Financial Literacy

An architect goes to school for 5 years and typically earns a salary of $80,750. A judge usually goes to school for 7 years. Select the choice that most likely shows the typical salary of a judge.

• $35,960

• $56,340

• $68,756

• $133,840

You were riding your new bicycle. You had a crash and had to go to the hospital. The hospital bill is an example of

• a planned expense

• an unplanned expense

• a salary

• interest

Mary just started out as a paralegal. She became a paralegal because her best friend earns $74,350 a year as a paralegal. At Mary's first job, she only earns a yearly salary of $48,325. Mary earns ​ ​ (a)   her aunt because she has ​ ​ (b)   than her aunt has.

• more experience
• less than
• more than
• less experience

When a person uses a credit card, the person is a ​ ​ (a)   , and the credit card company is known as the​ ​ (b)   .

• borrower
• lender

​ ​ When you get a loan from a bank, you are ​ ​ (a)   money. You will have to pay back that money plus the bank will charge you a fee called ​ ​ (b)   . Interest will cause the amount you pay for an item to be ​ ​ (c)   .

• borrowing
• interest
• more
• less

My family is going to take a trip to France next summer. Mom said that we should start saving money now. This is an example of

• a loan

• a planned expense

• an unplanned expense

• interest

Organize these options into the right categories

Groups:

(a) Planned Spending

,

(b) Unplanned Spending

• groceries

• car wreck

• monthly bills

• gas for your car

• hospital visit

• flat tire

Michael borrowed $550 from the bank. The interest will be $73. How much will Michael need to pay back?

Jay is going to college. She is getting a loan for $10,000. Will she have to pay back ​ ​ (a)  

• more than $10,000
• less than $10,000
• exactly $10,000

Ms. Sanchez borrowed $3,500 from the bank. She will pay back the loan over the next year. Will she have to pay back ​ ​ ​ (a)  

• more than $3,500
• less than $3,500
• exactly $3,500