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SERP: Financial Literacy 8th Grade Flashcards | StudBud
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SERP: Financial Literacy 8th Grade
SERP: Financial Literacy 8th Grade
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Questions
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Answers
1
Which form of payment is BORROWED money that you have to pay back with interest?
debit
cash
credit
2
What is a scholarship?
Money earned for college that you do not have to pay back
Money borrowed for college that you pay back with interest
3
Which expense is the same every month?
Variable Expense
Fixed Expense
4
Chelsea borrowed $7500 at a 12% simple interest rate. After 3 years, what would the TOTAL ACCOUNT BALANCE be? I = PRT
$4,800
$10,200
$2,700
$27,000
5
Which of the following is NOT a form of money made from work?
Salary
Expenses
Wages
Income
6
What is a student loan?
Money borrowed for college that you pay back with interest
Money earned for college that you do not have to pay back
7
Which expense is different every month?
Fixed Expense
Variable Expense
8
Find the total cost of attending college using the table below.
$30,000
$30,600
$19,900
$25,500
9
Which of the following is a form of payment that comes from your bank account?
Cash
Credit
Debit
10
Find the total cost of attending college for
4 years
using the table below.
$7,650
$102,000
$30,600
$122,400
11
What would the cost for 1 year be if you
lived at home
?
$27,800
$30,600
$30,000
$25,500
12
What term is when you spend more money than you have in the bank?
Expense
Overdraft
Late Fee
Budget
13
Ty deposited $500 into a bank that earn 2% simple interest. After 4 years, how much INTEREST did he earn? I = PRT
$250
$2
$400
$40
14
What term is when you put money into your bank account?
Expense
Income
Deposit
Withdrawal
15
What term is when you take money out of your bank account?
Deposit
Withdrawal
Income
Expense
