Testinar Grade 7 math

Personal Financial Literacy

Students will build Grade 7 mastery of personal financial literacy using models, equations, and test-style reasoning.

CH02-08 Percents and Financial Literacy
Name
Date
Score
____ / 8
Directions Solve each problem. Show your reasoning on the page or on separate paper. Check the answer key only after finishing.

  1. Maya earns \($200\) a week. If she puts \(12\%\) of her earnings into a savings account each week, how much does she save weekly?

    1. \($12\)
    2. \($20\)
    3. \($24\)
    4. \($30\)

  2. A savings account offers \(2\%\) annual interest on a balance of \($500\). How much interest will be earned in one year?

    1. \($5\)
    2. \($25\)
    3. \($15\)
    4. \($10\)

  3. Keisha has \($2\,000\) to deposit. If she wants to maximize her interest earnings in one year without restrictions, which account should she choose?

    Personal Financial Literacy visual for G7-C02-T08-Q003
    1. Savings Account
    2. Money Market
    3. Certificate of Deposit
    4. None; interest rates are equal

  4. A debit card withdraws money directly from your bank account. A credit card lets you borrow money and pay it back later. Which statement best describes a disadvantage of using a credit card?

    1. You can spend more money than you have in your account
    2. You build a credit history over time
    3. You may pay interest if you do not pay the full balance
    4. You do not have to carry cash

  5. Aisha earns \($1\,800\) per month. Her net income (take-home pay) is \($1\,530\) after taxes and deductions. What percentage of her gross income is her net income?

    1. \(80\%\)
    2. \(82\%\)
    3. \(85\%\)
    4. \(90\%\)

  6. Marcus has a monthly budget of \($2\,000\) divided equally among four categories. How much is budgeted for food?

    Personal Financial Literacy visual for G7-C02-T08-Q006
    1. \($400\)
    2. \($800\)
    3. \($600\)
    4. \($500\)

  7. A checking account allows you to write checks and make debit card purchases, but typically offers little to no interest. A savings account accrues interest but limits withdrawals. If you want to access your money frequently for bills, which account is better?

    1. Savings account
    2. Neither; use credit instead
    3. Both equally
    4. Checking account

  8. Based on the chart, how much is spent on housing?

    Personal Financial Literacy visual for G7-C02-T08-Q009
    1. \($400\)
    2. \($600\)
    3. \($1\,200\)
    4. \($2\,000\)
Teacher and parent reference

Answer key and explanations

  1. C. \($24\)

    Savings \(=0.12\times200=$24\) per week.

  2. D. \($10\)

    Interest \(=0.02\times500=$10\) in one year.

  3. C. Certificate of Deposit

    The CD has the highest rate at \(4\%\), earning \(0.04\times2000=$80\) in one year.

  4. C. You may pay interest if you do not pay the full balance

    Credit cards charge interest on unpaid balances, making them more expensive than using debit cards or cash.

  5. C. \(85\%\)

    Net income percent: \(\frac{1530}{1800}=0.85=85\%\).

  6. D. \($500\)

    Each category is \(25\%\) of \($2\,000\): \(0.25\times2000=$500\).

  7. D. Checking account

    Checking accounts allow frequent, unrestricted access, making them ideal for regular bill payments and daily expenses.

  8. C. \($1\,200\)

    The housing bar reaches \($1\,200\) on the vertical axis.

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