1) What does Fixed Expenses mean? a) Expenses that change such as grocieries, eating out, gasoline b) Expenses that stay the same weekly, monthly , or yearly. Example: Carpayment, Rent, Subscriptions etc.  c) The amount of money saved each month. 2) What does Varied Expenses mean?  a) Expenses that change such as groceries, eating out, gasoline b) Expenses that stay the same weekly, monthly , or yearly. Example: Carpayment, Rent, Subscriptions etc. c) Expenses used house payment. 3) What does profit mean? a) The amount of money you have left after all expenses are paid. b) The amount of expenses that are paid. c) The amount of money you lost on a sale. 4) Income a) Money that can be earned from different sources such as jobs, allowance, tips etc. b) Money collected from the for a project. c) Fees you must pay to the government. 5) Why is it important we Save money? a) You should save money in case of an emergency. b) You should save money for things in your future such as college, a car. c) All of the above 6) What does it mean to share money? a) You give money away to a good cause to help others. b) You use money to put in the vending machine at school. c) You let your brother borrow your money for a toy. 7) What is a Financial Institution?  a) Bank b) Credit Union c) Savings and Loan Company d) Investment Company e) All of the above 8) Financial Instutions keep our money safe? a) True b) False 9) Financial Institution is only Banks? a) True b) False 10) A Financial Instution will not loan you money?  a) True b) False 11) A Financial Instutuion must follow State and Federal Laws? a) True b) False 12) When I withdraw money. I am putting money into my account? a) True b) False 13) When I deposit money, I add to the amount in my bank account. a) True b) False 14) Money can be taken out of savings account at anytime? a) True b) False 15) A savings acount doesn't earn interest. a) True b) False 16) A Certificate of Deposit must stay in an account a certain amount of time before you can with draw? a) True b) False

Financial Literacy Quiz

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