STAAR-Based Assessment - Build a Budget- Personal Financial Lit

A school district pays its teachers for teaching their students. Which factor would most likely NOT affect the amount the school district pays its teachers?

• The number of years the teacher works

• The level of education the teacher has

• The size of the teacher’s house

• None of the above

Valentina wants to buy some new shoes. The shoes cost $40 and she only has $20. She asks to borrow the money from her grandma. Her grandma tells her she would have to pay the money back, plus interest. Which statement explains what Valentina’s grandma means?

• Valentina would have to pay back less money.

• Valentina would have to pay back all the money, plus some extra money.

• Valentina wouldn’t have to pay her grandma back.

• Valentina would have to pay back only the money borrowed.

The United States imports cotton from India. A tropical storm hit India, and they lost most of their cotton crops. This will have an effect on the price of cotton. Which statement best describes the effect on the price?

• The United States will pay less for the cotton, because there is more cotton available to buy.

• The United States will pay less for the cotton, because there is less cotton available to buy.

• The United States will pay more for the cotton, because there is more cotton available to buy.

• The United States will pay more for the cotton, because there is less cotton available to buy.

Manuela will start a savings account while she is in eighth grade. Which one of the reasons listed below is most likely NOT a reason that Manuela will need her savings account?

• Paying for college tuition and books

• Buying gas and food for college

• Buying a car

• Buying tickets to concerts and movies

Mr. Jones borrowed $3,000 from his friend Jacob for some car repairs. He paid $3,500 back to Jacob. Which is the most likely reason Mr. Jones had to pay Jacob more money back?

• Mr. Jones needed more money than he thought.

• Mr. Jones had to pay Jake interest for borrowing his money.

• Mr. Jones had to pay sales tax on the amount he borrowed.

• Mr. Jones made a guess at how much money he owed.

Terence works part-time at a car wash. He works 20 hours after school during the week. The car wash pays him every week. Which statement about Terence’s job is NOT true?

• When Terence works more hours, he earns more income.

• When Terence works fewer hours, he earns less income.

• When Terence works more hours, he earns less income.

• When Terence is not at work, he earns no income.

Many people have started to drink tea instead of coffee. There is extra coffee at many stores that is not being bought. Which statement best describes the effect on the price of coffee due to the extra amount available?

• The price for coffee will decrease, because there is too much coffee.

• The price for coffee will decrease, because there is not enough coffee.

• The price of coffee will increase, because there is too much coffee.

• The price of coffee will increase, because there is not enough coffee.

Keaton bought a brand-new truck. The cost of the truck was $29,540. He borrowed the money and had 4 years to pay it back. To pay off the truck, he will owe $35,654. Which statement best explains why Keaton has to pay more for the truck?

• Keaton borrowed money from the bank and has to pay interest.

• Keaton has to pay income tax on the amount he borrowed.

• Keaton bought some accessories for the truck.

• None of the above

A real estate company is selling a house. Three families are interested in buying the home. Which statement best describes how this will affect the price the house is sold for?

• The cost of the home will decrease, because more than one family is looking to buy the house.

• The cost of the home will increase, because more than one family is looking to buy the house.

• The cost of the home will remain the same, because more than one family is looking to buy the house.

• The cost of the house will increase, because the owner wants more money.

Which of the following positions at a hospital is most likely an unpaid position?

• Doctor

• Nurse

• Volunteer

• Lab technician