Why is it important to make a budget?

To keep track of how much money you have and spend

What is an interest rate?

The cost of borrowing money or the money earned on savings

What is a bank account used for?

To keep your money safe and deposit or withdraw money

What is the difference between needs and wants?

Needs are things you must have; wants are things you’d like to have

A plan for how to spend and save your money

What are taxes used for?

To pay for things like schools, roads, and parks

What is an investment?

Putting money into something to make more money later

What is a credit score?

A number that shows how well you handle borrowing money

Borrowed money or a record of how well you handle borrowing

What is the main purpose of financial literacy?

To learn how to manage money wisely

What does saving mean?

Keeping money aside for later use

What does interest mean?

Extra money earned or paid as a percentage

Money you borrow that you have to pay back later

What does it mean when you have a high credit score?

You are good at borrowing and paying back money on time

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financial literacy first quiz

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Questions 15

Answers

1
What does debt repayment mean?
Spending money on fun things
Paying back money you borrowed
Earning interest on savings
Saving money for later
2
Why is it important to make a budget?
To keep track of how much money you have and spend
To decide what clothes to buy
To plan a big party
To choose a new pet
3
What is an interest rate?
The number of coins in your piggy bank
The cost of borrowing money or the money earned on savings
How tall someone is
The speed of a car
4
What is a bank account used for?
To buy clothes
To keep your money safe and deposit or withdraw money
An app on your phone
To store your food
5
What is the difference between needs and wants?
There is no difference
Needs are things you must have; wants are things you’d like to have
Needs are only for adults; wants are only for kids
Wants are necessary; needs are optional
6
What is a budget?
Something you only do when you’re rich
A game you play with money
A plan for how to spend and save your money
A way to borrow money from friends
7
What are taxes used for?
To pay for candy and snacks
To pay for things like schools, roads, and parks
To buy toys for kids
To save money for a trip
8
What is an investment?
Putting money into something to make more money later
Spending all your money on snacks
Buying a new video game
Saving money in a piggy bank only
9
What is a credit score?
A number that shows how well you handle borrowing money
How tall you are
The score you get on a test
The number of friends you have
10
What is credit?
Borrowed money or a record of how well you handle borrowing
A type of food
A kind of game you play with friends
The amount of money you have in your wallet
11
What is the main purpose of financial literacy?
To learn how to manage money wisely
To become a math teacher
To learn how to play sports
To understand history better
12
What does saving mean?
Spending all your money right now
Giving money to friends
Keeping money aside for later use
Borrowing money from someone else
13
What does interest mean?
The fee you pay for a loan
The amount of money in your piggy bank
Extra money earned or paid as a percentage
The money you owe after buying something
14
What is a loan?
Money you borrow that you have to pay back later
Money you win in a game
Money you find on the street
A gift from a friend
15
What does it mean when you have a high credit score?
You are good at borrowing and paying back money on time
You win many prizes
You are very tall
You have a lot of money saved in your piggy bank

financial literacy first quiz Flashcards | StudBud