A plan for how to spend and save money

What is financial literacy?

Knowing how to earn, save, spend, and manage money

What’s one way to start good money habits?

Track your spending and make a budget

What is the safest place to keep your money?

At the bank in a savings account

Why is it smart to keep track of your expenses?

To know where your money is going

You finally $100! What should you NOT do with it?

Use it to buy 100 tacos in one day

What is a “want”?

Something you’d like, but don’t need

What does a financial “need” mean?

Something you must have to live, like food, water, or shelter

What’s a financial goal that makes sense for a middle schooler?

Saving for something you really want like a bike, video game, or gift

What should you do if your dream sneakers cost more than your entire wallet?

Save up over time and budget for them

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8th Financial Literacy

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Questions 15

Answers

1
What is a budget?
A plan for how to spend and save money
A new app for shopping
A type of wallet
A secret code for banks
2
If you want to buy something expensive, what should you do?
Hope someone gives it to you
Buy it right away
Save up for it over time
Borrow money from a friend
3
What’s the first step in creating a budget?
Spend all your money
Know how much money you have
Guess how much things cost
Ask your friend what they’re doing
4
What is financial literacy?
A class about coupons
Knowing how to earn, save, spend, and manage money
Reading books about money
Memorizing prices of stuff
5
Which of these is a need, not a want?
Designer sneakers
Concert tickets
Water
Pizza delivery
6
What’s one way to start good money habits?
Spend first, save later
Track your spending and make a budget
Borrow money often
Shop when you’re sad
7
What is the safest place to keep your money?
In your sock drawer
Under your mattress
In your locker
At the bank in a savings account
8
What does “income” mean?
Money going out
Money you spend at the mall
Money you earn or receive
Money you borrow
9
Why is it smart to keep track of your expenses?
To know where your money is going
So your teacher can see them
To impress your friends
To impress your friends
10
You finally $100! What should you NOT do with it?
Put it in a savings account
Set a goal and save more
Be proud of your savings habit
Use it to buy 100 tacos in one day
11
What is a “want”?
A type of money
A secret wish
Something you must have to live
Something you’d like, but don’t need
12
What does a financial “need” mean?
Something you must have to live, like food, water, or shelter
Something you want really badly
Something that helps you win online shopping contests
The newest phone, obviously
13
What’s a financial goal that makes sense for a middle schooler?
Investing in a llama farm
Buying a car
Building a retirement fund
Saving for something you really want like a bike, video game, or gift
14
What does it mean to “save” money?
Put money aside for future use
Spend it before prices go up
Throw it into a wishing well
Hide it under your bed
15
What should you do if your dream sneakers cost more than your entire wallet?
Cry in the food court
Start a GoFundMe
Ask the cashier for a discount if you dance
Save up over time and budget for them

8th Financial Literacy Flashcards | StudBud