Financial Literacy Packet Quiz

List 5 expenses that are fixed each month

If you pay the minimum payment of $50/month on $10,000 debt- how long will it take you to pay off the debt?

• 15 years

• 7 years

• 5 years

• 17 years

How much do you end up paying in interest on the original $10,000 debt?

• $10,819

• $20,819

• $819

• $15,819

Tags

CCSS.7.RP.A.3

What do you take away in taxes from your income each paycheck when budgeting?

• 5%

• 20%

• 25%

• 10%

Tags

CCSS.6.RP.A.3C

What is the formula for figuring out your take-home pay?

• monthly salary - amount of taxes

• monthly salary

• monthly salary - taxes * .20

• taxes taken out

Tags

CCSS.6.NS.B.3

In complete sentences, why is it important to spend less than you earn?

Tags

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.11-12.1

CCSS.RL.8.1

CCSS.RL.9-10.1

On your budget page, what is your net income ?

Tags

CCSS.7.NS.A.1C

What are three check writing tips?

What bank did you choose and what was their car loan interest rate?

What is the average interest rate for a savings account?

• 1.5%

• 4.5%

• 3%

• 0.5%

Tags

CCSS.6.RP.A.3B