WorksheetsFinancial Literacy
Total questions: 84
Worksheet time: 5hrs 37mins
Name
Class
Date
1.
This is money a person puts aside (normally in a bank) to spend in the future.
a)
interest
b)
savings
c)
credit
d)
loans
2.
__________ is using money to buy goods including food or clothes, or services such as a visit to the doctor.
a)
interest
b)
saving
c)
spending
d)
loans
3.
__________ is extra money you pay when you borrow money as a loan; sometimes this is also money you can receive for saving money in the bank.
a)
savings
b)
spending
c)
loans
d)
interest
4.
When you buy something on ______, you are actually borrowing money, and you will have to pay it back with interest.
a)
savings
b)
debit
c)
credit
d)
income
5.
This is when you borrow money from a bank to buy something for which you do not have enough money. You have to pay back interest, or extra money, to the bank.
a)
income
b)
spending
c)
loan
d)
resources
6.
___________ are things used to produce goods and services. Some examples of natural ones that occur in nature are trees, clean water, soil, oil, and gas.
a)
spending
b)
resources
c)
loans
d)
savings
7.
Carlos helped his father build a new house for a neighbor. Carlos received $100 for helping his father. What could you say about the $100 Carlos received from his father?
a)
The $100 is income.
b)
The $100 is a loan.
c)
The $100 is spending.
d)
The $100 is credit.
8.
Paula took out a loan to buy a new refrigerator. She borrowed $1,000 (the bank gave her $1,000). After a year, Paula has to pay back the bank. She will have to pay $1,200. Why did she have to pay an extra $200 to the bank?
a)
The $200 was interest charged by the bank.
b)
The $200 was extra savings the bank gave Paula.
c)
Paula earned $200 as income.
d)
Paula sold a natural resource, oil, and has to give back the money to the bank.
9.
Every week, Lisa earns $200 for babysitting. What is Lisa's monthly income? (Remember 1 month= 4 weeks).
a)
$200
b)
$400
c)
$800
d)
$1,000
10.
Sally bought a TV using a credit card. The TV normally costs $500. Sally had to repay a total of $600 because she borrowed the money as credit. How much money did she have to pay only in interest?
a)
$500
b)
$600
c)
$100
d)
$1,000
11.
Rodrigo worked four days last week. He earned $56 for mowing the lawn on Monday. On Tuesday, he earned $75 for planting some flowers. On Friday, he earned $44 dollars for cleaning up the house. On Sunday, he earned $67 for helping his mother make tamales to sell. What was Rodrigo's weekly income?
a)
$252
b)
$230
c)
$242
d)
$232
12.
Insects attacked some walnut trees this year, so the walnut crop is much smaller.What will probably happen to the price of a bag of walnuts this year?
a)
The price will stay the same.
b)
The price will go up.
c)
The price will go down.
d)
A bag of walnuts will be free.
13.
Curt saved $23 a month for 6 months. He used all of his savings to pay cash for a microscope. John bought the same model microscope on credit. He made 9 payments of $17. How much more did John pay for the microscope than Curt?
a)
$6
b)
$8
c)
$15
d)
$36
14.
Last week, Mr. Larkin cleaned 8 carpets and was paid $65 for each carpet. He also earned $35 as a baseball umpire. What was his total income?
a)
$555
b)
$520
c)
$485
d)
$245
15.
Vivian wants to buy headphones that cost $56. If she saves $8 a week, how many weeks will she have to save to buy the headphones?
a)
64
b)
8
c)
7
d)
448
16.
Julia bought a beginner surfboard on credit. She made 8 payments of $21 each. How much interest did she pay?
a)
$168
b)
$27
c)
$21
d)
$17
17.
If a bird takes a bite of an apple and finds a worm inside, what can you say about his demand for apples?
a)
The bird is angry and will no longer buy apples.
b)
The bird eats the apple but decides not to buy more.
c)
The bird loves worms and buys all the apples at the store.
d)
The bird buys oranges instead.
18.
What is the money called that is paid by a borrower to a lender for the use of the lender's money?
a)
Income
b)
Credit
c)
Interest
d)
Purchase
19.
What helps you save money regularly so you can reach your goals?
a)
Human Capital
b)
Credit
c)
Savings Plan
d)
Salary
20.
What is paying for something with money that you borrow and must pay back, usually with interest?
a)
Income
b)
Credit
c)
Interest
d)
Lend
21.
Sawyer is selling bracelets. She pays $2.00 for the beads and $2.50 for the string. She sells her bracelets for $1.00.
How much are her expenses?
How much are her expenses?
a)
$2.00
b)
$2.50
c)
$4.50
d)
$5.50
22.
Which type of postsecondary degree takes about four years to earn attending college full time and is required for professions such as teachers, nurses, and hospital administrators?
a)
Doctoral or Professional Degree
b)
Associate's Degree
c)
Master's Degree
d)
Bachelor's Degree
23.
