WorksheetsPersonal Financial Literacy
Total questions: 20
Worksheet time: 1hrs 9mins
Danny babysits for money. He is paid $8 each time he babysits. He saves all the money he makes. If Danny wants to save $40, how many times does he need to babysit?
28 times
7 times
5 times
Jan receives $7 each week for an allowance. She saves $4 of the allowance each week and spends $3. How much money will Jan have saved in 5 weeks?
$10
$20
$12
Pam wants to buy a sticker book that costs $38. She saves $6 each week. Which statement about Pam's savings is true?
She will have enough money to buy the book if she saves for 7 weeks
She will have enough money to buy the book if she saves for 6 weeks
She will have enough money to buy the book if she saves for 5 weeks
Jake's dad received $1,250 on his paycheck. He wants to save this money. Which statement describes the best choice for saving money?
Use the money for the family's next vacation
Buy something that he might be able to sell later
Place the money in a bank account
Sally wants to buy some new shoes. Sally has some money saved but it is not enough to buy the shoes. Which statement describes the best way for Sally to save enough money to buy the shoes?
Spend all of her allowance each week on games and toys
Save the money her mom gives her for doing chores each week
Give all of her allowance each week to her brother to spend on candy
Which statement describes what happens when you spend money?
The amount of money you have decreases
The amount of money you have stays the same
The amount of money you have increases
Which statement does NOT describe a withdrawal from a bank?
Using $50 from your savings account to buy a sweater
Putting the money from your paycheck into your checking account
Getting money from your account using and ATM machine
Uncle Bob is going to travel to visit his dad. He goes to the bank because he needs to take some cash with him. Which statement describes Uncle Bob taking money out of his account at the bank?
He is making a deposit
He is making a withdrawal
He is saving
Beth saved money each week to buy her favorite game. She opened a savings account at the bank. Each week she added the money he earned doing chores into her savings account. Which statement describes Beth adding money to her savings account?
She is making a deposit
She is making a withdrawal
She is spending
Which statement is an example of borrowing?
Aunt Kelly gives Tony an envelope with money in it for his birthday
Leo and Luke put their money together to buy a bike they will share
Abby asks her sister for money to buy a magazine and says she will pay her back later.
Which situation is NOT an example of borrowing?
Robert gets money from his piggy bank to buy a book he wants
Tammy's parents go to the bank and ask for a loan to buy a house.
Brenda purchases a TV with a sign that says "Buy it now, pay later"
Gabby had saved $35. She wants to buy a pair of shoes that cost $40. She asked her father to lend her the rest of the money so she could buy the shoes today. She promised to pay her father back when she gets her $10 allowance at the end of the week.
Which statement best describes this situation?
This is responsible borrowing because Gabby really wants the shoes
This is responsible borrowing because Gabby will be able to pay her father back and still have some of her allowance left over
This is irresponsible borrowing because Gabby lied to her father about the price of the shoes
Andrew has no money saved. He has started chores at his house earning $12 each week. Andrew wants to buy a new game that costs $40. He asked his mom to lend him the money for the game. Andrew promised to pay his mom back in two weeks.
Which statement best describes this situation?
This is responsible borrowing because Andrew really wants a new game
This is responsible borrowing because it will take Andrew four weeks to earn the money to repay his mom instead of two weeks.
This is irresponsible borrowing because Andrew will not be able to pay his mom back in two weeks
Which situation is an example of lending?
Dan takes a $10 bill from his savings account and puts it in a birthday card for his sister
Victor is selling shirts for his team. His customer will pay him when he gives them the shirts
Lisa will use her money to help Mark pay for a bracelet if Mark pays her back later
Randy needs $35 to have enough money to buy a bike. He asks his brother to lend him the $35 from his savings. Randy promises to pay his brother back at the end of the month.
Which statement might be a benefit for Randy's brother if he lends the money to Randy?
Randy might not have the money to pay his brother back at the end of the month
Randy may let his brother ride his bike to show his thanks for letting him borrow the money
Randy's brother will not have the money to spend until Randy pays him back
Tabitha likes her best friend Jana's new doll. Tabitha asks Jana if she can have the doll to play with for the weekend. Which statement could be a reason why Jana might not lend the doll to Tabitha?
Tabitha does not really like Jana's doll
Jana lent a toy to Tabitha before and she took good care of it
Jana lent a toy to Tabitha before and she broke it
Which statement describes a producer?
A restaurant manager buys onions at the market
A restaurant cook makes food for a customer
A restaurant owner pays his water bill
Shelby and Jason are making lemonade to sell. This list shows the price of the items needed to make the lemonade
Lemons: $4 for 10 lemons
Sugar: $2 per bag
Cups: $3 for 10 cups
Water: free
The 10 lemons and bag of sugar will make 20 cups of lemonade. What is the total cost to make and sell 20 cups of lemonade?
$9
$12
$13
Sara is saving money to make a cake for her mom's birthday. The list shows the cost of items Sara needs to make the cake.
Cake mix: $4 per box
Frosting: $3 per can
Candles: $1 per box
Sara will need one box of cake mix, two cans of frosting, and one box of candles. What is the total cost of the cake Sara will make?
$9
$16
$11
Which statement describes a consumer?
A farmer buys cotton seeds to plant in his field
A farmer grows corn to sell at a market
A farmer sells wheat to the company that will make the wheat into flour
