7th Grade Financial Literacy- Homework

Question 1

Which of these is a want?

Accepted Answer

Designer sneakers

Question 2

What should be the first step when making a budget?

Accepted Answer

Figure out how much money you have

Question 3

Which of these is a need?

Accepted Answer

Healthy food

Question 4

What is a goal in money management?

Accepted Answer

Something you want to save for

Question 5

What is income?

Accepted Answer

The money you earn

Question 6

What does expense mean?

Accepted Answer

A bill or something you pay fo

Question 7

Why is saving money important?

Accepted Answer

So you can be ready for emergencies or big goals

Question 8

What is the “30” used for?

Accepted Answer

Wants

Question 9

Why is it important to have a budget?

Accepted Answer

To help you save and not spend too much

Question 10

Where is a safe place to keep saved money?

Accepted Answer

In a bank

Question 11

Which of these is a smart reason to save money?

Accepted Answer

For a future vacation

Question 12

Why is it important to know the difference between needs and wants?

Accepted Answer

To help you make smart choices with money

Question 13

What is a savings account?

Accepted Answer

A place to store money safely and earn interest

Question 14

You find $5 on the ground. What should you do?

Accepted Answer

Turn it in to a teacher or adult

Question 15

If you earn $20 per week, how could budgeting help?

Accepted Answer

You can plan how much to save and spend

Question 16

Which question should you ask before spending money?

Accepted Answer

Will this help me in the long run?

Question 17

You want a new bike, but it’s expensive. What’s a smart choice?

Accepted Answer

Save up over time

Question 18

You have $10. You need lunch and want a soda. What should you do?

Accepted Answer

Get lunch

Question 19

Which of these would most likely be in a monthly budget?

Accepted Answer

Rent or housing costs

Question 20

What does the “50” in the rule stand for?

Accepted Answer

50% for needs

Question 21

What is a budget?

Accepted Answer

A plan for spending and saving money

Question 22

What is a good way to track your savings?

Accepted Answer

Use a notebook or app

Question 23

What is interest in money terms?

Accepted Answer

A fee you pay for borrowing money

Question 24

What does the 50/30/20 rule help you do?

Accepted Answer

Divide money into needs, wants, and savings

Question 25

What is the last 20% meant for?

Accepted Answer

Saving and future goals

7th Grade Financial Literacy- Homework

Questions 25

7th Grade Financial Literacy- Homework

Questions 25