Financial Literacy for Kids

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Questions and Answers

What is the total amount of money earned by the person for making the bed, loading the dishwasher, and cleaning the cat's litter box?

  • $2.50
  • $3.00
  • $1.75
  • $2.25 (correct)

How much money did the person earn in total by the end of the week after chores?

  • $19.50 (correct)
  • $19.00
  • $20.50
  • $21.75

What does spending money involve according to the text?

  • Multiplying money
  • Subtracting money (correct)
  • Adding money
  • Dividing money

If a movie ticket costs $5.00 and a box of candy costs $3.75, how much money would you have left from $19.50 after buying both?

<p>$9.75 (D)</p> Signup and view all the answers

Why do most people try to avoid debts based on the text?

<p>Debts are never fun (A)</p> Signup and view all the answers

Flashcards

Earnings for Bed, Dishwasher, Litter Box

The total earned for making the bed, loading the dishwasher, and cleaning the cat's litter box is $2.25.

Total Weekly Chore Earnings

The person earned a total of $19.50 by the end of the week after doing chores.

Spending Money

Spending money involves subtracting money from the total amount.

Money Left After Purchase

After buying a movie ticket and candy, you would have $9.75 left from $19.50.

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Avoiding Debt

Most people try to avoid debts because debts are never fun.

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Study Notes

Managing Money

  • Managing money is a crucial skill to learn, and it's essential to understand how to add and subtract money.
  • Earning money through doing chores and keeping track of it is important to know how much you'll have by the end of the week.

Adding Money

  • Knowing how to add money is vital to calculate how much you've earned from doing chores.
  • Example: adding 50 cents (making bed), 75 cents (loading dishwasher), and $1.00 (cleaning litter box) to get a total of $2.25.
  • When adding money, remember to treat cents as decimals and line up the numbers correctly.

Subtracting Money

  • Spending money involves subtracting it from your total, and it's essential to know how to do it correctly.
  • Example: subtracting $5.00 (movie ticket) and $3.75 (candy) from $19.50 to get a total of $10.75.
  • When subtracting money, remember to line up the decimal points correctly and borrow from the units place if necessary.
  • Going into debt means owing someone else money, and it's usually avoided because it's not fun owing money.

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