In money matters, what is "interest"?

Money you have to pay for a bank's loan service.

What does "income" mean?

Income is the amount of money you make.

What does the word "scarcity" mean?

Scarcity means that there is not enough of a resource.

What does the word "surplus" mean?

Surplus means there is too much of a resource.

How do credit cards work?

You pay a bill at the end of the month after shopping.

What does the word "scarcity" mean?

Scarcity means that there is not enough of a resource.

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Duplicate of Personal Financial Literacy: 3rd Grade

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Reviews vocabulary and concepts from the 3rd grade PFL TEKS.

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Questions 12

Answers

1
What is a bank loan?
You get free money from the bank.
The bank lets you borrow money to pay back with interest.
When you give someone else your piggy bank.
Someone else pays your bill.
2
What is credit?
A card that helps you buy things.
The ability to buy things, pay for them later w/ interest.
Extra credit work you do in class.
A compliment to someone who worked hard on something.
3
If I work 4 hours and get paid $0.25 per hour, what is my income for the day?
1 dollar
25 cents
4 dollars
4
In money matters, what is "interest"?
A company is interested in hiring you for a job.
Money you have to pay for a bank's loan service.
Something that shows if you're interested in something.
5
What does "income" mean?
Income is the amount of money you spend.
Income is a way of telling a guest, "Come in!"
Income is the amount of money you make.
6
What does the word "scarcity" mean?
Scarcity means that there is not enough of a resource.
Scarcity means that someone is easily scared.
Scarcity says there's too much of a resource.
7
Which of these is a unplanned expense?
Movie tickets
Haircut
Monthly Rent payment
Lost phone
8
What does the word "surplus" mean?
Surplus means there is too much of a resource.
Surplus means there's not enough of a resource.
Surplus is a synonym for "surprise."
9
If there is a surplus of a resource, what happens to the cost of that resource?
It stays the same.
It increases.
The resource is free!
It decreases.
10
How do credit cards work?
You pay a bill at the end of the month after shopping.
You swipe a card and get free stuff!
Money is taken from your bank account to pay for purchases.
11
What does the word "scarcity" mean?
Scarcity says there's too much of a resource.
Scarcity means that there is not enough of a resource.
Scarcity means that someone is easily scared.
12
If a resource is scarce (experiencing scarcity), what happens to the cost of that resource?
The resource is free!
It decreases.
It increases.
It stays the same.

Duplicate of Personal Financial Literacy: 3rd Grade Flashcards | StudBud