Fin Lit Quiz Challenge- Elementary School

Question 1

If you have 2 coins and 2 paper bills with Abraham Lincoln’s picture, how much $$$ do you have?

Accepted Answer

$10.02

Question 2

Some kids might get an ________ for doing chores around the house. This is a source of income.

Accepted Answer

Allowance

Question 3

If you get paid a salary, it means the amount you get paid is ________

Accepted Answer

Fixed and regular

Question 4

This term means the money you get from a paid job, allowance or cash gifts:

Accepted Answer

Income

Question 5

When Vijay choose to buy candy instead of school supplies, there was an __________ cost.

Accepted Answer

Opportunity

Question 6

As a saver, when the interest rate increases, people earn __________ on their savings.

Accepted Answer

More

Question 7

People can earn money renting their property. Examples of this include:

Accepted Answer

All of the Above

Question 8

Saving means choosing to set aside money for:

Accepted Answer

Any or all of the Above

Question 9

Borrowing to buy something, usually means you pay _____ as paying with cash.

Accepted Answer

More

Question 10

If a burger costs $4.00 and there is a 5% meals tax, how much is the total cost of the meal?

Accepted Answer

None of the Above

Question 11

Extra money you earn in a saving account or have to pay when you borrow is called:

Accepted Answer

Interest

Question 12

If a person borrows $100 to buy a new phone, they will typically have to later pay back…

Accepted Answer

More than $100

Question 13

You have 3 coins & 3 paper bills with Geo. Washington’s picture on them, how much $$$ is that?

Accepted Answer

$3.75

Question 14

You “bounce” a check when you:

Accepted Answer

Overdraw your account

Question 15

Different careers require different:

Accepted Answer

All of the Above

Question 16

Money you earn by working, saving or investing is called:

Accepted Answer

Income

Question 17

Hiding money at home instead of putting it in a bank is bad because:

Accepted Answer

All of the above

Question 18

People make investments with the hope that over time that the investment will:

Accepted Answer

Increase in value

Question 19

A plan you make to help you balance your income and spending is called a:

Accepted Answer

Budget

Question 20

Which of the following would be considered expenses?

Accepted Answer

All of the above

Question 21

When many people want something, but there is little of it, prices tend to:

Accepted Answer

Increase

Question 22

Examples of “Investing in Yourself” include:

Accepted Answer

Both answer “A” and “B”

Question 23

In terms of “wants” and “needs”, which is a “need”?

Accepted Answer

None of the Above

Question 24

When you invest in a company’s stock,

Accepted Answer

You become one of the owners.

Question 25

A worker might be able to increase their wages or salary by:

Accepted Answer

Learning a new skill

Question 26

_______ works two ways: you earn it on your savings but you pay it on your loans.

Accepted Answer

Interest

Question 27

Using a credit card is a form of:

Accepted Answer

Both A & B

Question 28

Which factor(s) influence how much your savings account can grow?

Accepted Answer

All of the above

Question 29

If you don’t repay a loan on time, you may have to pay _______ interest on future loans.

Accepted Answer

Higher

Question 30

Income earned from working and most other sources of income are ____________.

Accepted Answer

Taxed

Question 31

_______ is the chance of loss or harm.

Accepted Answer

Risk

Question 32

When you sell something at a higher cost than what you paid for it, you have created:

Accepted Answer

Profit

Question 33

Tips for a restaurant worker are an additional form of ________ for them.

Accepted Answer

Income

Question 34

Entrepreneurs start new businesses and are known for:

Accepted Answer

Taking Risks

Question 35

People who own a business can earn a ________, which is a source of income.

Accepted Answer

Profit

Question 36

Required payments to Federal, state or local governments are called:

Accepted Answer

Taxes

Question 37

When there is a lot of supply of an item, but not a lot of demand for it, prices tend to:

Accepted Answer

Decrease

Question 38

Money “coming in” is also know as:

Accepted Answer

Income

Question 39

________ is saved, spent on goods and services, or used to pay taxes.

Accepted Answer

Income

Question 40

What are you least likely to purchase with a loan…

Accepted Answer

Lunch

Question 41

A mortgage is a loan to purchase a:

Accepted Answer

Home

Question 42

People are required to pay ______, for which they receive government services.

Accepted Answer

Taxes

Question 43

A reason to have health insurance is:

Accepted Answer

All of the above

Question 44

A budget is used to balance these two things:

Accepted Answer

Income & Expenses

Question 45

In terms of “wants” and “needs”, what is a “want”?

Accepted Answer

Cable TV

Question 46

If you do not have enough income to cover your expenses, you should:

Accepted Answer

Increase income, decrease expenses.

Question 47

One of the best ways to help prepare for an accident or unexpected loss is to:

Accepted Answer

Save for an emergency

Question 48

When you _____ money, you give up the chance to spend now in order to spend later.

Accepted Answer

Save

Question 49

If you get paid by the hour and work more than your regularly scheduled hours, you may receive:

Accepted Answer

Overtime

Question 50

You bought a used car for $1,000 and there is a 10% sales tax, what is the car's total cost?

Accepted Answer

$1100

Question 51

If you don’t repay a loan on time, the following could happen:

Accepted Answer

All of the above

Question 52

A reason you might use credit could be:

Accepted Answer

Both answer “A” and “B”

Question 53

You must be careful to not share your:

Accepted Answer

Both A & B

Question 54

If you have one penny, one nickel, one dime and one quarter, how much money do you have?

Accepted Answer

$.41

Question 55

This is a secret code used to access your bank account:

Accepted Answer

PIN (Personal Identification Number)

Question 56

Money “going out” is also known as:

Accepted Answer

Expenses

Question 57

Which of these is the best investment of time and talent for a young person’s future:

Accepted Answer

Education

Question 58

Making informed decisions means weighing ______ and costs.

Accepted Answer

Benefits

Question 59

Life insurance, health insurance and retirement plan contributions are:

Accepted Answer

Employee benefits

Question 60

3 pennies, 3 nickels, 3 dimes and 3 quarters is how much money?

Accepted Answer

$1.23

Question 61

Which of the following is a way of spending money?

Accepted Answer

All of the above

Question 62

How people spend their money can be influenced by:

Accepted Answer

All of the Above

Question 63

If two video games cost $50 each and there is a 5% sales tax, what is the total cost?

Accepted Answer

$105

Question 64

Which of the following is not a way in which you can get paid for working:

Accepted Answer

Withdrawal

Fin Lit Quiz Challenge- Elementary School

Questions 68

Fin Lit Quiz Challenge- Elementary School

Questions 68