Money and Financial Literacy — Answer Key
Part A: Fill in the Blank
Write the missing word or number on each line.
1. Three books at $4.25 each cost $12.75 in total.
Four dollars twenty-five cents times three equals twelve dollars and seventy-five cents total.
2. Income $40 minus expenses $25 equals savings of $15.
Forty dollars in income minus twenty-five dollars spent on expenses leaves fifteen dollars saved.
3. From a $50 bill after spending $33.20, change is $16.80.
Fifty dollars minus thirty-three dollars twenty cents leaves sixteen dollars and eighty cents in change.
4. Saving $8 weekly for 5 weeks gives a total of $40.
Eight dollars saved each week for five weeks equals forty dollars in total savings.
5. Money taken out of a bank account is a withdrawal.
A withdrawal is when money is taken out of an account to spend or use elsewhere.
6. $15.50 plus $4.50 plus $2.00 equals $22.00.
Fifty cents plus fifty cents makes a dollar, plus fifteen plus four plus two plus one is twenty-two.
7. A house payment is a need, not a want item.
Shelter is a basic need because everyone requires a safe place to live and rest.
8. $25 budget minus a $9 shirt minus a $5 hat is $11 left.
Twenty-five dollars minus nine dollars minus five dollars equals eleven dollars remaining in the budget.
9. An ice cream cone is usually a want purchase.
Ice cream is a want because it brings enjoyment but is not needed for survival.
Part B: Matching
Match each item on the left to the correct answer on the right.
1. Match each item to its correct answer.
Income
→ Money you earn
Money you earn
Expense
→ Money you spend
Money you spend
Savings
→ Money set aside
Money set aside
Budget
→ A spending plan
A spending plan
Income is earned, expenses are spent, savings are kept aside, and a budget plans how to use money wisely.