What is the first step in making a budget?

C. Know how much money you have

What does it mean to invest money?

C. Use it to try to make more money

You should borrow money only when:

B. You have no other option and can repay it

Which of these is a smart money habit?

B. Save a little each time you get money

B. Extra money added to the price of items

C. A plan for how to spend and save money

Why do people pay taxes?

A. To help pay for public services

Which of these is a good reason to save money?

B. For emergencies or big goals

What does a credit card let you do?

C. Borrow money to pay back later

Which of these is an example of saving money?

C. Putting money in a piggy bank

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Financial Literacy for Kids

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Questions 25

Answers

1
What is the first step in making a budget?
B. Spend your money
D. Guess what you want
C. Know how much money you have
A. Go shopping
2
Who helps keep your money safe at a bank?
C. Banker
B. Police
D. Chef
A. Teacher
3
If you earn $20 and save $5, how much do you have left to spend?
A. $25
D. $15
C. $5
B. $20
4
What does it mean to invest money?
D. Pay taxes with it
B. Spend it
C. Use it to try to make more money
A. Hide it
5
If an item costs $10 and the sales tax is $1, how much do you pay total?
D. $12
A. $9
B. $10
C. $11
6
You should borrow money only when:
A. You want something fun
D. Your friend tells you to
B. You have no other option and can repay it
C. You don’t want to use your own
7
Which is better for long-term savings?
C. Bank account
D. Pocket
B. Piggy bank
A. Wallet
8
Which of these is a smart money habit?
D. Buy everything you want
B. Save a little each time you get money
C. Never check your bank account
A. Spend all your money at once
9
Which card takes money straight from your bank account?
A. Debit card
C. Gift card
B. Credit card
D. Library card
10
If something is on sale, it means:
B. It costs more
A. It’s free
C. It’s cheaper than usual
D. It’s not for sale
11
What is sales tax?
C. A type of discount
A. Money a store gives you
D. A tip for the cashier
B. Extra money added to the price of items
12
What does it mean to "save" money?
C. Keep it to use later
A. Spend it right away
B. Give it to a friend
D. Lose it
13
What is a budget?
B. A type of credit card
A. A store
D. A place to keep your coins
C. A plan for how to spend and save money
14
Why do people pay taxes?
C. To keep money safe
A. To help pay for public services
B. To get free toys
D. So stores make more money
15
If you want to buy a bike that costs $100, and you earn $10 per week, how many weeks will it take to save?
D. 50
A. 5
B. 10
C. 100
16
Which of these is a good reason to save money?
A. To buy candy every day
D. So your wallet is heavy
B. For emergencies or big goals
C. To throw it away
17
What is income?
B. Money you lose
D. Money from taxes
A. Money you spend
C. Money you earn or receive
18
If you use a credit card, you must:
A. Never pay it back
B. Pay it back later
C. Spend all your money
D. Give it to a friend
19
What is a need?
C. Food and shelter
B. A new video game
D. Buying stocks
A. Candy
20
What does a credit card let you do?
C. Borrow money to pay back later
B. Pay with money you already have
D. Only buy things online
A. Take money from others
21
Which of these is an example of saving money?
C. Putting money in a piggy bank
A. Spending all your allowance
B. Buying candy every day
D. Using someone else’s money
22
When you borrow money, what should you always do?
C. Hide it
B. Pay it back
D. Spend it on candy
A. Forget about it
23
What is interest?
D. A type of tax
C. A fee for buying lunch
B. Extra money you earn or owe
A. Something you’re curious about
24
What is a want?
B. Rent
D. Winter Jacket
C. Sandals
A. Water
25
A paycheck usually comes with what?
A. A pay stub
B. A receipt
C. Candy
D. A bill

Financial Literacy for Kids Flashcards | StudBud