Money and Financial Literacy — Answer Key
Part A: Fill in the Blank
Write the missing word or number on each line.
1. Buying items for $2.50, $3.25, and $1.10 totals $6.85.
Fifty plus twenty-five plus ten cents is eighty-five cents, plus two plus three plus one is six dollars.
2. From a $20 bill, after spending $14.75, your change is $5.25.
Twenty dollars minus fourteen dollars seventy-five cents leaves five dollars and twenty-five cents.
3. Income $50 minus expenses $30 leaves savings of $20.
Fifty dollars in income with thirty dollars going to expenses leaves twenty dollars saved.
4. Food and rent are examples of needs, not wants.
Food, shelter, and clothing are basic needs because they keep people healthy and safe.
5. Two snacks at $1.50 each cost $3.00 total.
One dollar fifty cents times two equals three dollars exactly for both snacks.
6. Toys and candy are usually wants rather than needs.
Toys and candy are wants because people can live healthy lives without buying them.
7. Save $5 each week for 6 weeks equals $30 saved.
Five dollars saved each week for six weeks gives a total of thirty dollars saved.
8. $12.40 plus $7.60 equals $20.00 exactly.
Forty cents plus sixty cents equals one dollar, plus twelve plus seven gives twenty dollars.
9. Money put into a bank account is called a deposit.
A deposit happens when you place money into your bank account to save or hold.
Part B: Matching
Match each item on the left to the correct answer on the right.
1. Match each item to its correct answer.
Food and water
→ Need (basic survival)
Need (basic survival)
New video game
→ Want (entertainment item)
Want (entertainment item)
Doctor visits
→ Need (health and safety)
Need (health and safety)
Movie theater ticket
→ Want (fun outing)
Want (fun outing)
Food and doctor visits are needs because they keep us alive and healthy, while games and movies are wants for entertainment.