Financial Literacy Test Review

Which of the following is true about banks and credit unions?

• They are the safest place to save money.
• Money can be withdrawn from banks online.
• Banks are a business and loan money to others to make money.
• All of the above.

Gwen bought an old table. She repaired it and painted, and then sold it. Gwen made this list about what she did.
• Price paid for old table: $10.00
• Cost to repair: $5.00
• Cost to paint: $7.50
• Selling price: $50.00
What was Gwen’s profit from selling the table?  

• $27.50
• $50.00
• $22.50

Which of these is NOT offered by a financial institution?

• Informing customers about their money and accounts.
• Telling customers how to spend their money. 
• Letting customers make withdrawals.
• Providing loans to customers. 

Sam owns a T-shirt printing business. His expenses are $4 per shirt. Sam sells each shirt for $10. He sold 327 shirts last month. How much total profit did Sam make on T-shirts last month?

• $1,962

• $327

• $1,308

• $989

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.2

CCSS.7.NS.A.3

Reagan made 30 beaded bracelets.  She plans to sell the bracelets at a weekend craft fair.  She spent a total of $12 on beads and $3 on wire and clasps.  She sells each bracelet for $20.  What is her total profit?

• $500
• $150
• $75
• $585

Mrs. Pittenger sells 35 necklaces she made for a local boutique.  She sells each necklace for $15.  Her supplies to make the necklaces cost her $4.85.  How much profit did Mrs. Pittenger make?

• $525
• $520.15
• $500

Tags

CCSS.7.NS.A.3

Melissa sells homemade cupcakes for $2 each.  Each cupcake cost $1 to make. What is the amount of profit Melissa makes if she sells 50 cupcakes?

• $50
• $75
• $100
• $175

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.2

CCSS.7.NS.A.3

Whitney has a business selling weekly planners. Last month she had $135 in expenses and had $1,250 in sales.  What is the amount of profit she had last month?

• $1,250
• $135
• $1,115
• $1,005

Rodney has a lemonade stand.  He spent $24 on ingredients for lemonade and $16 on cups and ice. He charged $1 for each cup of lemonade ad he sold 220 cups.  How much profit did he make?

• $40
• $180
• $236
• $244

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

Karlie spends $12.35 to make friendship bracelets. She makes 20 bracelets and sells them for $40 each.  What was Karlie's profit?

• Karlie didn't make a profit.
• $800
• $787.65
• $767.60