Money and Financial Literacy — Answer Key
Part A: Fill in the Blank
Write the missing word or number on each line.
1. If you save $5 each week, you reach $50 in 10 weeks.
Fifty divided by five equals ten weeks of consistent saving.
2. Saving $3 weekly toward $30 takes 10 weeks.
Thirty divided by three equals ten weeks of saving toward the goal.
3. Saving 25% of $40 income equals $10.
One quarter of forty dollars equals ten dollars in weekly savings.
4. If you save 25% of $40, you can spend $30.
Forty dollars minus ten dollars leaves thirty dollars left to spend.
5. Borrowing $20 and paying back $22 means interest of $2.
Twenty-two minus twenty equals two dollars in interest paid back.
6. Saving $20 instead of borrowing it avoids paying interest.
Saving means no extra fees, while borrowing usually adds interest costs.
7. If you earn $40 and save 50%, you save $20.
Half of forty dollars equals twenty dollars saved each pay period.
8. Saving $4 weekly toward a $24 toy takes 6 weeks.
Twenty-four divided by four equals six weeks of patient saving.
9. 10% of a $50 allowance is $5.
Ten percent of fifty dollars equals exactly five dollars in savings.
Part B: Matching
Match each item on the left to the correct answer on the right.
1. Match each item to its correct answer.
Deposit
→ Money put into an account
Money put into an account
Withdrawal
→ Money taken out of an account
Money taken out of an account
Balance
→ Total money currently in account
Total money currently in account
Interest
→ Extra money earned or owed over time
Extra money earned or owed over time
These four terms describe core actions and amounts in any bank account statement.