Financial Literacy Unit Test

Which of these statements does not describe the primary services of a bank?

• Statements II and IV only

• Statements I, II, and IV only

• Statements I and III only

• Statements II, III and IV only

Maria wants to spend less money in May. Which variable expenses could she reduce? Select all that apply.

• Reduce dining out expenses

• Stop paying her health insurance

• Lower her rent

• Spend less on her car payment.

• Cut down on entertainment costs

Ms. Owens loves thrifting. She buys and sells gently worn clothes. Ms. Owens purchased a dress, a sweater, and shorts for a total of $11.62. She then sold each item for the price shown in the list.

-She sold the dress for $24.55

-She sold the sweater for $12.65

-She sold the shorts for $8.25.

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

Tags

CCSS.6.NS.B.3

You ___________ money from your account when you make a withdrawal.

• add

• subtract

• divide

• multiply

Tags

4.10.E

Which statement best describes a primary service of a bank?

• Banks offer checking and savings accounts to their customers.

• Banks help customers decide which expenses to pay.

• Banks help customers meet their neighbors.

• Banks sell stamps and deliver mail.

Tags

CCSS.RI.4.2

CCSS.RL.3.2

CCSS.RL.4.1

CCSS.RL.5.1

CCSS.RL.5.2

Which of these services is not 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

Tags

4.10.E

Which situation shows a financial institution as a borrower?

• Sylvie uses a credit card to pay for an online purchase

• Menka borrows money to pay for a course as a dental assistant

• Timothy deposits his paycheck into a savings account

• Bea takes out a loan to help her buy a house.

Tags

4.10.E

A business that focuses on dealing with financial transactions such as investments, loans, and deposits, such as a bank or credit union.

• profit

• financial institution

• income

• credit

Tags

4.10.E

When you pay back a loan, you not only pay the amount you borrowed, you also pay it back with a fee called ____________.

• Interest

• Deposit

• Withdrawal

• Checking

Tags

4.10.E

Trina lives in an apartment. The table shows some of the expenses that Trina paid for three months to live in the apartment.

Which expenses were variable expenses for Trina during these three months?

• Water and electricity only

• Rent, Water, and Electricity

• Rent and Cable TV only

• Cable TV only

Tags

CCSS.3.OA.D.9