Personal Financial Literacy

Last updated over 2 years ago

27 questions

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Library

Personal Financial Literacy

Last updated over 2 years ago

27 questions

5

Draggable item		Corresponding Item

3.9.C

1

3.9.D

1

3.9.D

1

3.9.D

1

3.9.C

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3.9.D

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Match the terms in the left column with the terms in the right column that have the opposite meaning.

Draggable item		Corresponding Item
spend		lender
borrowing		unplanned
wants		save
planned		needs
borrower		lending

Which of these is a benefit of planned spending decisions?

Paying interest on borrowed money

Never having enough money for purchases

Always being able to spend money whenever you want

Not having to borrow money often

Which of these is NOT a reason to save money?

To prepare for college expenses

To be able to pay for large purchases

To pay more interest

To prepare for an emergency

Vicki often makes unplanned spending decisions. Which of these could be a benefit of Vicki's unplanned spending?

The bank will let her know when she has spent all her money.

She can save money to buy larger items.

She will never need to borrow money.

She can buy items when they are on sale.

Tanner borrowed $2,000 from a bank to pay for a boat. After 24 monthly payments, Tanner repaid the bank a total of $2,500. Which is the most likely reason Tanner paid back more than what he borrowed?

The boat cost more than expected.

He paid interest on his loan.

He wanted to donate extra money to help the bank.

He forgot to quit sending money to the bank every month.

The Morris family asked for a loan from a bank so that they could buy a home. Why did the Morris family need credit from the bank?

They had enough cash to buy the home.

They did not want to pay taxes on the home.

They had more money than they needed.

Their need was greater than their ability to pay.

After Latanya completes high school, she may choose to attend a 4-year college or university. If she attends a college or university, she will increase her knowledge and skills. With more knowledge and skills, Latanya may have a better chance to get a job that -

pays her well

requires no work

any child could do

no one else would want to do

During the winter months, Mr. Delgado has to pay $5 for a quart of strawberries. During the summer months, he has to pay $1 for a quart of strawberries. Which best explains why people pay less for a quart of strawberries in summer than in winter?

People like to eat strawberries during the summer months.

Strawberries are plentiful during the summer months so they are cheaper.

Strawberries are scarce during the summer months so they are cheaper.

People have more money during the winter months than the summer months.

Ms. Jiang borrowed $2,654 from a bank. The bank expects Ms. Jiang to-

give the money to someone who needs it

pay back some, but not all, of the money

pay back all of the money plus interest

keep the money and not pay it back

From the time he was 6 years old, Cedro has been saving $4 each week in his savings account at a bank. He has planned to use the money to help him pay for college in the future. Cedro is now 9 years old and has $428 in his savings account. Cedro should probably -

stop saving because he has enough money to pay for college

continue saving each week to reach his goal of going to college

continue saving each week because he will soon be able to afford a car

stop saving because he will never be able to afford college

Ms. Brown owns a business that builds complex computer systems for NASA. Her business is growing and she needs to hire a new employee to help her design a new computer system. She will likely hire a person that has a degree from a -

cooking or culinary school

college or technical school

music or theater arts school

middle or high school

In the year 1835, a freeze destroyed almost all of the orange trees in the state of Florida. Because oranges became scarce, the prices of oranges and orange juice in the state of Florida likely -

were not reported in newspapers in 1834

were higher than they were in 1834

were lower than they were in 1834

were the same as they were in 1834

Ms. Taylor has spent the last 3 days in a hospital recovering from an accident. When she is released this afternoon, she will owe the hospital $900 for medical bills. Ms. Taylor only has $400. What will Ms. Taylor likely have to do?

Ask for credit in the amount of $500

Photograph $900 and give it to the hospital

Convince the hospital that $400 is enough

Pretend that she is still injured

William earns money each month from mowing his neighbor's yard. Each time William is paid, he saves $12 in a bank. He spends the rest of the money on entertainment and clothes. The money William saves in the bank -

will earn interest and increase

should be spent on more clothes

will be stolen eventually

should be taken out as soon as possible

For a homework assignment, Solymar had to list 5 of her goals. Look at the list below.

1. Get excellent grades in high school
2. Get Taylor Swift's autograph
3. Complete college
4. Get silky smooth hair
5. Take naps every afternoon

If Solymar accomplishes the 5 goals, which two goals will help her the most to get a job as an adult?

Goals 2 and 4

Goals 1 and 3

Goals 1 and 2

Goals 4 and 5

At the start of the year, Seth began making and selling bracelets made out of string. He sold them to other students for $1 each. A few days later, other students began making and selling the same bracelets. They sold their bracelets for 75¢ each. Within a month, thirty more students began making and selling bracelets. They sold theirs for 50¢ each. If Seth continues to sell bracelets, he will probably have to sell each one for -

5¢ to $1

more than $1

no money at all

50% or less

People sometimes use credit when

they need or want to show a bank how much money they have

they own many things and want to sell them to people who have nothing

they need or want to buy something that they cannot afford

they have more money than they can spend in a lifetime

Abigail's class went on a study trip to a bank. The manager of the bank told the students about the benefits of saving money. The manager probably did NOT say -

"Your savings can help you pay for unexpected expenses in the future."

