Skills Covered

How to Use This Pack

The unit test for the 5th grade money and financial literacy unit. Pages 1 and 2 are Form A. Pages 3 and 4 are Form B: the same kinds of question in the same order with different money and stories, for a retake, a make-up or a second seating. Each form has 12 questions, two for each of the six lessons, and a Score line on its first page. Every lesson in this unit is a state lesson, and the questions follow the lessons: taxes and sales tax, gross and net income, ways to pay, keeping a record, when expenses are more than income, and balancing a budget. People, families and amounts are made up. No question asks a problem from the unit's exit tickets or the practice sheets. The pre-check and the unit review are packs of their own.

In the Classroom

Give Form A the day after the unit review. The unit comes from state standards for financial literacy, so it can be taught at any time of the year, all at once or a lesson at a time; give the questions for the lessons your class was taught and score out of that number. Questions with parts (the tax stories, sales tax and the total, gross and net pay, the two ways to pay, the three advantages and disadvantages, the register and the budget over income) score one point when every part is right; give a share of the point for each part if you prefer. The answer keys name each question's lesson and skill, so a missed question points to the lesson to reteach.

At Home

Use Form B as a check after the unit. Look at a store receipt together to find the sales tax, and keep a running balance of a week of allowance, spending and saving.

Tips for Success

• Sales tax at 6 cents for every $1 on a $50 item is 50 times 6 cents, or $3
• Net pay is gross pay minus taxes and other amounts taken out
• A deposit adds to the balance and a payment subtracts from it
• A budget is balanced when expenses are not more than income
• Use Form B as a retake after reteaching what was missed