Financial Literacy Unit Assesment

Journey spent $600 on rent, $232 on a car payment, $43 on clothes, and $16 on a gift, and $28 on a new video game. How much did she spend on variable expenses?

Zoey sold snacks at a neighborhood pool. The cost of preparing the snacks was $10.29. The money she received from the sale of the snacks was $21.75. What was Zoey's profit?

• $32.04

• $21.75

• $11.46

• $10.29

Which of these services is not provided by a financial institution such as a bank or credit union?

• Informing customers of the amount of money in their accounts

• Informing customers of how the money in their accounts must be spent

• Providing cash when customers make withdrawals from their accounts

• Providing loans to customers that can be paid back over time with interest

Raina sold pens decorated with fancy tape.

• - Raina's expenses were 11.57 for supplies.

• - Raina sold 12 pens for $2 each.

What was Raina's profit?

• $24.00

• $35.57

• $12.43

• $2.43

Some people borrow money to buy cars. They have to make car payments to pay back the money they borrowed. What kind of expenses are most car payments?

• Variable expenses, because the amount usually changes every month

• Variable expenses, because the payment is not due every month

• Fixed expenses, because the amount is usually the same every month

• Fixed expenses, because the car is usually paid for after one month

Gwen bought an old table. She repaired in and painted it so that it looked new. Then she sold the table. Gwen madre the list about what she did.

• Price paid for old table: $10

• Cost to repair: $5

• Cost to paint: $7.50

• Selling Price $50

What was Gwen's profit from selling the table?

• $27.50

• $50.00

• $22.50

• $40.00

The table shows Adam's expenses for school lunches and book fairs.

Which statement about Adam's expenses is true.

• School lunches are fixed, but book fairs are a variable expense.

• Both school lunches and book fairs are fixed expenses.

• Both school lunches and book fairs are variable expenses.

• The book fairs are a fixed expense, but school lunches are a variable expense.

Ms. Lara lives in an apartment. The table shows some of the expenses that Ms. Lara paid for three months to live in the apartment.

Which expenses were variable expenses for Ms. Lara during these three months?

• Water and Electricity only

• Rent, Water, and Electricity

• Rent and Cable TV only

• Cable TV only

The Table shows the amounts Ms. Owens pair for different expenses during the last three months.

Which expenses were fixed expenses for Ms. Owens during these three months?

• Groceries, Gasoline, and Utilities

• Rent and Car Payment Only

• None of the expenses

• All of the expenses

The table shows the amounts Sheldon and Jenna paid for electricity in their apartments each month for the last six months.

Based on the table, which statement is true about the amounts Sheldon and Jenna paid for electricity during these six months?

• Only Sheldon's electricity expense was a fixed expense.

• Only Jenna's electricity expense was fixed.

• Both Sheldon's electricity expense and Jenna's electricity expense were variable expenses.

• Both Sheldon's electricity expense and Jenna's electricity expense were fixed expenses.