Financial Literacy Test

Front

Discount is ____________ from the price.

Back

subtracted

Tags

CCSS.6.RP.A.3B

Front

Assets are best described as ____________.

Back

money or property you own

Front

You are purchasing a T.V for $990 with 9% sales tax. What is the final price of the T.V?

Back

$1,079.10

Tags

CCSS.6.RP.A.3C

Front

Emilio borrows $1200 from a bank with 8.5% simple interest per year. How much will he have to pay back total in 2 years?

Back

$1,404

Tags

CCSS.7.RP.A.3

Front

Tina invested $2,000 in a simple interest account and earned 8% rate for 5 years. What is the interest that she earned on the account?

Back

$800

Tags

CCSS.7.RP.A.3

Front

What is the formula for calculating simple interest?

Back

Simple Interest = Principal × Rate × Time

Tags

CCSS.7.RP.A.3

Front

What does the term 'principal' refer to in finance?

Back

The original sum of money borrowed or invested.

Tags

CCSS.7.RP.A.3

Front

What is a budget?

Back

A plan that outlines expected income and expenses over a specific period.

Tags

CCSS.6.EE.B.8

Front

What is the difference between a need and a want?

Back

A need is something essential for survival, while a want is something desired but not essential.

Tags

CCSS.RI.6.2

CCSS.RI.7.2

CCSS.RL.6.2

CCSS.RL.7.1

CCSS.RL.7.2

Front

What is the purpose of saving money?

Back

To set aside money for future use or emergencies.

Tags

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5