How do credit cards work?

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

What does "income" mean?

Income is the amount of money you make.

In money matters, what is "interest"?

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

What does the word "scarcity" mean?

Scarcity means that there is not enough of a resource.

The bank lets you borrow money to pay back with interest.

The ability to buy things, pay for them later w/ interest.

What does the word "surplus" mean?

Surplus means there is too much of a resource.

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Personal Financial Literacy: 3rd Grade

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

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Questions 11

Answers

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

Personal Financial Literacy: 3rd Grade Flashcards | StudBud