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Financial Literacy
Financial Literacy
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Financial Literacy Review (5th Grade STAAR Review)
Flashcards
21 cards
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Questions
21
Answers
1
Which of the following is considered a fixed expense?
Car payment
Earning money for babysitting.
Receiving a birthday gift of money.
2
Which of the following is considered an expense?
Going to Tim Hortons
Receiving money for your birthday.
Lending a friend money.
Putting money in a savings account at the bank.
3
Which of the following can Jose use if he wants to pay for an item at a later time?
Money Transfer
Check
Debit Card
Credit Card
4
What are his total expenses?
$50
$30
$70
$60
5
Which of the following is considered income?
Buying lunch for you and a friend.
Money given to you for your birthday.
Money you give to a friend for their birthday.
6
What is also called earnings after taxes?
Gross Income
Net Income
Payroll Taxes
7
Which of the following is also called gross income?
Net Income
Total Earnings
Payroll Taxes
8
Bobbie buys a dirt bike for $3000.00. She borrows the money and pays 5% interest. How much will she pay at year end?
$150.00
$3 300.00
$3000.00
$3 150.00
9
Raul pays property tax in Ontario. On which of the following might Raul pay property tax?
Clothing
House
Salary
Income
10
Lee pays $0.13 or 13% in sales tax for every dollar. If she buys $60 of items, what is the total cost?
$60.00
$67.80
$7.80
$61.30
11
Which of the following is considered a flexible expense?
Property Taxes (taxes your parents pay for your house 2-4 times a year)
Mortgage payment
Video game purchase
12
Jessica buys a new skin for her Fortnite characters. She pays $12.50. She pays 13% sales tax. What is the total cost?
$12.75
$13.14
$14.13
$12.50
13
What is considered an expense?
Putting money in a savings account.
Recieving a gift card for McDonalds.
Paying your sibling to do your chores.
14
What is his total income?
$45
$25
$40
$60
15
What is also called payroll taxes?
Net Income
Gross Income
Income Taxes
16
What is considered a fixed expense?
rent
Paying for a movie ticket
Groceries
Buying snacks for a party.
17
The benefits of using a debit card are...?
It can be added to your phone and is less bulky than cash.
If lost or stolen, you can freeze your account.
The money is taken directly out of your account.
All of these reasons.
18
A new video game costs $98.99. The taxes are 13%. What is the total cost of the video game?
111.86
111.90
115.00
111.85
19
The benefits of using a credit card are...
Pay interest if not paid in full.
The money is taken directly out of your account.
Buy now and pay later. Build a credit rating. Often earn points.
20
What could Dean do to balance his budget?
Decrease his movie rentals by $5
Increase his savings by $5
Increase his allowance by $10
21
Which of the following shows when a budget is balanced?
Expenses > Income
Income=Expenses
Income > Expenses
