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What is profit?

What is one advantage of keeping money in a savings account?

Financial Literacy

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Questions 10

Answers

1
What is one advantage of keeping money in a savings account?
You can earn interest on your savings.
You can avoid all fees.
You can borrow money easily.
You can spend money freely.
2
What is profit?
Profit is the amount of money spent on expenses.
Profit is the amount of money saved in a bank.
Profit is the total amount of money earned.
Profit is the money left after subtracting expenses from total earnings.
3
What is a good way to use a weekly allowance?
Divide it into spending, saving, and sharing.
Share it all with friends.
Save it all for college.
Spend it all on toys.
4
Which of the following is a fixed expense?
Buying new clothes
Rent for an apartment
Grocery shopping
Electricity bill
5
Which type of account is best for saving money?
Spending account
Loan account
Credit account
Savings account
6
Which of the following is a variable expense?
Internet subscription
Rent for an apartment
Monthly car payment
Buying new clothes
7
If you earn $50 from selling lemonade and your expenses are $30, what is your profit?
$0
$20
$70
$50
8
Which of the following is an example of borrowing money?
Saving money to buy a car
Sharing money to buy a car
Spending money on a car
Borrowing money to buy a car
9
What is interest in terms of savings?
Interest is the total amount of money saved.
Interest is the extra money earned on savings.
Interest is the amount of money borrowed.
Interest is the amount of money spent.
10
What is one basic purpose of a financial institution?
Keeping money safe
Paying taxes
Buying groceries
Building houses