Financial Literacy

Eddie is the only person to sell t shirts at school. A new kid comes to school and starts to sell t shirts at the school. Eddie lowers the price of his t shirts because....

• He wants to attract more customers

• The quality of his t shirts decreased

• The number of people who sell t shirts went up

• He is trying to compete with the new kid

When the demand is high, the price will be...

• low

• stable

• high

• variable

What would happen if Monica has to sell her shirts for less that it cost her to make them?

• She would make no profit

• She would make a large profit

• She would break even

• She would lose some customers

If you sell something for more than what you paid for it, you will

• make a profit

• incur a loss

• break even

• lose money

To earn $25.00 how long do you have to save $5.00?

• 4 weeks

• 5 weeks

• 6 weeks

• 1 week

If you make $35.00 in 5 weeks, this means you make $_____ a week.

• $5.00

• $6.00

• $7.00

• $8.00

If you make $7.00 a week for 5 weeks, but you spend $4.00 how much money will you have?

• $31.00

• $25.00

• $28.00

• $20.00

Going to work at a job is a way to....

• earn money

• spend time

• make friends

• learn skills

Which is an example of scarcity?

• our class has too many ipads

• our class has one ipad

• our class has 7 ipads

• our class has 12 ipads

Monica has a store selling her special t shirts. Everyone wants her shirts. Because there is a great demand for the shirts, Monica can....

• lower the price of the shirts

• raise the price of the shirts

• stop selling the shirts

• give away the shirts for free