Vocabulary
The amount of money earned for doing work is called ________.
income
Marty works for 20 hours every week at the local bookstore. If she makes $9 per hour, how much will she make in 3 weeks?
20 X $9=$180.00
expense
_____________ money is setting money aside to spend in the future.
Saving
True
When there is a shortage of supply it is called __________.
Josiah cleans office buildings. He makes $89 for each office space cleaned. If he cleans 3 offices each day, how much would Josiah make in one day?
$89 X 3= $267
Groceries and bills are examples of __________ expenses.
planned
An institution that can help you to save money is called a ____________.
Bank
Sally wants to buy a bike for $419. She does not have all the money to buy it. How much more money will Sally spend buying the bike on credit using 8 payments of $55, instead of paying for the bike with cash up front?
$55 X 8= $440
$440-$419= $21 more
The service a person provides to earn an income is called ________________.
labor
Jason's Chore List:
Clean Kitchen $15, Mow Lawn $25, Rake Leaves $30, Clean Bathroom $10
How much money would Jason make if he cleaned the kitchen and cleaned the bathroom?
$25
A broken dishwasher and a flat tire are examples of ___________ expenses.
unplanned
Garrett wants to save up for a new video game. If the game costs $90 and Garrett will save $10 per week, how many weeks will it take him to save up for the video game?
9 weeks
Veronica needs to buy new tires for her car. She can pay $150 up front for all the tires or use credit and pay 9 payments of $20. How much more money will Veronica spend on the tires if she buys them on credit?
$20 X 9=$180
$180-$150= $30 more
When something is purchased but paid for later, we are using ________.
credit
Jason's Chore List:
Clean Kitchen $15, Mow Lawn $25, Rake Leaves $30, Clean Bathroom $10
How much more money would Jason make from mowing the lawn and raking leaves, than cleaning the kitchen?
$40
Martha went to the pet store to buy a bag of food for her pet. While she was there, she decided to pick up new toys and a new bed for her pet. Were these expenses planned or unplanned? Explain.
Food= planned; Toys/Bed= unplanned
Patty wants to start saving $80 a month to put towards a new bedroomn set. How much money will Patty have saved in 6 months?
$480
Mike wants to buy a new camera. The camera costs $250 up front with cash or Mike could pay on credit for 4 payments of $70. If Mike chooses to pay on credit, how much interest will he pay on the camera?
$70 X4=$280
$280-$250=$30 in interest
Additional money that is paide when money is borrowed or loaned is called _______________.
interest
Marian earns $7 per hour babysitting. If she babysits for 4 hours on Saturday and 3 hours on Sunday, how much money will she make babysitting that weekend?
$49
Joey went to the eye doctor for a routine chekc up. The doctor told Joey that he had an eye infection and he would need glasses. Joey was not prepared for this news. Will the medicine for the infection and the glasses be a planned or unmplanned expense?
Unplanned
George wants to buy a new TV. The TV costs $299 and George can save $24 a week. How many weeks will it take George to save for the TV?
13 weeks
In 12 weeks he would only have $288 so he would need to save an extra week and then he would have more than enough ($312).
Jared wanted to buy a bike that costs $300. When he went to the store, he found out it was on sale for $250. Jared bought the bike on credit and will pay 8 payments of $33. How much interest will Jared pay on the bike?
$33 X8= $264
$264-$250= $14 in interest