What is a savings account?

An account to save money and earn interest

What is a checking account used for?

Everyday spending and paying bills

What is interest in terms of saving money?

Extra money earned from savings

What does it mean to borrow money?

to take money with a promise to pay back

What is a credit card?

A card that lets you borrow money to pay later

What is the main purpose of insurance?

to protect against financial loss

What is a financial goal?

A target for how to use your money

What is the difference between needs and wants?

Needs you must have, wants you'd like to have

What does it mean to invest money?

Put it into something to earn more money over time

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Financial Literacy for Middle School

22 termsStudBud Administration21 plays

Covers key concepts such as spending, saving, budgeting, taxes, and more.

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Questions 22

Answers

1
What is income?
Money you spend
Money you earn
Money you lose
Money you borrow
2
What is a savings account?
An account to borrow money
An account for paying bills
An account for daily expenses
An account to save money and earn interest
3
Which of the following is a need?
water
video game
toy car
ice cream
4
What does it mean to budget?
Plan how to use your money
Spend all your money
Borrow money from a friend
Hide your money
5
What is a checking account used for?
Investing in stocks
Everyday spending and paying bills
Earning interest
Saving money for a long time
6
What is interest in terms of saving money?
Money you lose over time
A penalty for saving
Extra money earned from savings
A fee you pay to the bank
7
Which of these is an example of earning income?
Wining a game
Receiving a gift
Doing chores for allowance
Finding money on the street
8
Which is an example of saving money?
Eating out every day
Putting money in a piggy bank
Going to the movies
Buying a new phone
9
What is a paycheck?
A loan from the bank
Money you receive for working
A bill you have to pay
A tax refund
10
What does it mean to borrow money?
to earn money from work
to give money to someone
to save money in a bank
to take money with a promise to pay back
11
What is a credit card?
A card used only for saving
A card that lets you borrow money to pay later
A card that gives free money
A card that adds money to your account
12
Which of these is a fixed expense?
Buying a new video game
Monthly rent
Buying snacks
Going to the movies
13
What does it mean to donate money?
Save it for later
Invest it in stocks
Spend it on yourself
Give it to help others
14
Which of these is a want, not a need?
Shelter
Pizza
Water
Clothing
15
What is the main purpose of insurance?
to pay taxes
to save money
to earn interest
to protect against financial loss
16
Which is an example of a variable expense?
Insurance premium
Rent
Monthly car payment
Weekly grocery bill
17
Why is it important to save money?
to avoid earning interest
to spend more
to pay more taxes
to have money for future needs
18
What is a financial goal?
A way to avoid saving
A target for how to use your money
A list of things to buy
A plan to spend all your money
19
What is the difference between needs and wants?
Needs are expensive; wants are cheap
Needs you must have, wants you'd like to have
needs are for fun; wants are for survival
Needs are optional, wants are essential
20
What is the purpose of taxes?
to pay for public services
to give money to friends
to buy toys
to save for a vacation
21
If you spend more money than you have, you are in:
Credit
Budget
Savings
Debt
22
What does it mean to invest money?
Hide it under your bed
Save it in a piggy bank
Put it into something to earn more money over time
Spend it on fun activities

Financial Literacy for Middle School Flashcards | StudBud