# Assessment 2.1: Money Basics Quiz

**Unit:** Unit 2, Me, My Goals, My Money (Individual Growth and Life Readiness)
**Topic:** 2.3 Money Basics (Lessons 2.7 to 2.13)
**When:** The last 15 minutes of Lesson 2.13, after the Skittles Market Game debrief. Step 7 of that lesson's procedure holds the slot.
**Category:** Topic assessments (25 percent). One retake after a review; best score counts.
**Points:** 25
**Allowed:** a calculator. Nothing else. Desks clear; the game ledger goes in the folder first.

* * *

# Money Basics Quiz

Name: ______________________________ Date: ______________ Period: ______

**Directions:** 12 items. Answer every one. Show your math on items 6, 7, and 11. You may use a calculator. Items 9 and 10 are matching; write the letter. Item 12 is a scenario; write in complete sentences. The last line on the page is your exit line; fill it in before you hand this in.

## Part 1: Needs and wants (4 points)

Write N for need or W for want. If you write G for gray zone, you must give a reason on the line.

1. A monthly bus pass to get to school. ______ ________________________________

2. A second pair of name brand sneakers when the first pair still fits. ______ ________________________________

3. Toothpaste. ______ ________________________________

4. A concert ticket. ______ ________________________________

## Part 2: Read the pay stub (4 points)

**SUNRISE DELI, Patchogue, NY. Earnings statement for Rosa Bell.** Pay period: two weeks.

| Earnings | Hours | Rate | This period |
|---|---|---|---|
| Regular pay | 20.00 | $17.50 [update] | $350.00 |
| **Gross pay** | | | **$350.00** |

| Deductions | This period |
|---|---|
| Federal income tax | $21.00 |
| New York State income tax | $10.50 |
| Social Security | $21.70 |
| Medicare | $5.08 |

| | This period |
|---|---|
| **Net pay** | **$291.72** |

5. What is Rosa's gross pay, and what is her net pay? Which one goes into her bank account? (2 points)

Gross: $__________ Net: $__________ The one that goes in the bank: __________

6. Add the four deductions and show that gross minus deductions equals the net pay printed on the stub. Show your math. (2 points)

Deductions: $______ + $______ + $______ + $______ = $__________

$__________ minus $__________ = $__________

## Part 3: Budget math (4 points)

7. Rosa's net income for a month is about $580. Her savings goal is $600 in six months. Her fixed expenses are a phone plan ($35 [update]) and a bus pass ($60 [update]). Fill in the budget. Show your math. (2 points)

Savings, first: $600 divided by 6 = $__________ a month

Fixed expenses: $______ + $______ = $__________

Left for variable expenses: $580 minus $______ minus $______ = $__________

8. Write F for fixed or V for variable next to each expense. (2 points; half a point each)

______ Phone plan ______ Pizza with friends ______ Streaming subscription ______ A birthday gift

## Part 4: Ways to pay and fees (4 points)

9. Match each way to pay to its description. Write the letter. (2 points; half a point each)

| Way to pay | | Description |
|---|---|---|
| ______ Debit card | | A. The bank's money, borrowed; a bill comes; interest if you do not pay in full |
| ______ Credit card | | B. Your checking account, right now; no bill; no interest |
| ______ Check | | C. Money loaded in advance; no bank account needed; lost is gone |
| ______ Prepaid card | | D. A paper order to your bank to pay someone; leaves a record; can bounce |

10. Match each fee to what it is. Write the letter. (2 points; half a point each)

| Fee | | What it is |
|---|---|---|
| ______ ATM fee | | A. The price of borrowing money |
| ______ Overdraft fee | | B. A charge for using a cash machine that is not your bank's |
| ______ Interest | | C. A piece of every trade or sale, paid to a broker or agent |
| ______ Commission | | D. A charge when your account goes below zero |

## Part 5: Interest math (3 points)

11. Ines borrows $400 on a store card at 15 percent [update] and pays nothing for two years. Use I = P x r x t. How much interest does she owe? What is the total she owes? Show your math. (3 points)

$______ x ______ x ______ = $__________ interest

Total owed: $______ + $______ = $__________

## Part 6: Scenario (6 points)

12. Ahmed is 16. He wants a $300 game console. He has a part-time job that pays about $290 net every two weeks and a savings account.

Option 1: put the console on a store credit card at 24 percent [update] and pay $25 a month.
Option 2: save $50 a month in the savings account and pay for it in six months.

Write four to five sentences.
- Which option should he pick?
- Name one cost of Option 1.
- Name one benefit of Option 2.
- When he buys it in the store, which way should he pay, and why?
- Which budget step from Lesson 2.9 makes Option 2 work?

