Financial Literacy

Uncle Jeff is going to travel to visit his mom. He goes to the bank because he needs to take some cash with him. Which statement describes Uncle Jeff taking money out of his account at the bank?

• He is making a withdrawl

• He is making a deposit

• He is saving

Which statement does NOT describe a withdrawal from a bank account?

• Using $30 from your savings account to pay for a sweater

• Putting money from your paycheck into your checking account

• Getting money from your account using an ATM

Which statement describes what happens when you spend money?

• The amount of money you have decreases

• The amount of money you have increases

• The amount of money you have stays the same

Pam wants to buy a sticker book for $32. She saves $5 each week. Which statement is true?

• She will have enough money if she saves for 10 weeks

• She will have enough money if she saves for 7 weeks

• She will have enough money if she saves for 5 weeks

Jan babysits for money. She is paid $7 each time. She saves all of the money she makes. If Jan wants to save $35, how many times does she need to babysit?

• 7 times

• 5 times

• 28 times

Ben saved his money each week to buy his favorite game. He opened a savings account at the bank and each week he added the money he earned from doing his chores. Which statement describes Ben adding money into his account?

• He is spending

• He is making a deposit

• He is making a withdrawl

Which situation is an example of borrowing?

• Aunt Sally gives Tony an envelope with money for his birthday

• David and Jack puts their money together to buy a bike they will share

• Lisa asks her sister for money to buy a magazine and says she will pay her back later

Which situation is NOT an example of borrowing?

• In a tore, Brenda purchases a TV with a sign that says "Buy it now, pay later"

• Bella's parents go to the bank and ask for a loan to buy a house

• Robert gets money from his piggy bank to buy a book he wants

Which situation is an example of lending?

• Dan takes a $10 bill from her savings box and puts it in a birthday card for his brother

• Victor is selling shirts for his team, His customers will pay him when he gives them the shirts

• Jill will use her money to help Mary pay for a necklace if Mary pays her back later.

Which statement describes a producer?

• A restaurant manager buys onions at the market

• A restaurant cook makes food for a customer

• A restaurant owner pays his water bill