Interest is:
a)
A charge for lending money to a bank
b)
The amount owed for borrowing money
c)
the amount added into your savings when opening a bank account
d)
a charge for the convenience of accessing money stored in your bank account
24.
What is a budget
a)
A plan to manage income and expenses
b)
average monthly income
c)
average yearly income
d)
a plan that poor people need to use
25.
What is the value of these coins?
a)
31¢
b)
61¢
c)
70¢
d)
46¢
26.
Miss Smith borrowed $2,654 from the bank. The bank expects Miss Smith to--
a)
pay back some, but not all of the money
b)
keep the money and not pay it back
c)
pay back all of the money plus interest
d)
give the money to someone who needs it
27.
People sometimes use credit when....
a)
they need or want to buy something they cannot afford
b)
they have more money than they can spend in a lifetime
c)
they need or want to show a bank how much money they have
d)
they own many things and want to sell them to people who have nothing
28.
Bad weather destroyed most of the peaches on the peach trees in an orchard. This will have an effect on the price of the remaining peaches. Which statement best describes the effect 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 is a scarcity of peaches.
d)
The price will likely decrease, because there is a scarcity of peaches.
29.
What does it mean when something is scarce?
a)
There isn't enough.
b)
There is too much.
c)
There isn't any.
d)
It is fun.
30.
a)
40 ¢
b)
50¢
c)
5¢
d)
25¢
31.
a)
35¢
b)
40¢
c)
5¢
d)
25¢
32.
a)
20¢
b)
15¢
c)
3¢
d)
30¢
33.
a)
4¢
b)
35¢
c)
20¢
d)
40¢
34.
How many pennies in a nickel?
a)
25 pennies
b)
6 pennies
c)
10 pennies
d)
5 pennies
35.
How many nickels in a dime?
a)
1 nickel
b)
5 nickels
c)
2 nickels
d)
10 nickels
36.
How much is 8 dimes worth?
a)
$1.00
b)
85₵
c)
80₵
d)
50₵
37.
How much is 8 nickels worth?
a)
35₵
b)
39₵
c)
40₵
38.
What is the name of this coin?
a)
Penny
b)
Nickel
c)
Dime
d)
Quarter
39.
What is the name of this coin?
a)
Nickel
b)
Penny
c)
Quarter
d)
Dime
40.
How much money is this?
a)
12 cents
b)
2 cents
41.
When I count my dimes, I count by...
a)
1s
b)
10s
42.
What is the value of these coins?
a)
13
b)
23¢
43.
Jimmy has 3 pennies, 5 nickels, and 2 quarters. He wants to buy a toy car that's 88ct. Does he have enough money to buy the car?
a)
Yes
b)
No
44.
Nancy has 1.00 and spends 67ct. How much money does she have left over?
a)
.43
b)
.45
c)
.33
d)
.23
45.
Jenny wants to go see a movie. A movie cost 85 ct. Jenny has 5 nickels 2 dimes and 10 pennies. Does she have enough?
a)
Yes
b)
No
46.
I have 6 pennies, 3 dimes, and 2 quarters. How much money do I have?
a)
55 ct
b)
95 ct
c)
36 ct
d)
86 ct
47.
What way can you make a 1.00 out of 4 coins?
a)
4 dimes
b)
10 nickels
c)
4 quarters
d)
4 pennies
48.
Miss Stohr wants to buy herself a new pen. She has 4 dimes and 7 nickels. And the pen cost 75 ct. does she have enough money?
a)
Yes
b)
No
49.
You have 7 dimes 2 nickels and 5 pennies. How much money do you have?
a)
72 ct
b)
35 ct
c)
85 ct
d)
81 ct
50.
Harry wants to buy a chocolate bar. A chocolate bar costs 88 ct. Harry has 4 pennies, 5 nickels, and 3 dimes. Does he have enough?
a)
Yes
b)
No
51.
How many nickels does it take to make a 1.00?
a)
20
b)
15
c)
40
d)
10
52.
If I have 7 dimes, 7 pennies, and 2 nickels, how much money do I have?
a)
77 ct
b)
1.00
c)
95 ct
d)
87 ct
53.
a)
$1.62
b)
$0.62
c)
$2.62
d)
$2.82
54.
a)
$1.68
b)
$1.78
c)
$1.88
d)
$1.76
55.
If I bought a rug for $0.89 and paid with $1.00, how much change would I get back?
a)
$0.11
b)
$0.10
c)
$0.25
d)
$0.36
56.
a)
$1.07
b)
$1.70
c)
$4.07
d)
$4.17
57.
This is what you spent on a bag of popcorn at the movies. If you paid with a $5, how much change would you receive?
a)
$2.62
b)
$2.82
c)
$2.52
d)
$2.61
58.
a)
$1.50
b)
$1.20
c)
$2.50
d)
$2.20
59.
