Financial Literacy Quiz

Trey is describing his labor and income. Which statement could be a description of both labor and income for Trey?

• Trey does volunteer work at a hospital.

• Trey pays a company to repair his roof.

• Trey takes $25 out of his bank account and spends the money at a store.

• Trey takes dogs for a walk after school and earns $25.

Ms. Patterson works for a company. Which factor would most likely affect the amount of money Ms. Patterson gets paid by the company?

• The amount of money Ms. Patterson has to pay in bills

• The size of Ms. Patterson’s family

• The amount of money Ms. Patterson saves every month

• The work experience Ms. Patterson has

Nina works for a restaurant. The restaurant pays her every week for the work she does. Some weeks she works more hours than other weeks. Which statement is most likely true?

• When Nina works fewer hours, she earns more income from the restaurant.

• When Nina works more hours, she earns more income from the restaurant.

• When Nina works more hours, the restaurant gets less labor from her.

• When Nina works fewer hours, the restaurant gets more labor from her.

A city pays each police officer for the work the police officer does. Which factor would most likely not affect the amount of money this city pays a police officer?

• The size of the police officer's family

• The number of years the police officer has worked for the city

• The special skills that the police officer has

• The level of education that the police officer has

Mrs. Williams borrowed $6,000 from a bank to pay for some home repairs. She paid $7,500 back to the bank. Which of these is the most likely reason Mrs. Williams paid the bank more than the amount she borrowed?

• She made a mistake in calculating the amount she needed to pay back.

• She actually needed more than $6,000 for the home repairs.

• She had to pay interest on the amount of money she borrowed.

• She had to pay sales tax on the amount of money she borrowed.

Claire borrowed $20 from her mom in order to buy game tokens at a festival. Her mom said Claire would have to pay the money back with interest. Which statement best explains what Claire’s mom meant?

• She expected Claire to pay back only the money she borrowed.

• She expected Claire to pay back only part of the money she borrowed.

• She expected Claire to keep the money she borrowed and not pay any of it back.

• She expected Claire to pay back the money she borrowed plus an additional amount of money.

Which of the following best defines income in terms of labor?

• The cost to purchase goods

• The money a business earns from selling goods

• The payment received by a worker for their labor

• The price of raw materials

What is the primary goal of a business?

• To provide employment

• To make a profit

• To consume goods

• To produce resources

money earned or received

• Expenses
• Income
• Deductions
• Check

What is income?

• Income is money people get for doing work.

• Income is what you pay to live somewhere.

• Income is money you get charged for borrowing money.

• Income is money you give to people for doing work.