Which of these is NOT true?

it's harder to keep track of your expenses when you make a budget

Using cash is a good idea for...

buying small items you can afford now

Tracking your spending can help you

know where your money is being spent

A credit history is...

a record of how you pay back money you borrow

Why do you need to use decision making skills if you have limited means?

if you can't have everything, you must decide what you really need.

Which of the following is NOT true about credit cards

you don't need to worry about spending too much when you have a credit card

Why is saving money important?

saving money can help you meet your goals

An opportunity cost can make decision making difficult because...

you must choose to give up some things to get other things

When is using a credit card a good idea?

You need something now but won't have the money until you get paid again

You should NOT use a credit card when...

You want something now that you will never be able to afford

If you have a budget, you have...

a plan for using your money over a set period of time

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6th Grade Financial Literacy

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Mrs. Holbrook's Financial Literacy Study Quiz

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Questions 20

Answers

1
Food, water, shelter and clothing are examples of ....
needs
limited means
wants
opportunities
2
Which of these is NOT true?
it's harder to keep track of your expenses when you make a budget
tracking your expenses can help you meet your budget
a budget helps you plan to use your money for things you want
a budget helps you plan to use your money for things you need
3
Using cash is a good idea for...
buying small items you can afford now
buying items on sale
buying items now to pay back later
buying things you can't afford
4
Tracking your spending can help you
make good decisions
know where your money is being spent
spend more money
spend less money
5
Which of these will NOT help you achieve a goal?
hoping you meet it
prioritizing decisions
setting a goal
planning out steps to meet it
6
Setting a goal lets you
spend more money
achieve nothing
achieve what you want to do
forget next steps
7
When you have a goal you can
plan out steps to achieve it
buy more of what you need
avoid bad decisions
buy more of what you want
8
If you have limited means, you...
save enough money
can't have everything
spend too much money
have too much money
9
A credit history is...
a record of money you spend
the same thing as a bank statement
the first step in creating a budget
a record of how you pay back money you borrow
10
Why do you need to use decision making skills if you have limited means?
if you can't have everything, you must decide what you really need.
You have a limited number of decisions
You have too much money which makes decision making hard
Making decisions is possible when you can have everything
11
When you must give something up in order to get something else, it is called...
a lost opportunity
an opportunity cost
a limited means
a sound investment
12
Which of the following is NOT true about credit cards
you don't need to worry about spending too much when you have a credit card
people are less likely to lend you money if your credit history is not good
it can be easy to spend too much when you have a credit card
people are more likely to lend you money if your credit history is good
13
If you have limited means you may need to prioritize like crossing video games off your shopping list to replace with...
designer jeans
groceries
movie tickets
new sneakers
14
Why is saving money important?
it's important to fill your money jar
saving money can help you meet your goals
saving money is important for spending
it's important to show off how much money you have
15
An opportunity cost can make decision making difficult because...
the costs might be extremely high
you may only get that opportunity once
it's hard to make decisions about opportunities
you must choose to give up some things to get other things
16
Before you buy something you want, you should buy...
buy something cheap
buy something you need
buy something on sale
buy something expensive
17
When is using a credit card a good idea?
You have the money to buy what you need now
You want something and have included it in your budget
You need something now but won't have the money until you get paid again
You want something now that you can't afford ever
18
You should NOT use a credit card when...
you have just started a new job
you need something now but you can't pay for it yet
You want something now that you will never be able to afford
you have a monthly budget
19
Buying a cheaper product sometimes can help you...
reach a savings goal
afford an opportunity cost
track spending
create a budget
20
If you have a budget, you have...
nice things
a good idea of how much money you'll make to afford nicer things
spending money for all the things you want
a plan for using your money over a set period of time

6th Grade Financial Literacy Flashcards | StudBud