Understanding College Costs and Savings

• $10,000

• $16,000

• $20,000

• $8,000

Tags

TEKS.MATH.8.12G

Which of the following is a financially responsible decision?

• Spending all your savings on a new video game console

• Saving a portion of your allowance for future needs

• Borrowing money to buy unnecessary items

• Ignoring a budget plan

Tags

TEKS.MATH.8.12F

What is one disadvantage of using a credit card for purchases?

• You earn rewards points

• You can build a credit history

• You may incur high-interest charges if not paid in full

• It is convenient for online shopping

Tags

TEKS.MATH.8.12E

If a family plans to save for a four-year college education costing $40,000 in total, how much should they save annually to cover the first year, assuming they start saving when the child is 14 and attends college at 18?

• $2,500

• $5,000

• $10,000

• $20,000

Tags

TEKS.MATH.8.12G

Identify the benefit of financial responsibility.

• Accumulating debt

• Having a stable financial future

• Frequent impulse buying

• Ignoring financial goals

Tags

TEKS.MATH.8.12F

Which payment method allows you to avoid carrying cash but requires careful tracking to avoid overdraft fees?

• Cash

• Debit card

• Credit card

• Check

Tags

TEKS.MATH.8.12E

• $48,000

• $64,000

• $32,000

• $16,000

Tags

TEKS.MATH.8.12G

What is a potential cost of financial irresponsibility?

• Improved credit score

• Increased savings

• Accumulation of debt

• Financial independence

Tags

TEKS.MATH.8.12F

Which of the following is an advantage of using a debit card?

• You can spend more than you have

• It helps avoid debt

• It builds credit history

• It offers cash back rewards

Tags

TEKS.MATH.8.12E

If a family contributes $2,000 annually to a college savings plan, how much will they have saved after 5 years?

• $5,000

• $10,000

• $15,000

• $20,000

Tags

TEKS.MATH.8.12G