Something you can buy, keep, or use

Why might someone save money for sales?

To spend less on their purchase

How can saving money help people?

It helps them prepare for future purchases

Why do adults need to budget for bills?

To make sure necessary expenses are paid

What is a savings bond?

Money from the government that earns interest

What is the best description of a service provider?

Someone who performs work for others

What is an emergency fund used for?

Unexpected events like car repairs

Money paid for keeping money in a bank

A business where people keep their money

What is the main difference between needs and wants?

Needs are things necessary for survival; wants are things we'd like to have

What should people consider when making a budget?

Bills and expenses like electricity

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Financial Literacy Review

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Questions 20

Answers

1
What is a good?
Something you can buy, keep, or use
Something you can only look at
Something someone does for you
Something you can only borrow
2
Why might someone save money for sales?
To spend less on their purchase
To buy everything at full price
To avoid shopping
To spend more money
3
How can saving money help people?
It helps them spend all their money at once
It helps them buy only toys
It helps them avoid buying needs
It helps them prepare for future purchases
4
Why do adults need to budget for bills?
Because bills are fun to pay
To spend more money on wants
Because bills are optional
To make sure necessary expenses are paid
5
What is a service?
Something you can eat or drink
Something you can keep forever
Work that someone does for you
Something you can hold or touch
6
Which is an example of a good?
cleaning your house
Having your hair cut
An apple from the store
Getting your car fixed
7
Why do people save money?
To use it in the future
To spend it all immediately
To give it away
To throw it away
8
What is a savings bond?
Money from the government that earns interest
a kind of candy
a type of game
A type of toy
9
What is the best description of a service provider?
Someone who sells food
Someone who performs work for others
Someone who gives away money
Someone who makes toys
10
What is a smart way to save money?
keep it under your pillow
give it all away
spend it all right away
Save a little each month
11
Which is an example of a service?
an apple from the store
a new shirt
a book
a haircut
12
What can happen when you save money in a savings account?
The money grows with interest
the money disappears
the money stays the same
the money gets smaller
13
What is an emergency fund used for?
buying candy
going on vacation
buying toys
Unexpected events like car repairs
14
What is interest?
a type of service
a type of candy
a kind of toy
Money paid for keeping money in a bank
15
What is a bank?
A business where people keep their money
a place where people play
a type of toy
a type of store that only sells food
16
Which of these is an example of a need?
a bicycle
A toy car
a video game
clean water
17
What is the main difference between needs and wants?
Needs are things we can live without; wants are things we must have
Needs and wants are the same thing
Needs are things necessary for survival; wants are things we'd like to have
Needs are only for adults, wants are only for children
18
What should people consider when making a budget?
only their needs
only their favorite toys
only entertainment costs
Bills and expenses like electricity
19
What can help people understand their spending priorities?
Playing games
Reading books
watching tv
making a budget
20
Where can kids keep their saved money?
in their pockets
in their shoes
in a piggy bank
under their bed

Financial Literacy Review Flashcards | StudBud