Unit 10 Financial Literacy Review

Walmart hires a crew of truck drivers and workers that load and deliver packages.  The company pays the workers each week.  Which factor would most likely NOT affect the amount of money that an employee receives at the end of the week?

• The total number of hours the person worked that week.

• The type of car the employee drives.

• The amount the employee is paid per hour.

• The amount of experience the employee has.

Allison has a part-time job at a 7-11.  She has a checking account and no savings account.  She does not make much money so she struggles to pay her monthly bills.  Allison would like a new computer to play games on in her spare time.  Which statement describes the best decision Allison could make about buying a new computer?

• 1. Allison could use a credit card to pay for the computer because she will not have to pay the money back.

• 1. Allison could write a check to buy the computer even though she does not have enough money in her checking account.

• 1. Allison could save money each month and buy the computer when she has saved enough money.

• 1. Allison could use her bank card to pay for the computer because it does not matter if she has enough money in the checking account.

Ms. Fran borrowed $1,000 from a bank to make repairs to her car. She paid back $1,800 to the bank. Which of these is most likely the reason that Ms. Fran paid the bank more than she borrowed?

• Ms. Fran had to pay interest on the money that she borrowed.

• 1. Ms. Fran had to pay taxes on the money borrowed.

• 1. Ms. Fran accidentally paid the bank more money than she was required to pay.

• Not here.

Which of the following is NOT a long-term savings goal?

• 1. Saving money to buy a car.

• 1. Saving money to pay for college.

• Saving money to buy a house.

• Saving money to go to the movies

Alyssa works for a grocery store.  The store pays her an hourly wage.  She is paid every week for the work that she does at the store.  Some weeks she works more hours than others.  Which statement is most likely true?

• When Alyssa works less hours she earns more income.

• 1. When Alyssa works more hours she earns less income

• When Alyssa works more hours she earns more income.

• 1. Alyssa earns the same amount no matter the number of hours she works each week.

HEB accidently ordered 1,000 instead of 100 gallons of milk. The milk will expire in 10 days.  What is most likely to happen?

• 1. The store will increase the price of milk.

• 1. The store will not change the price of the milk.

• 1. The store will throw away the extra 900 gallons of milk.

• 1. The store will decrease the price of the milk.

Which statement is NOT true?

• 1. Purchases made using a credit card will be charged interest and fees.

• 1. Purchases made using a credit card are not required to be paid back.

• Credit cards have a limit to the amount you can spend.

• Credit cards require you to make a minimum payment each month.

Which of the following is a reason to save money?

• 1. Saving money will ensure that you get into college

• 1. Saving money will help you get better grades.

• 1. Saving money will help pay for unexpected expenses in the future.

• 1. Saving money will let you have more money to spend now.

Which of the following is NOT an example of human capital?

• 1. Education

• 1. Experience

• 1. Age

• Skills or Training

Which of the following is an example of an unplanned spending decision?

• 1. Alexa saved money for two weeks to buy movie tickets.

• 1. Diana took money from her emergency savings account to replace her broken fridge.

• 1. Rebecca saved her babysitting money for three months to buy a new phone.

• 1. Dale went to a store to buy a pizza and left with a new TV and XBOX.