You received this much change after paying with a $5 bill. How much was your total?
a)
$1.68
b)
$1.78
c)
$3.22
d)
$4.22
60.
How many quarters are in a dollar?
a)
1
b)
2
c)
3
d)
4
61.
A company that builds houses pays each carpenter for the work he or she does. Which factor would NOT affect the amount of money the carpenter gets paid?
a)
the special skills the carpenter has
b)
the kind of car the carpenter drives
c)
the years of experience the carpenter has
d)
the number of hours the carpenter works
62.
What causes one job to pay more than another job?
a)
the length of training, amount of education level and level of job difficulty
b)
the age of the person working
c)
where the person working lives
d)
how many kids the person working has
63.
_________ is the money that is earned for the person that did the _________ .
a)
rent, cleaning
b)
dollar bill, chores
c)
bills, purchase
d)
income, labor
64.
Four kids are trying to make money during the summer to go to camp. The camp costs $24 a day to attend. Lashea earns $1 an hour to watch his baby sister. Joseph earns $3 an hour filing papers at his mom's office. Carmen makes $2 an hour helping her dad mow the lawn.
Who has to work longer to earn $24 and why?
Who has to work longer to earn $24 and why?
a)
Lashea because his amount is smallest.
b)
Joseph because his amount is the biggest.
c)
Lashea because his amount is the largest.
d)
Joseph because his amount is the smallest.
65.
Which of the following includes the knowledge, skills, education and talent people bring to work?
a)
financial capital
b)
natural capital
c)
human capital
d)
natural resources
66.
Lydia is a babysitter. Which of the following ways can she increase her human capital?
a)
babysit only one child at a time
b)
charge a higher price for her babysitting
c)
purchase toys she can use while she babysits
d)
attend a class to improve her babysitting skills
67.
Which of the following is not an example of exchanging human capital for income?
a)
walking a neighbors dog for $1
b)
washing your dishes and making your bed for your weekly allowance of $3
c)
watering a neighbor's plants while they're on vacation for $5
d)
receiving $5 from your grandmother for your birthday
68.
Walker earns $10 per hour while working at a restaurant. What is the amount of money he will earn in 8 hours?
a)
18
b)
80
c)
2
d)
81
69.
Brenda teaches 3rd grade at Audelia Creek 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
b)
Brenda and Susan
c)
Tricia and Susan
d)
Brenda, Susan and Tricia
70.
Which of the following best describes a wage?
a)
payment for goods and services
b)
profit from the sale of goods
c)
interest earned on savings
d)
income earned from work
71.
Which of the following usually causes income from a job to be higher?
a)
the job has a title
b)
more education is required for the job
c)
people must be interviewed for the job
d)
an ad for the job was placed on the internet
72.
Which of the following is a reason why most skilled workers are paid more than unskilled workers?
a)
skilled workers are in greater supply
b)
skilled workers have more bills to pay
c)
skilled workers have spent fewer years in school
d)
skilled workers produce more than unskilled workers
73.
London earns $8 per hour selling passes to the city pool. What is the amount he earns if he works for 8 hours?
a)
$0
b)
$16
c)
$36
d)
$64
74.
Charitable Giving
a)
donating to an organization that collects money, goods, or services to groups in need
b)
purchasing goods and services to satisfy wants and needs
75.
Charity
a)
a plan to set money aside for the future use
b)
an organization that collects money, goods, or services for groups in need
76.
Credit
a)
donating to an organization that collects money, goods, or services to groups in need
b)
buying or obtaining goods or services now with an agreement to pay in the future
77.
Human Capital/ Labor
a)
abilities, skills, and education that helps to make a worker more valuable and more productive for the company or organization
b)
purchasing goods and services to satisfy wants and needs
78.
Income
a)
money earned for working and money received for the sale of goods or property
b)
purchasing goods and services to satisfy wants and needs
79.
Interest Paid
a)
donating to an organization that collects money, goods, or services to groups in need
b)
money paid for borrowing money or making purchases on credit
80.
Resources
a)
natural or man-made materials or items needed to satisfy wants and needs
b)
abilities, skills, and education that helps to make a worker more valuable and more productive for the company or organization
81.
Saving
a)
natural or man-made materials or items needed to satisfy wants and needs
b)
setting aside money earned or received for future use
82.
Savings Plan
a)
a plan to set money aside for future use
b)
money paid for borrowing money or making purchases on credit
83.
Scarcity
a)
when human wants for goods and services are greater than the quantity of goods and services that can be produced using all available resources
b)
donating to an organization that collects money, goods, or services to groups in need
84.
Spending
a)
when human wants for goods and services are greater than the quantity of goods and services that can be produced using all available resources
b)
purchasing good and services to satisfy wants and needs
100 %
