4.10 Financial Literacy

4.10A-distinguish between fixed and variable expenses
4.10B-calculate profit in a given situation
4.10C-describe the basic purpose of financial institutions, including keeping money safe, borrowing money, and lending

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Lesson 14: Financial Literacy

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Multiple Choice

A variable expense is _______

• expenses that change depending on how much you use a product or service

• stays the same

• the difference between the amount earned and the amount spent

Multiple Choice

Profit is ______

• expenses that change depending on how much you use a product or service

• stays the same

• the difference between the amount earned and the amount spent

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Multiple Choice

What type of expense is the electricity bill?

• A variable expense because the amount changes every month.

• A fixed expense because it is paid every month.

• A fixed expense because the amount is the same every month.

• A variable expense because it is not paid every month.

Multiple Choice

The table below shows the amounts of Gloria’s expenses for the last three months.

Which expenses were fixed expenses for the three months?

• Rent, car and phone

• Rent and car payment only

• Electricity, groceries and phone

• All of the expenses

Multiple Choice

Todd sells Frito Pies during football games.

• Expense for ingredients $214.69

• Sold $785.75 in Frito Pie at the last game

What was the amount of profit that Todd made?

• $571.06

• $1,000.44

• $571.14

• $483.79

Multiple Choice

Tara bought an old dresser at a yard sale. She fixed some broken pieces and painted it. After two months she decided to sell it. She made a list of the items she bought to fix it.

• Paint: $12.75

• Wood: $6.00

• Wood screws: $2.00

Tara sold the dresser for $80. What was Tara’s profit from selling the dresser?

• $20.75

• $59.25

• $100.75

• $60.25

Multiple Choice

Which of the following are fixed expenses?

• Buying clothes and going to the movies

• Mortgage payment and Netflix subscription

• Water bill and car payment

• Insurance and vacation expenses

Poll

How confident are you in answering these types of questions?

• Very Confident

• Somewhat Confident

• A Little Confident

• Not Confident at all