6th Grade Financial Literacy Quiz

The gross domestic product is equal to the total ____ of a nation.

• supply and demand

• population

• debt

• goods and services

What is an example of a good and/or service?

• giving advice

• receiving a grade on your quiz

• paying a repairman to fix your bike

• playing at the park

When you start paying back loans, what's the first thing you should pay?

• interest

• principal

• work study

• FAFSA

Income tax is when a percentage of a ____ is paid to the government.

• paycheck

• apartment

• restaurant bill

• clothing receipt

Taxes are the same amount no matter where you live.

• true

• false

Sylvia deposits $50 into a savings account with a 2% interest rate. Using the formula for simple interest, how much will she have in the account in 5 years?

• $55

• $45

• $60

• $550

Ellie's budget shows a problem. His weekly expenses average $10 more than his earnings. Ellie works 5 days a week and every day on his way to work, he spends $2.50 on coffee. Will cutting out the coffee help Ellie balance his budget?

• Yes, and he will have more money left over.

• Yes, the amount he saves will balance his budget exactly.

• No, Ellie will have to find another job.

• No, Ellie will just stay in debt forever.

Erica wants to buy a new dishwasher that costs $500. She has already saved $100. She earns $1,200 a month and her total expenses come to $1,000. Erica is going to put all of her extra money into her savings account for the dishwasher. Assuming her expenses stay the same, how long will it take Erica to save enough money for the dishwasher?

• 3 months

• 2 months

• 1 month

• 5 months

6% sales tax on a $50 game, leads to a total cost of ____.

• $53

• $864

• $3.45

• $50.06

You wish to buy an eraser that costs $0.50, a pencil that costs $1, and a notebook that costs $1.75. The sales tax is 7%, what would be the total cost?

• $3

• $53

• $3.45

• $3.32