Word Problem: What's the best way to make change for her?

Three $1 bills and two quarters

Why would someone create a budget?

To keep track of money earned and money spent.

How does your money grow once you put it in a savings account?

The bank gives you more money each month.

You and a friend want to split a treat at the store. What's the best deal?

Chocolate bars that are buy one, get one free for $.75

Everyone's playing Catch 'Em Go! You want to buy a new deck of cards to play. What's the best way to pay for them?

Put aside money for the cards each time you get your allowance.

Money a bank pays you each month to keep your money in a savings account.

Which of the following could be considered a business expense?

The treats you bought for your dog-walking business.

Which of the following is true about sales tax?

It's a percentage of your final total at the store.

Why do you need to save money in an emergency fund?

To pay for things that you didn't plan for.

When you take money out of a bank account.

You earned $8 from babysitting. What's your next move?

Enter $8 in your budget as income

What's the best way to save money when shopping?

Checking prices at different stores to find the best one.

The bike you want is $25 off! What should you do with the unexpected money you have left over?

Deposit it in your savings account.

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Financial Literacy Level 1

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Questions 25

Answers

1
You put $25 into your savings account. What is this called?
A balance
Pay Day!
Interest
A deposit
2
What two things should be included in a budget?
Expenses and savings
Income and expenses
Candy and video games
Income and sales tax
3
Word Problem: What's the best way to make change for her?
Two $1 bills, two quarters, and six dimes
A $1 bill, three dimes and two nickles
fourteen quarters
Three $1 bills and two quarters
4
You've reached your goal of saving enough money for a hoverboard. Now what?
Make a new financial goal
Keep spending money on new stuff. You've earned it.
Nothing. You can just relax and enjoy your hoverboard.
Show all of your friends your amazing skills.
5
What is a good example of a financial goals?
A college fund
A bike or other item that costs a lot of money.
To pay back money you borrowed.
All answers are good.
6
Why would someone create a budget?
None of the above
To keep track of money earned and money spent.
To keep track of which of your friends gave you the best birthday present.
To keep track of how much money is in your savings account.
7
How does your money grow once you put it in a savings account?
The bank gives you more money each month.
Your mom puts money in your account every birthday.
It doesn't grow. The amount stays the same until you add to it yourself.
The money fairy appears and adds more every year.
8
What's a good way for you to earn and save money?
Getting an allowance from your parents.
Putting money in a savings account and earning interest
Starting your own business (babysitting, mowing lawns)
All of these answers are good.
9
What needs to happen before you can spend money?
You gotta earn it.
You gotta put it in a piggy bank.
You gotta write down your financial goals.
You gotta ask your parents if it's okay.
10
You and a friend want to split a treat at the store. What's the best deal?
Chocolate bars that are 2 for $1
Chocolate bars that are buy one, get one free for $.75
Chocolate bars that are $.40 each
Splitting one chocolate bar for $.75
11
Everyone's playing Catch 'Em Go! You want to buy a new deck of cards to play. What's the best way to pay for them?
Spend all your birthday money.
Put aside money for the cards each time you get your allowance.
Ask your parents for the money.
Take money out of your savings account to pay for them.
12
What's interest?
Money that you put in a savings account.
Money left over after you pay expenses.
Money a bank pays you each month to keep your money in a savings account.
Money you spend on your hobbies.
13
Which of the following could be considered a business expense?
The money you put into your savings account every month.
The treats you bought for your dog-walking business.
Back to school clothes
Registration fees for your soccer team.
14
Which of the following is true about sales tax?
It's included in the prices of things that you buy.
Sales tax can only be paid for with change.
Kids don't have to pay sales tax.
It's a percentage of your final total at the store.
15
Why do you need to save money in an emergency fund?
To pay back money that you borrowed from you sisiter.
To pay for things you really, really want.
To buy supplies for your job.
To pay for things that you didn't plan for.
16
What's income?
Money that you owe another person
Money that you spend on fun stuff for yourself.
Money that you earn.
Money that you put in your savings account.
17
Word Problem: How much money will you make?
$4.50
$3.75
$12.75
$9.00 Score!
18
An IOU is an example of
A savings account
Your new favorite band
A spending plan
A personal loan
19
What's a withdrawal?
A new dance move everyone is doing.
When you take money out of a bank account.
A way to track your spending.
When you put money in your savings account.
20
You earned $8 from babysitting. What's your next move?
Enter $8 in your budget as income
Spend it!
Stash it in your wallet.
Put it all in savings
21
What's the best way to save money when shopping?
If you have the money, the price doesn't matter.
Checking prices at different stores to find the best one.
Buying less of an item.
Asking your mom to make up the difference.
22
The bike you want is $25 off! What should you do with the unexpected money you have left over?
Buy some sweet wheels and a personalized helmet
Keep it handy-you might want to buy something else soon!
Deposit it in your savings account.
Put it back in your wallet
23
What's a good strategy to sell the most lemonade at your lemonade stand?
Print up fliers put them around the neighborhood
All of the answers are good
Price your lemonade $0.05 lower than the other lemonade stand on your bloc
Use your grandma's lemonade recipe
24
You're dying for a pair of shoes to wear to school, but they're expensive. What is this an example of?
An investment
A long term goal
An emergency purchase
A need
25
Word Problem: How much change should you get back?
$3.50
No change
$2.25
$1.25

Financial Literacy Level 1 Flashcards | StudBud