financial literacy

Terry is in third grade.

· She had $5.

· She gets $15 every week for doing chores.

· She borrowed $10 from her brother.

· She bought a sweater she wanted for $30.

Which statement describes Terry?

• She has savings of $25.

• She has debt of $10.

• She has an income of $30.

• She has interest of $5.

The table lists what Lena needs to make a photo album.

Lena gets paid $10 a week to take care of a garden. She decides to save for the items. About how many weeks will it take her to save enough money?

• 2

• 6

• 9

• 12

The bar graph compares Alex’s savings to his debt.

Which statement describes Alex?

• He borrows more than he saves.

• He saves more than he borrows.

• He spends more than he earns.

• He earns more than he spends.

Brian earns $50 a month. What can he do to avoid debt each month?

• Spend less than $100.

• Spend less than $50.

• Borrow less than $100.

• Save more than $50.

Casey is in third grade. She got $40 for her birthday. Her mother says she should put half of it in her college savings. Casey thinks that she is too young to save for college. Is she right?

• Yes, because she will not be in college for ten years.

• Yes, because children shouldn't worry about paying for college.

• No, because it takes ten years to save for college.

• No, it is never too early to start saving for college.

Elsie bought a coat using a charge card. She paid the charge card off two months later. Because she bought the coat using this method, Elsie probably —

• paid less than she would have paid if she had not used a credit card

• paid twice as much as she would have if she had not used a credit card

• paid more than she would have paid if she had not used a credit card

• paid the same amount as she would have paid if she had not used a credit card

Credit cards make it easier to buy things but harder to —

• enjoy things

• get good prices

• buy things online

• keep expenses under control

Lana is saving to buy a dog house for her puppy. She has been saving $4 a week for 12 weeks. How many more weeks does she need to save?

• 9

• 21

• 8

• 11

Carly wants to save $92 to buy a new scooter. Which savings plan can she use?

• $5 for 15 weeks

• $8 for 10 weeks

• $10 for 8 weeks

• $14 for 7 weeks

Hal buys a video camera using credit. Which condition most likely led him to use credit?

• He did not plan to keep the camera for long.

• He did not plan to use the camera very much.

• He did not have enough money to buy the camera.

• He thought the camera cost too much.