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

**Exit line:** One fee I will watch for, and where: ________________________________________________

* * *

# Teacher key

Total: 25 points. Standard lines checked are listed per item. All NYS module lines are from the Individual Growth and Life Readiness content module (IGLR) unless marked CTE.

| Item | Answer | Points | Standard lines checked |
|---|---|---|---|
| 1 | N (accept G with a reason such as "if I could walk") | 1 | IGLR 4. b); CTE FCL 4. b); National FCS 2.1.2 (Lesson 2.7, Objective 1) |
| 2 | W | 1 | Same |
| 3 | N | 1 | Same |
| 4 | W | 1 | Same |
| 5 | Gross $350.00; net $291.72; net goes in the bank | 2 (1 for both numbers, 1 for "net") | IGLR 4. a); CTE FCL 1. c) and d); National FCS 2.6.2 (Lesson 2.8, Objective 2) |
| 6 | $21.00 + $10.50 + $21.70 + $5.08 = $58.28; $350.00 minus $58.28 = $291.72 | 2 (1 for the sum, 1 for the subtraction matching the stub) | CTE FCL 1. d); CDOS 3a Basic Skills (Lesson 2.8, Objective 2) |
| 7 | Savings $100; fixed $95; left $580 minus $100 minus $95 = $385 | 2 (1 for savings first, 1 for the correct amount left) | IGLR 4. b); CTE FCL 4. c); Std 3 PI C; National FCS 2.6.2 (Lesson 2.9, Objective 2) |
| 8 | Phone plan F; pizza V; streaming F; gift V | 2 (half each) | CTE FCL 4. c); CTE FCL 1. e) (Lesson 2.9, Objective 1) |
| 9 | Debit B; credit A; check D; prepaid C | 2 (half each) | IGLR 4. c); CTE FCL 5. a); CTE FCL 4. d); National FCS 2.4.3 (Lesson 2.10, Objective 1) |
| 10 | ATM fee B; overdraft D; interest A; commission C | 2 (half each) | IGLR 4. c) and f); CTE FCL 5. b); CTE FCL 4. f) (Lessons 2.11 and 2.13, Objective 1) |
| 11 | $400 x 0.15 x 2 = $120 interest; total $400 + $120 = $520 | 3 (1 for the rate as a decimal, 1 for $120, 1 for $520) | IGLR 4. f); CTE FCL 5. c); CDOS 3a Basic Skills; National FCS 3.3.3 (Lesson 2.11, Objective 2; Lesson 2.12, Objective 2) |
| 12 | Option 2. Cost of Option 1: interest (at 24 percent the $300 costs well over $300 by the time $25 a month pays it off; any mention of interest, debt, or "it costs more than $300" earns the point). Benefit of Option 2: no interest, and the account pays him interest while he waits; he owns it outright. Way to pay in the store: debit card or cash (his own money, no bill), or a credit card paid in full that month (fraud protection); the point needs a way and a reason. Budget step: pay yourself first (the savings line written right after income, before any expense); accept "save first." | 6: choice 1; cost of credit 1; benefit of saving 1; way to pay with a reason 2; the budget step 1 | IGLR 4. b), c), e), f); CTE FCL 2. a); CTE FCL 5. a) and c); CTE FCL 4. f); National FCS 2.6.1, 2.6.2, 3.3.3 (Lessons 2.9 to 2.13, Objective 3) |

**Scoring notes**
- 20 to 25: got it. 15 to 19: review the items missed and offer the retake. Under 15: retake after a one-on-one review with the Interest Math Practice and the Budget Builder.
- Item 7 is the one to read closely. A student who writes savings last, or writes $0 for savings, has not got the habit; that is 1 of 2 even if the arithmetic is right.
- Item 12 is a 4 at most if the student picks Option 1 with a real argument (for example, "he has the income to pay it off in two months, so the interest is small"). That is rare and should be respected, but the way-to-pay and budget-step points still apply.
- Items 6 and 11 are the arithmetic that Project 02's budget revision depends on. Note who missed them.

**ELL and IEP versions**
- ELL: the stub stays the same; items 9 and 10 include the word bank from `Vocabulary 02.md` in Turkish, Portuguese, and Spanish; item 12 may be answered in short phrases with the frames "He should pick Option ___ because ___." "Option 1 costs ___." "Option 2 gives ___." "He should pay with ___ because ___."
- IEP and 504: extended time; the quiz may be read aloud; item 12 may be answered orally and recorded by the teacher; a calculator is already allowed for everyone.
- Grade 6 support: give items 1 through 10 and item 12 with the first three bullets only (20 points; scale to 25).
- Grade 8 stretch: add one item: "Rosa's Social Security line should be 6.2 percent of gross. Check it." (350 x 0.062 = 21.70; it matches.) Bonus 2 points.

**Sources**
- The pay stub, the people, and the deli are fictional; the rate is a plausible 2026 Long Island starting wage above minimum, marked [update]. Social Security and Medicare are the federal employee rates (6.2 and 1.45 percent).
- Standards: NYS IGLR module lines 4. a) through 4. f); CTE FCL 1. c), d), e); 2. a); 4. b), c), d), f); 5. a), b), c); CDOS 3a Basic Skills; NYS FACS Standard 3 PI C; National FCS 3.0 competencies 2.1.2, 2.4.3, 2.6.1, 2.6.2, 3.3.3. All quoted in the Lesson 2.7 to 2.13 files.