Financial Literacy Quiz (3rd grade)

Question 1

If the demand for a product increases, what must happen to keep scarcity from occurring?

Accepted Answer

Supply increases

Question 2

__________are the skills, experience, and/or the education a person has that can affect income.

Accepted Answer

Human capital

Question 3

Start balance is $200 in your account, you withdraw $75,and write a check for $99. What's left?

Accepted Answer

$26

Question 4

Paying for your house and gas for a car is an example of _________ spending.

Accepted Answer

Planned

Question 5

When scarcity occurs, supply decreases and usually price _________.

Accepted Answer

Increases

Question 6

When buying with credit, the extra money you pay is called ___________.

Accepted Answer

Interest

Question 7

Aldridge canned food drive in an example of _____________.

Accepted Answer

Charity

Question 8

Good examples of smart buying on credit include:

Accepted Answer

All of the above

Question 9

_________ is putting money aside to use for the future.

Accepted Answer

Saving

Question 10

You buy a TV on credit for $200. You pay back $50 for 5 months. How much interest do you Pay?

Accepted Answer

$50

Question 11

People often use ________ to pay for more expensive items such as cars and homes.

Accepted Answer

Credit

Question 12

Sara pays $60 for a game and gets $18 in change. How much did the game cost?

Accepted Answer

$42

Question 13

Paying for a window being broken by a baseball being thrown is an example of ______________.

Accepted Answer

Unplanned spending

Question 14

If Nick saves $15 a month for six months, how much will he have saved?

Accepted Answer

$90

Question 15

A computer costs $400 or 6 payments of $90. How much interest will you pay if using credit?

Accepted Answer

$ 140

Question 16

__________ is money earned for work people do.

Accepted Answer

Income

Questions 16