Bad weather destroyed most of the peaches in an orchard. How will this effect the price of the remaining peaches.

The price will likely increase, because there are fewer peaches to buy.

Jo works for a store, and they pay her each week for her work. Some weeks she works more than others, which is true?

When Jo works more hours, she earns more income from the store.

Mrs. Williams borrowed $6,000 from a bank, and she paid $7,500 back. Why did she pay the bank more than she borrowed?

She had to pay interest on the amount of money she borrowed.

Sam created a savings plan for college. Which of the following statements BEST describes the benefit.

If Sam follows her savings plan she will have money she needs for college.

Ms. Patterson works for a company. Which factor would affect the amount of money Ms. Patterson gets paid by the company?

The work experience Ms. Patterson has.

A city pays each police officer for their work. Which would most likely not affect the money a city pays an officer?

The size of the police officer’s family

Mr. Smith spent $275 using his credit card. He paid the credit card company back $300. Why did he pay back more money?

He had to pay interest on the amount of money he borrowed.

Amy borrowed $20 from her mom, and was told to pay her back with interest. Which statement explains what her mom meant?

She expected Amy to pay back the money she borrowed plus an extra amount

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Financial Literacy

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Answers

1
Bad weather destroyed most of the peaches in an orchard. How will this effect the price of the remaining peaches.
The price will likely increase, since there are more peaches to buy.
The price will likely decrease, because there are fewer peaches to buy.
The price will likely decrease, because there are more peaches to buy.
The price will likely increase, because there are fewer peaches to buy.
2
Jo works for a store, and they pay her each week for her work. Some weeks she works more than others, which is true?
When Jo works more hours, she earns more income from the store.
When Jo works more hours, the store gets less labor from her.
When Jo works fewer hours, the store gets more labor from her.
When Jo works fewer hours, she earns more income from the store.
3
Mrs. Williams borrowed $6,000 from a bank, and she paid $7,500 back. Why did she pay the bank more than she borrowed?
She had to pay sales tax on the amount of money she borrowed.
She had to pay interest on the amount of money she borrowed.
She made a mistake in calculating the amount she needed to pay back.
She actually needed more than $6,000 for the home repairs.
4
Sam created a savings plan for college. Which of the following statements BEST describes the benefit.
If Sam follows her savings plan she will have money she needs for college.
If Sam follows her savings plan she will have money to buy things she wants
If Sam follows her savings plan, she can buy a new car.
If Sam follows her savings plan, she will have to borrow money for college.
5
Ms. Patterson works for a company. Which factor would affect the amount of money Ms. Patterson gets paid by the company?
The amount of money Ms. Patterson has to pay in bills.
The size of Ms. Patterson’s family.
The work experience Ms. Patterson has.
The amount of money Ms. Patterson saves every month.
6
A city pays each police officer for their work. Which would most likely not affect the money a city pays an officer?
The level of education that the police officer has
The special skills that the police officer has
The size of the police officer’s family
The number of years the police officer has worked for the city
7
Mr. Smith spent $275 using his credit card. He paid the credit card company back $300. Why did he pay back more money?
The credit card company charged him $300 instead of $275.
He had to pay interest on the amount of money he borrowed.
He made a mistake in calculating the amount he needed to pay back.
He had to pay sales tax on the amount of money he borrowed.
8
Amy borrowed $20 from her mom, and was told to pay her back with interest. Which statement explains what her mom meant?
She expected Amy to keep the money she borrowed and not pay it back.
She expected Amy to pay back the money she borrowed plus an extra amount
She expected Amy to pay back only the money she borrowed.
She expected Amy to pay back only part of the money she borrowed.

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