at his job. Which factor listed below will not help Zane earn more money at his job?

• Working additional hours at his job

• Acquiring additional skills

• Earning a promotion

• Working less hours