"Saving money isn't necessary because you will have a good job in the future."

"Your savings can help you pay for things you may need or want in the future."

"Saving money now can help you pay for college in the future."

When a bank loans money to a person, the bank expects that person-

to treat the money like a birthday gift or contest prize

to pay back all of the money to the bank at a later date

to spend the money on entertainment, vacations, and merriment

to pay back some of the money if there is any left over

Malcolm will complete high school ten years from now. He can look for a job right after high school, or he can continue his education after high school in a college or technical school. If Malcolm decides to go to a college or technical school, he has a better chance of getting a job -

that is easy and pays less

that is challenging and pays well

that is confusing to others

that is impossible to find

Yi-Min earns $18 each time she makes and sells a cake. Each time Yi-Min is paid, she saves half of the money in a savings account at a local bank. She spends the other half of the money on books, magazines, and theater tickets. Yi-Min could best use the money she saves in the bank to-

pay for a vacation

pay for better cake ingredients

pay for better seats at the theater

pay for college after high school

Mr. Simpkins owns an engineering company that designs and builds bridges. He needs to hire a new employee that has strong math, science, and computer skills. Which statement is true?

He will likely hire someone who left high school early because it was boring

He will likely hire someone who is good at arguing

He will likely hire someone with experience playing video games

He will likely hire someone with a college degree

During the spring. Beverly has to pay $3 for a pound of apples. During the autumn, she pays less than $1 for a pound of apples. Why does Beverly have to pay more for apples in the spring than autumn?

Apples are scarce in autumn; they are plentiful in spring.

Apples are eaten raw in spring; they are used for baking pies in autumn.

Apples are used for baking pies in spring; they are eaten raw in autumn.

Apples are plentiful in autumn; they are scarce in spring.

James's grandfather pays him $15 each week for completing several chores around the farm. When James gets his money each week, he should probably -

ask his grandfather to pay him more

spend all of the money before he loses it

save some of the money in a bank

do fewer chores and get less money

Match the terms in the left column with the terms in the right column that have the opposite meaning.

spend

lender

borrowing

unplanned

wants

save

planned

needs

borrower

lending

What is credit?

Credit is an amount that someone borrows with an agreement to pay them back later.

Credit is the amount of money saved in the bank.

Credit is how much someone is paid for completing a job.

Credit is the extra money paid on borrowed funds (money).

What is interest?

Interest is money used for emergencies.

Interest is the extra money paid from borrowed money.

Interest is money saved in the bank for spending later.

Interest is saving money for college.

What is savings?

Savings is the money you save for a later date.

Savings is money used for food.

Savings is the extra money paid from borrowed money.

Savings is money saved in the bank for spending later.

Which of these is a benefit of planned spending decisions?

Paying interest on borrowed money

Never having enough money for purchases

Always being able to spend money whenever you want

Not having to borrow money often

Which of these is NOT a reason to save money?

To prepare for college expenses

To be able to pay for large purchases

To pay more interest

To prepare for an emergency

Vicki often makes unplanned spending decisions.  Which of these could be a benefit of Vicki's unplanned spending?

The bank will let her know when she has spent all her money.

She can save money to buy larger items.

She will never need to borrow money.

She can buy items when they are on sale.

Tanner borrowed $2,000 from a bank to pay for a boat.  After 24 monthly payments, Tanner repaid the bank a total of $2,500.  Which is the most likely reason Tanner paid back more than what he borrowed?

The boat cost more than expected.

He paid interest on his loan.

He wanted to donate extra money to help the bank.

He forgot to quit sending money to the bank every month.

The Morris family asked for a loan from a bank so that they could buy a home.  Why did the Morris family need credit from the bank?

They had enough cash to buy the home.

They did not want to pay taxes on the home.

They had more money than they needed.

Their need was greater than their ability to pay.

After Latanya completes high school, she may choose to attend a 4-year college or university. If she attends a college or university, she will increase her knowledge and skills. With more knowledge and skills, Latanya may have a better chance to get a job that -

pays her well

requires no work

any child could do

no one else would want to do

During the winter months, Mr. Delgado has to pay $5 for a quart of strawberries. During the summer months, he has to pay $1 for a quart of strawberries. Which best explains why people pay less for a quart of strawberries in summer than in winter?

People like to eat strawberries during the summer months.

Strawberries are plentiful during the summer months so they are cheaper.

Strawberries are scarce during the summer months so they are cheaper.

People have more money during the winter months than the summer months.

