Personal Financial Literacy Review

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

• F. Trey dos voulunteer work at a hospital.

• G. Trey pays a compay to repair his roof

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

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

2. 2. 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?

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

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

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

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

Tags

CCSS.5.OA.B.3

3. 3. 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?

• A. The size of the police officer's family

• B. 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.

4. 4. Bad weather destroyed most of the peaches on the peach trees in an orchard. This will have an affect on the price of the remaining peaches. Which statement best describes the affect on the price?

• A. The price will likely increase, because there are more peaches available to buy.

• B. The price will likely decrease, because there are more peaches available to buy.

• C. The price will likely increase, because there are fewer peaches available to buy.

• D. The price will likely decrease, because there are fewer peaches available to buy.

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

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

• B. The size of Ms. Patterson's family.

• C. The amount of money Ms. Patterson saves every month.

• D. The work experience Ms. Patterson has.

Tags

CCSS.RI.3.3

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6. 6. 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?

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

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

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

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

Tags

CCSS.7.RP.A.3

7. 7. 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?

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

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

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

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

Tags

CCSS.7.EE.B.3

8. 8. Dahlia sold pineapples at a fruit stand. The table shows the number of pineapples Dahlia had for sale each week and the number of customer she expected to come to her fruit stand. In which week did Dahlia most likely sell her pineapples for the highest price?

• F. Week 1, because the number of pineapples was greater than the number of customers.

• G. Week 2, because the number of pineapples was the same as the expected number of customers.

• H. Week 3, because fewer customers were expected to come to the fruit stand this week than any other week.

• D. Week 4, because the number of pineapples was less than the expected number of customers.

Tags

CCSS.6.RP.A.3B

9. 9. Brenda teaches third grade at Jefferson Elementary School. Tricia cleans offices for a cleaning company. Susan donates time to the local library. Which of these people is earning income?

• A. Brenda and Tricia only.

• B. Brenda and Susan only.

• C. Tricia and Susan only.

• D. Brenda, Trica and Susan.

Tags

CCSS.RL.1.3

CCSS.RL.2.1

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10. 10. Which of the following best describes a wage?

• F. Payment for goods and services

• G. Profit from the sale of goods

• H. Interest earned on savings

• J. Income earned from work.