Personal Financial Literacy

What happens to a bank account when a deposit is made?

• The bank balance increases.

• The bank balance decreases.

• The bank balance stays the same.

• None of the above.

My house payment is the same every single month. This is an an example of a....

• profit

• variable expense

• fixed expense

• Income

_{(7.13B) Javier’s monthly personal budget is shown in the circle graph. Determine the percentage of his budget that he spends on housing.}

• 53%
• 47%
• 70%
• 70.7%

The sales tax rate in Texas is 8%. If Mr. Jacobs buys an American Girl doll for his daughter with a price tag of $150, what is the total amount he will pay for the doll?

Angie has $1062 in her savings account. If the bank pays 4% simple interest on savings, how much interest does she earn in 3 years?

I = prt

Which of the following is an example of a fixed expense?

(select two)

• Rent

• Food

• Credit card bill

• Car payment

Which of the following is an example of a variable expense?

(select 3)

• Food

• Credit card bill

• Loan

• Utility bill

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  

• the amount of money borrowed or deposited
• the percent interest for his year
• the amount taxed
• the amount the bank owes you for being a customer at their bank

The total value of a person's assets (things owned) minus their liabilities (things owed).

• Budget
• Investments
• Net Worth
• Personal Finance

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

• $800
• $1,000
• $1,200
• $1,500