Simple and Compound Interest and Financial Literacy
Quiz by Vicky Ruiz
Grade 8
Math (Archived)
Texas Essential Knowledge and Skills (TEKS)
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7 questions
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- Q1Juan deposited $850 into a college savings account earning 4.8% interest compounded annually. He made no additional deposits. How much interest does his account earn in 10 years? (Don't forget to subtract you amount from deposit)$508.41$42,858.41$1,358.41$3.6630s8.12.D: Personal Financial Literacy
- Q2Lorenzo deposited $400 into a savings account earning 4.5% simple interest. He does not deposit the interest. What was the total interest he earned in 3 years? (Make sure you make a chart).$36$18$108$5430s8.12.D: Personal Financial Literacy
- Q330s8.12.D: Personal Financial Literacy
- Q4Identify the payment method used for each transaction as cash, a credit card, a debit card, or a stored-value card. Johnny bought a new lawn mower and then paid for it the following month.credit carddebit cardstore-valued cardcash30s8.12.E: Personal Financial Literacy
- Q5Determine if the decisions described are financially responsible or financially irresponsible and explain why. Matthew quit his job. He has $500 in savings. He uses his debit card to pay $45 for his first month’s membership dues at an exercise club.Irresponsible decision. The club membership dues will need to be paid each month. Matthew will run out of money without a job to deposit money into his savings account.Responsible decision. Matthew has enough to pay the club the monthly membership dues each month.30s8.12.F: Personal Financial Literacy
- Q6Luis wants to attend West Texas A&M University. Tuition and fees: $7,586; room and board: $7,496; books and supplies: $1,000; and other supplies: $4.854. Compute Luis' estimated cost of attending West Texas A&M for 4 years.$71,872$90,000$83,744$20,93630s8.12.G: Personal Financial Literacy
- Q7Luis wants to attend West Texas A&M University. Tuition and fees: $7,586; room and board: $7,496; books and supplies: $1,000; and other supplies: $4.854. Compute Luis' estimated cost of attending West Texas A&M for 4 years.$71,872$83,744$20,936$90,00030s8.12.G: Personal Financial Literacy