Unit 8 Review-Financial Literacy

What are taxes?

• a required contribution to the state or federal government

• a bill you have to pay

• monthly expenses

• unplanned spending

How can you earn an income?

• babysitting

• buying a boat

• buying a toy

• paying to fix a leaking roof

Sammy wanted to go to college. He worked hard each summer at his dad’s shoe store. What should Drew do with his money?

• save for college

• spend it all

• buy a new bike

• buy his dad a present

Tags

CCSS.RL.2.1

CCSS.RL.1.3

CCSS.RL.4.3

CCSS.RL.5.3

CCSS.RL.6.3

What is one reason you might save your money?

• to have money for college

• to have money when you retire

• to have money in case of an emergency

• all of the answers are correct

Which of the following is NOT a reason to save money

• to buy a car

• to get better grades

• to pay for college

• to have money for emergencies

Loans are...

• deposits that people make to a bank

• money that doesn't have to be repaid to the bank

• money that must be repaid to the bank with interest

• good and services the bank has that others want to use

What would you use a credit card to buy?

• soccer ball

• birthday present

• new carpet

• a bike

Which of the following is PLANNED SPENDING?

• buying shoes when you went to the store for school supplies

• saving for 2 months to buy a new Play Station game

• spending all of your money at the book fair when you were supposed to be saving it

• buying a new collar for your dog, when you were supposed to be buying pet food

Which of the following is UNPLANNED SPENDING?

• saving your birthday money to buy a new bike

• saving babysitting money to buy a new purse

• going to a store to buy a new book, but also getting a teddy bear and a set of colorful pens

• mowing lawns to save for a new video game

There was a plant disease that went and killed most of the apples that were being grown in Texas. What happens to the price of the remaining apples?

• the price will decrease because the apples are scarce

• the price will increase because the apples are scarce

• the price will stay the same because there will be more apples available

• the price will decrease because the apples will not taste the same