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Financial Literacy Summative Assessment MC

VS-5-FL-S-1/2/3/4
I Can answer Multiple Choice questions about Financial Literacy. 

Save your FLSA document from YOUR online classroom. Type the letter to represent your answer. Please DO NOT space between number and letter! 
*Please DO NOT use periods after numbers* Please type just your answer. Ex.   1A 
                                                                            2B
                                                                            3C

Copy & paste into Mrs. Grant's Blog Post. 
  
                                                                            
5th Grade FLSAMC

Financial Literacy Summative Assessment

Selected Response

1. Which is NOT an example of an expense?
     A. Water & Sewer
     B. Food
     C. House
     D. Birthday Check for you

2. Which one of these has fees associated with it?
    A. Debit Card
    B. Credit Card

3. When should you use a credit card?
    A. Never
    B. Christmas
    C. B & D
    D. If you can pay it off at the end of the month

4. What are the parts of a budget?
    A. Outcome, Expenses, Savings
    B. Income, Expenses, Spending
    C. Income, Expenses, Savings
    D. Income, Expenses, Outcome

5. Which is not a service provided by your bank?
    A. Checking Account
    B. Credit Card
    C. Deposits
    D. Savings

6. Which two things does a budget compare?
     A. Savings and interest
     B. Income and expenses
     C. Income and investments
     D. Expenses and expenditures

7. In what way is a kid's budget similar to an adult's    
    budget?
    A. The goal for both is to have less money going out 
         than coming in
    B. Both have about the same ratio of income and 
         expenses
    C. People can save money with both by earning less
         than you spend
    D. Both adults and kids tend to spend their money on 
         the same items
    
 
8. Why were coins originally given markings?
    A. To honor the Roman Emperor
    B. To show where the coins came from
    C. To explain how they should be used
    D. To indicate their value

9. Today, what gives the U.S. dollar its value?
    A. The fact that everyone believes it has value
    B. The gold held in reserve by the U.S. Treasury
    C. The silver paper that it's printed on
    D. All the goods and services produced in the U.S.

10. Which is an example of income?
    A. Electric bill
    B. Haircut
    C. Rent
    D. Paycheck

11. Under a progressive income tax, who would pay the  
      largest proportion of their income in taxes?
 
    A. A schoolteacher
     B. The owner of a small business
     C. A millionaire
     D. A student on financial aid

12. What do sales tax and income tax have in common?
     A. They both apply to things you buy
     B. You pay both of them only once a year
     C. They're both calculated as percentages
     D. They're both progressive taxes

13. What is a consequence of going into bankruptcy?
     A. Losing the ability to make a budget
     B. Losing your job
     C. Having some of your possessions taken away
     D. Going to prison

14. Which of the following is true about budgets?
     A. They encourage people to spend as much 
         money as possible
     B. Setting up a budget will allow you to earn 
         more money
     C. The idea behind keeping a budget is to 
         spend exactly as much as you earn
       D. They allow people to track how and where their
             money is spent

15. Which is an example of a variable expense?
     A. Paycheck
     B. Rent
     C. House payment
     D. Replace flat tire