Financial Literacy Review

Margaret saves her allowance each week. Which of the following would NOT help her earn interest if she puts her money there?

• online bank

• local bank

• piggy bank

• credit union

Shawn earns money for completing his chores every week. Why would it be smart to deposit his money at a bank?

• The bank is not open on the weekend.

• The bank will charge him a fee if he does not save enough.

• The bank will charge him a fee if he tries to take too much out.

• The bank will keep it safe for him.

Which of the following is NOT a purpose of a credit union?

• lending money

• Keeping money safe

• Borrowing money

• Printing money

Ariana sells necklaces to the Girl's Club. She buys the materials for $12. She makes 20 necklaces and sells them for $2 each. What is Ariana's profit?

• $40

• $34

• $28

• $8

Which of the following is NOT a variable expense?

• Car Payment

• Gas

• Utilities

• Groceries

Mark bought a used table. She fixed it up and made it look brand new. Then she sold the table. Mark made this list about what he did.

Price paid for old table: $15.00

Cost to repair: $3.00

Cost to paint: $2.00

Selling price: $60.00

What was Marks profit from selling the table?

• $80

• $50

• $30

• $40

An expense where the price changes based on use, want or need is a _____.

• Variable Expense

• Fixed Expense

An expense that cost the same each week, month or year.

• Variable Expense

• Fixed Expense

Jay bought a tablet for $240. He spent $15to transport it to Carrie's house, then he sold her the system for $450. How many dollars was Ishmael's profit?

• $255

• $195

• $135

• $640

Which of the following is a fixed expense?

• Utilities

• Gas

• Plane tickets for vacation

• Mortgage (house payment)