Financial Literacy Quiz

The table shows the amounts that Ms. Mendoza paid for different expenses during four months. Which expenses were fixed expenses for Ms. Mendoza during the four months?

• All of the expenses

• None of the expenses

• Food, gasoline, and electricity only

• Mortgage and insurance only

Malcolm buys and sells sports cards. He bought some baseball, basketball, and then football cards for a total of $18.00. He sold the cards for the prices shown in the list: - He sold the baseball cards for $8.50. - He sold the basketball cards for $6.75. - He sold the football cards for $10.25. What was Malcolm's total profit from selling the baseball, basketball, and football cards?

• $13.50

• $25.50

• $7.50

• $18.00

Banks require their customers to do which of the following?

• Pay interest on any loans they have been given.

• Share the money in their accounts with other people.

• Save a certain amount of money each week.

• Spend a certain amount of money each month.

In January, Steven borrowed $62 from his mother. The table shows how much money he paid her back over the four months that followed. What kind of expense was the repayment of the loan?

• Fixed

• Variable

• Taxed

• None of these

Devishi will make and then sell a balsa wood airplane. The wood, the plastic, and the rubber band for the airplane will cost $1.78 altogether. If Devishi sells the airplane for $5.25, how much profit will she earn?

• $5.25

• $7.03

• $4.53

• $3.47

Pedro paid $7.85 for some seashells. He then sold the seashells to his friends. The money he received from the sale of the seashells was $12.95. What was Pedro's profit?

• $5.40

• $4.80

• $5.10

• None of these

Kendra's monthly cell phone bill is sometimes as low as $35 and sometimes as high as $75. What kind of expense is Kendra's monthly cell phone bill?

• Labor

• Income

• Variable

• Fixed

Trinity makes and sells necklaces. To make one necklace, she has the expenses listed in the box shown: Cost of clasp.................$1.75 Cost of ornament..........$6.95 Cost of chain..................$8.05 If Trinity sells one necklace for $35, how much profit will she earn?

• $16.75

• $21.75

• $17.95

• $18.25

Which statement best describes a service provided by banks?

• Banks provide food and shelter to people in distress.

• Banks provide computer education to new businesses.

• Banks provide loans to people and businesses.

• Banks provide postage stamps and packing materials.

Based on the information in the table, which statement is true about the amounts Patsy and Grant paid for high-speed internet during these five weeks?

• Both Patsy's and Grant's internet expenses were fixed expenses.

• Grant's internet expense was a fixed expense.

• Both Patsy's and Grant's internet expenses were variable expenses.

• Patsy's internet expense was a fixed expense.