Financial Literacy Quiz

Based on Adam's expenses for school lunches and book fairs, which statement is true about the nature of these expenses?

• School lunches are a fixed expense, but book fairs are a variable expense.

• Both school lunches and book fairs are fixed expenses.

• Both school lunches and book fairs are variable expenses.

• The book fairs are a fixed expense, but school lunches are a variable expense.

Which expenses were variable for Trina during January, February, and March?

• Water and Electricity only

• Rent, Water, and Electricity

• Rent and Cable TV only

• Cable TV only

Which expenses were fixed expenses for Ms. McCulley during these three months?

• Groceries, gasoline, and utilities only

• Rent and car payment only

• None of the expenses

• All of the expenses

Based on the table, what statement is true about the amounts Sheldon and Jenna paid for electricity during these six months?

• Only Sheldon's electricity expense was a fixed expense.

• Only Jenna's electricity expense was a fixed expense.

• Both Sheldon's electricity expense and Jenna's electricity expense were variable expenses.

• Both Sheldon's electricity expense and Jenna's electricity expense were fixed expenses.

Ms. Lanford buys and sells used clothes. Ms. Lanford bought a dress, a sweater, and shorts for a total of $12.00. She then sold each item for the price shown in the list.

-She sold the dress for $20.75

-She sold the sweater for $15.25.

-She sold the shorts for $8.50.

What was Ms. Lanford's total profit from selling the dress, sweater, and shorts?

• $12.00

• $56.50

• $32.50

• $44.50

Zoey sold snacks at a neighborhood pool. The cost of preparing the snacks was $10.29. The money she received from the sale of the snacks was $21.75. What was Zoey's profit?

• A) $32.04

• B) $21.75

• C) $11.46

• D) $10.29

Raina sold pens decorated with fancy tape.

-She spent $11.57 on supplies.

-Raina sold 12 pens for $2 each.

What was Raina profit?

• A) $24.00

• B) $35.57

• C) $12.43

• D) $2.43

Which of these things will hold onto your money for you and also lend out money?

• a bank

• a school

• a job

• a loan

Which of the following services is NOT typically provided by a financial institution such as a bank or credit union?

• Informing customers of the amount of money in their accounts

• Informing customers of how the money in their accounts must be spent

• Providing cash when customers make withdrawals from their accounts

• Providing loans to customers that can be paid back over time with interest

Which of these statements describe the primary services of a bank?

I. Customers can borrow money from a bank.

II. Customers can put money into a savings or checking account.

III. Customers can pick up packages at a bank.

IV. Customer can cash checks at a bank.

• Statements II and IV only

• Statments I, II, IV only

• Statement III only

• Statements I, II, and III only