Financial Literacy Quiz

Andrew goes to help every Saturday at his grandfather's pet shop. He earns $20 each Saturday that he works. He decides to save his money for 8 Saturdays to buy a new bike for $160. Which describes Andrew's decision?

• Not saving enough to buy the bike.

• Buying on credit.

• Saving to meet a goal.

• Saving for an unexpected expense.

A required contribution to the state and federal government is called a(n) _______.

• tax

• expense

• bill

• None of the above.

Which of the following would be a benefit for saving money?

• There will be more money to spend on wants.

• There is be more money to go shopping.

• There will be money in case of a household emergency.

• None of the above

Carlos brought a new laptop for school. The cost of the laptop was $500. Carlos only had $400 saved in the bank so he had to borrow $100 from his mom to pay for the laptop. He agreed to pay his mother $150 back. What is the additional $50 Carlos has to pay his mother?

• Credit

• Unplanned Spending

• Planned spending

• Interest

Which scenario best describes an unplanned spending decision?

• You had been saving all of your birthday money to purchase a new bike.

• Sarah saved babysitting money for three months so she could buy a new purse.

• Paxtyn walked into the store to buy a new book, and walked out with a book, a stationary set, and a stuffed bear.

• Trey worked all summer mowing lawns so he could buy a new video game.

Game Stop recently sold out of the new video game. They made a list for those who wanted to purchase the game when the new shipment arrives. Game Stop's new order was exactly the same as the amount of people on the list. What will likely happen?

• The store will order fewer video games, and increase the price.

• The store will order more video games, and keep the price the same.

• The store will order more video games, and decrease the price.

• The store will order more video games, and increase the price.

Grant works each weekend at the baseball stadium. Which statement is most likely true?

• The more hours Grant works, the less he is paid.

• The more labor Grant provides, the more he is paid.

• When Grant provides less labor, he receives more pay.

• The fewer hours Grant works, the more he is paid.

Owen received the coins and bills shown when he sold lemonade. What is the value of the coins and bills Owen received?

• $8.85

• $9.00

• $9.10

• $8.90

Dana used the money shown to buy a snack. What amount of money did Dana use to buy the snack?

• $1.37

• $1.32

• $1.40

• $1.27

Charlie emptied his piggy bank and counted $5.63 in savings. Which set of bills and coins could not be the total amount of money that was in Charlie’s piggy bank?

• Set A

• Set B

• Set C

• Set D