Direction: Read the passage given below and answer the questions that follow:

Financial Illiteracy causes broken homes, school dropouts, dependency on predatory lending (payday loans) and government benefits, health issues (stress, depression, anxiety), bankruptcies, foreclosures, divorces, homelessness, deficiency in economic development, and even murder-suicide in some extreme cases. Due to lack of adequate financial skills, the majority of youth follow the same patterns as their parents with no or little chance of breaking the cycle. In 2011 Arne Duncan, U.S. Secretary of Education, declared Financial Literacy as an essential component of elementary education and in 2013, California Assembly Bill 166 incorporated the need for Financial Literacy in textbooks however as of today this education is missing in public schools. Today’s financial challenges are a testimonial to a growing need for specific education as more and more families and individuals become victims of their financial illiteracy. Based on a 2012 report by the PEW charitable Trust, every year 12M Americans utilize payday loans for their life necessities and pay $3.4B in excess fees. These difficulties pose greater challenges in the socioeconomically disadvantaged areas.