Money and Financial Literacy — Answer Key
Part A: Multiple Choice
Circle the best answer for each question.
1. Mia saves $6 weekly for 8 weeks, then spends $20 on a gift. How much remains?
A) $28
B) $40
C) $48
D) $54
Six dollars times eight weeks equals forty-eight, minus twenty dollars spent leaves twenty-eight dollars left.
2. Deposit $100 in a savings account that earns $5 interest. What is the new balance?
A) $95
B) $105
C) $100
D) $150
One hundred dollars deposited plus five dollars in interest gives a new balance of $105 total.
3. Pencils: 5 for $3 or 8 for $4. Which is the better deal per pencil?
A) 5 for $3
B) Same price
C) 8 for $4
D) Cannot tell
Three dollars over five is sixty cents each, while four dollars over eight is fifty cents each, so eight is cheaper.
4. Budget: Food $30, Toys $15, Savings $10, Other $5. What is the total budget?
A) $50
B) $55
C) $45
D) $60
Thirty plus fifteen plus ten plus five equals sixty dollars in the total monthly budget.
Part B: Fill in the Blank
Write the correct answer on each line.
1. Saving $7 each week for 9 weeks gives a total of $63.
Seven dollars times nine weeks equals sixty-three dollars saved over the period.
2. Buy 3 shirts at $8.50 each. Total cost is $25.50.
Eight dollars fifty cents times three equals twenty-five dollars and fifty cents in total.
3. From $40, spend $12.75 and $9.25. Money left is $18.
Twelve seventy-five plus nine twenty-five is twenty-two dollars; forty minus twenty-two leaves eighteen dollars.
4. $200 deposit plus $10 interest gives a balance of $210.
Two hundred dollars deposited plus ten dollars in interest earned makes a balance of $210.
5. Monthly income $80, expenses $55. Savings each month is $25.
Eighty dollars earned minus fifty-five dollars in expenses leaves twenty-five dollars saved each month.