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Financial Literacy Test Flashcards | StudBud
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Financial Literacy Test
Financial Literacy Test
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Questions
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Answers
1
Mrs. Oliver borrows a table from Mrs. Reed for a party. What does
borrow
mean?
To share your food
To use something that someone else owns and return it later
To adopt
To steal an object from another person
2
In December, apples are not in season. What is most likely to happen to the price of apples?
the price of apples would decrease
demand would stay the same
the amount of oranges would decrease
The price of apples would increase
3
Which example belows shows
borrowing money
?
Jamie asks her sister for $10 and she will pay her back.
Mom gave money to Sam for dinner.
Mikey and Melissa put their money together to buy a bike.
Maggie gave money to Beth for her birthday.
4
What does
spending
mean?
A plan that includes your income and spending.
It is the money you save
It is money you invest.
To use money to pay for goods, services.
5
Mrs. Korte bought a new car last weekend. She financed the cost of the car with her bank. What does
finance
mean?
to bankrupt
to provide money for
to get rid of
to make fancy
6
What does the word "
want"
mean?
When you have lots of things to do
Something that happens every week
A time that has not yet happened
Something you would like to have
7
Mr. Gamble went to the bank and deposited a check. What does
deposit
mean?
Using a check to pay a bill
Take money out of an account
The amount of money you have in your account
Put money into an account
8
Good reasons to save money include:
Saving for college
Saving for a car or apartment
Establishing an emergency fund
All of the above
9
If you
buy items
from a store then you are spending money.
False
True
10
What would happen if the price of a box of Oreos were to decrease?
Nothing, sales would stay the same
Consumers would not buy Oreos
Consumers would buy their favorite Chips Ahoy cookies
Consumers would buy more oreos
11
It cost Mrs. Mauntel $15.00 to buy her lunch at Rudy's BBQ. What does
cost
mean?
to save money
to use coins
the price of an item
to pay with dollars
12
The word
budget
means
The change you get back after buying something
The amount of money you can borrow from a teacher
The total amount of money you are allowed to spend
The amount of money you can get from your parents
13
Which one below is an example of a "need"?
A cup of tea
Something you need to survive
Something boring
Something sad
14
The word "Savings" means
Spending all of your money, the second you collect it.
Setting aside of income for future use. Putting money aside for future use.
15
Lillian needs a refrigerator but did not save enough money to pay for a new one. Which option bellow should she choose?
Credit
Labor
Receipt
Interest
16
If I
make money
selling my car. I have made a ??
profit
grunted
hollered
risky
17
Mrs. Templeton withdrew money to pay for her new puppy. What does
withdraw
mean?
Put money into an account
The amount of money you have in your account
Using a gift card to purchase an item
To take money out of an account
