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FINANCIAL LITERACY CHALLENGE

Total questions: 40

Worksheet time: 53mins

Name
Class
Date
1.

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

a)

get fired

b)

earn money

c)

make new friends

d)

buy a motorcycle

2.

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

a)

make more shirts

b)

lower the price of the shirts

c)

raise the price of the shirts

d)

sell matching shoes

3.

Supply is

a)

the things you need for school

b)

having your school materials

c)

wanting to buy more stuff

d)

having enough materials

4.

Scarcity is

a)

when there is too much of something

b)

when there is too many of something

c)

when there is not enough of something

d)

when you are afraid to lose all your money

5.

If you have to sell something for less than what you paid for it you will

a)

make no profit

b)

make a profit

c)

break even

d)

be a salesperson

6.

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

a)

low

b)

high

c)

equal

d)

free

7.
money earned or received
a)
Expenses
b)
Income
c)
Deductions
d)
Check
8.
the total amount of personal income before taxes and deductions 
a)
Net Income
b)
Gross Income
9.
Tax on money from a job, paid once a year on April 15 to the IRS
a)
Payroll tax
b)
Coupons
c)
Sales Tax
d)
Income Tax
10.
Jill earned $220 gross income last month.  She had to pay $13 for payroll tax and $27 for income tax.  How much was Jill's net income?
a)
$260
b)
$193
c)
$180
d)
$40
11.
Bob's net income last month was $985.  He paid $75 in payroll taxes and $25 on income taxes. What was Bob's gross income?
a)
$885
b)
$1085
c)
$900
d)
$910
12.
The higher your credit score, the more likely you are to...
a)
get your dream job
b)
get a good interest rate on a car loan.
c)
get the apartment of your dreams. 
d)
all of these things.
13.
A person who risks his or her own money, time, ideas, and energy to start and run a business.
a)
a. enterpreneur
b)
b. currency
b. currency
c)
c. euro
d)
d. embargo
14.

Why would a business want to spend their money to invent new items?

a)

They can save money

b)

They will fix broken items

c)

They can buy cool goods

d)

They can make new goods to sell

15.

What is profit?

a)

the money you have left over after you paid your bills

b)

how many people want your good/service

c)

the amount of an item you have

d)

none of these

16.

Which of these is a way that a business can use its money wisely/invest in their business?

a)

It can use more expensive resources.

b)

It can invent new goods.

c)

It can buy machines to make goods.

d)

All of the above

17.

A new bakery comes to town. Now there are more options for a bakery. What will happen to the price?

a)
b)
18.

Halloween is almost here! The supply of candy is going down. What will happen to the price?

a)
b)
19.

iPhone X just came out and many people want it. What will happen to the price?

a)
b)
20.
My new Nikes were introduced in May for $129.99, but by December they are being sold for $69.99.  According to the law of supply and demand, which is most likely to be true about the Nikes.
a)
Supply for the Nikes are was hight but the demand was low.
b)
Supply for the Nikes was low but demand was high.
21.
What type of economic system does the US have?
a)
Market
b)
Command
c)
Traditional 
22.
The people who buy goods and services are called...
a)
producers
b)
consumers
c)
banker
d)
traders
23.
The people who grow or create goods are called...
a)
producers
b)
consumers
c)
banker
d)
traders
24.
Which of the following is a need?
a)
Crayons
b)
Video Games
c)
Basketballs
d)
Houses
25.
If video games are not a need, what are they?
a)
a wish
b)
a dream
c)
a want
d)
a necessity
26.
How do most people obtain goods or services today in America?
a)
Money
b)
Trading
c)
Bartering
27.

What is the general increase in prices over time?

a)

Inflation

b)

Deflation

c)

Stagflation

d)

Hyperinflation

28.
Do you have to sign the back of your check to deposit it in the bank?
a)
yes
b)
no
29.
Where do you keep track of how much money is in your account?
a)
on a sticky note
b)
keep all the checks you ever write
c)
in your check register
d)
in your notebook
30.
What is a card that you can take money out of a machine OR use at a store to pay for something out of your checking account?
a)
a debit card
b)
a credit card
c)
a birthday card
d)
a playing card
31.
What is a card that lets you pay later but that you get a bill for at the end of every month?
a)
a debit card
b)
a credit card
c)
a birthday card
d)
a playing card
32.
What is money that you can earn in your savings account or that you have to pay back on a loan?
a)
lucky money
b)
a loan
c)
interest
d)
tips
33.
What is risk and reward in investing?
a)
You are rewarded for investing no matter what. 
b)
If you take a big risk in your investment, you can get a big reward.
c)
If you don't take a big risk in your investment, you probably won't get a big reward.
d)
Both B & C
34.
Do you have to sign the back of your check to deposit it in the bank?
a)
yes
b)
no
35.
What is usually on a deposit slip?
a)
your signature
b)
your account number
c)
the amount of checks and cash you want to deposit
d)
all of the above
36.
How do you put money into your checking account?
a)
Fill out a deposit slip
b)
Make a withdrawal
c)
Ask your mom
d)
Bring it to the bank and just tell them what you want
37.
How do you pay someone money from your checking account?
a)
Make a deposit
b)
Write them a check
c)
Use your credit card
d)
Write them an IOU
38.
How can a business or a person borrow money from a bank?
a)
Ask pretty please
b)
Use your credit card
c)
make a withdrawal from your account
d)
apply for a loan
39.
Which account earns interest from a bank and is good for saving for a long term goal?
a)
Checking Account
b)
Credit Card
c)
Savings Account
40.
What do you do if you want to take money out of your account?
a)
Ask nicely and say please
b)
Write a check to someone
c)
Make a withdrawal
d)
Make a deposit

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