Lesson 11 quiz C1 and C2

• Economie
• Middelbare school
• havo
• Leerjaar 3

Welcome T3!

Please sit according to your seating plan :)

Take out your laptop

Economics: lesson eleven

Any questions?

Chapter 1 Money moves around

Chapter 2 Dealing with money

Write down one primary need and one secondary need

Name an example of being self-sufficient

Fixed expenses

Flexible expenses

Discretionary expenses

Mortgage

Vacation

Groceries

Income from labour 

Income for assets

Transfer income

Wage

Benefits / allowance

interest / rent

Budget & budget line

Raza earns €5 income from labour and €7,5 allowance from her parent. What is her montlhy budget? (two decimal places)

Use €55 --> Draw a budgetline for Raza if a panini costs €2,75 and a few pizza slices cost €5,-

Write down a saving motive + example

Compound and single interest

Holly Happy deposits € 1,750 for three years on a savings account with 3% interest

Q1: Calculate the final amount on her savings balance after three years. Do this with compound interest. 

Q2: Calculate the interest Holly receives. Do this with single interest. 

Q1: (1+0,03)^3 x €1750 = €1912,27 new balance

Q2: €1750 x 0,03 = €52,50

€52,50 x 3 years = €157.50 interest after 3 years

Credit costs

Rowan wants to buy a scooter for € 2,500. He takes out a loan for that amount and repays it in 3 years. 

Every month you pay € 75

Q1: Calculate the credit costs.

Q2: Calculate the interest in %

Q1: 3 years x 12 = 36 months

36 x €75 - €2500 = 200

Q2: 200 : 2500 x 100% = 8%

Monday: testday

The test takes 60 minutes so:

- Please be on time and find your seat

-Take out a pen, your setsquare and your calculator

- Mobile phone, pencilcase and all other stuff will be places inside your bag that will be zipped up

After that I will hand-out the test!

Explain the difference between a linear- and annuity mortgage