Ms. Jiang borrowed $2,654 from a bank. The bank expects Ms. Jiang to-

give the money to someone who needs it

pay back some, but not all, of the money

pay back all of the money plus interest

keep the money and not pay it back

From the time he was 6 years old, Cedro has been saving $4 each week in his savings account at a bank. He has planned to use the money to help him pay for college in the future. Cedro is now 9 years old and has $428 in his savings account. Cedro should probably -

stop saving because he has enough money to pay for college

continue saving each week to reach his goal of going to college

continue saving each week because he will soon be able to afford a car

stop saving because he will never be able to afford college

Ms. Brown owns a business that builds complex computer systems for NASA. Her business is growing and she needs to hire a new employee to help her design a new computer system. She will likely hire a person that has a degree from a -

cooking or culinary school

college or technical school

music or theater arts school

middle or high school

In the year 1835, a freeze destroyed almost all of the orange trees in the state of Florida. Because oranges became scarce, the prices of oranges and orange juice in the state of Florida likely -

were not reported in newspapers in 1834

were higher than they were in 1834

were lower than they were in 1834

were the same as they were in 1834

Ms. Taylor has spent the last 3 days in a hospital recovering from an accident. When she is released this afternoon, she will owe the hospital $900 for medical bills. Ms. Taylor only has $400. What will Ms. Taylor likely have to do?

Ask for credit in the amount of $500

Photograph $900 and give it to the hospital

Convince the hospital that $400 is enough

Pretend that she is still injured

William earns money each month from mowing his neighbor's yard. Each time William is paid, he saves $12 in a bank. He spends the rest of the money on entertainment and clothes. The money William saves in the bank -

will earn interest and increase

should be spent on more clothes

will be stolen eventually

should be taken out as soon as possible

For a homework assignment, Solymar had to list 5 of her goals. Look at the list below.

Get excellent grades in high school
Get Taylor Swift's autograph
Complete college
Get silky smooth hair
Take naps every afternoon

If Solymar accomplishes the 5 goals, which two goals will help her the most to get a job as an adult?

Goals 2 and 4

Goals 1 and 3

Goals 1 and 2

Goals 4 and 5

At the start of the year, Seth began making and selling bracelets made out of string. He sold them to other students for $1 each. A few days later, other students began making and selling the same bracelets. They sold their bracelets for 75¢ each. Within a month, thirty more students began making and selling bracelets. They sold theirs for 50¢ each. If Seth continues to sell bracelets, he will probably have to sell each one for -

5¢ to $1

more than $1

no money at all

50% or less

People sometimes use credit when

they need or want to show a bank how much money they have

they own many things and want to sell them to people who have nothing

they need or want to buy something that they cannot afford

they have more money than they can spend in a lifetime

Abigail's class went on a study trip to a bank.  The manager of the bank told the students about the benefits of saving money. The manager probably did NOT say -

"Your savings can help you pay for unexpected expenses in the future."

"Saving money isn't necessary because you will have a good job in the future."

"Your savings can help you pay for things you may need or want in the future."

"Saving money now can help you pay for college in the future."

When a bank loans money to a person, the bank expects that person-

to treat the money like a birthday gift or contest prize

to pay back all of the money to the bank at a later date

to spend the money on entertainment, vacations, and merriment

to pay back some of the money if there is any left over

Malcolm will complete high school ten years from now. He can look for a job right after high school, or he can continue his education after high school in a college or technical school. If Malcolm decides to go to a college or technical school, he has a better chance of getting a job -

that is easy and pays less

that is challenging and pays well

that is confusing to others

that is impossible to find

Yi-Min earns $18 each time she makes and sells a cake. Each time Yi-Min is paid, she saves half of the money in a savings account at a local bank. She spends the other half of the money on books, magazines, and theater tickets. Yi-Min could best use the money she saves in the bank to-

pay for a vacation

pay for better cake ingredients

pay for better seats at the theater

pay for college after high school

Mr. Simpkins owns an engineering company that designs and builds bridges. He needs to hire a new employee that has strong math, science, and computer skills. Which statement is true?

He will likely hire someone who left high school early because it was boring

He will likely hire someone who is good at arguing

He will likely hire someone with experience playing video games

He will likely hire someone with a college degree

During the spring. Beverly has to pay $3 for a pound of apples. During the autumn, she pays less than $1 for a pound of apples. Why does Beverly have to pay more for apples in the spring than autumn?

Apples are scarce in autumn; they are plentiful in spring.

Apples are eaten raw in spring; they are used for baking pies in autumn.

Apples are used for baking pies in spring; they are eaten raw in autumn.

Apples are plentiful in autumn; they are scarce in spring.

James's grandfather pays him $15 each week for completing several chores around the farm. When James gets his money each week, he should probably -

ask his grandfather to pay him more

spend all of the money before he loses it

save some of the money in a bank

do fewer chores and get less money

What is credit?

Credit is an amount that someone borrows with an agreement to pay them back later.

Credit is the amount of money saved in the bank.

Credit is how much someone is paid for completing a job.

Credit is the extra money paid on borrowed funds (money).

What is interest?

Interest is money used for emergencies.

Interest is the extra money paid from borrowed money.

Interest is money saved in the bank for spending later.

Interest is saving money for college.

What is savings?

Savings is the money you save for a later date.

Savings is money used for food.

Savings is the extra money paid from borrowed money.

Savings is money saved in the bank for spending later.