Financial Literacy

Julio's budget for next week is shown. 

Which additional item will balance this budget?

• Income: Mowing lawn $20.00

• Income: Babysitting $25.00

• Expense: Clothing $20.00

• Expense: Gasoline $65.00

  CLEAR ALL

Margaret bought an item for $100, but when she saw her receipt, she realized that she actually paid $108.20. Which statement best describes the reason why Margaret paid over $100 for the item?

• She paid sales tax.

• She paid payroll tax.

• She paid income tax.

• She paid property tax.

All of the following are costs of going to college EXCEPT...

• Tuition and fees

• Room and board

• Textbooks

• Scholarships and grants

Your income before payroll taxes are taken out of it.

• All the money in my Piggy Bank.

• Income

• Sales Tax

• Gross Income

What do you call a plan for your money?

• A spreadsheet

• A budget

• A google doc

• A powerpoint

When you use credit, you will always PAY BACK MORE than you borrow. What do you call the additional money that you will owe?

• Payback

• Extra Owed

• Interest

• Paywall

A document from your bank that details all of your monthly transactions

• Expense

• Budget

• Checking Account

• Bank Statement

If you use a credit card,

• You may have to pay interest in addition to purchase price

• You can make purchases you do not have the money for.

• You never have to pay back the money.

• You have to pay back the money you spend.

What is a mortgage?

• is an unchanging rate charged on a liability, such as a loan or mortgage.

• is a loan from a bank that a person can use to finance the purchase of a house. 

• The amount of money a person pays upfront on a loan/payment.

• s a type of loan where the interest changes according to changes in market interest rates.

Which of the following is an example of a variable expense?

• car payment

• gas for your car

• student loan for college

• insurance