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Secondary School Financial Literacy Final Quiz Flashcards | StudBud
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Secondary School Financial Literacy Final Quiz
Secondary School Financial Literacy Final Quiz
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1
What does “spending wisely” mean?
Shopping without thinking
Making choices based on value and need
Buying the most expensive item
Buying everything you want
2
Which of the following is not a form of money?
Candy
Bitcoin
Gold
Bank transfer
3
What is money mainly used for?
Making friends
Trading goods and services
Decoration
Playing games
4
Which statement reflects a money bias?
“Budgeting gives me control.”
“Saving helps me plan.”
“All rich people are greedy.”
“I need to compare prices.”
5
Wise spenders often:
Rush to get sales
Shop daily
Use all their money
Wait before buying
6
If you spent $50 on snacks and sold them for $70, your profit is:
$80
$30
$20
$50
7
If you believe only rich people can save money, what is this?
Fact
Reality
Mindset bias
Budget
8
Profit is:
Total sales
Money made after expenses
Money lost
Money saved
9
Which is usually more predictable?
Tips
Freelance income
Salary
A. Wage
10
What is “bartering”?
Selling stocks
Using money to buy things
Trading goods or services without money
Borrowing from the bank
11
Why should we pay taxes?
To get rich
To win prizes
To avoid shopping
To fund community needs
12
Which thought shows a positive money mindset?
“I’ll never have enough money.”
“Money is too hard to manage.”
“Money solves all problems.”
“I can learn to handle money better.”
13
What is a wage?
A bonus
A fixed monthly income
Money paid per hour worked
A yearly prize
14
Who is more likely to earn a wage?
A business owner
A school principal
A teacher
A babysitter paid hourly
15
Which of the following is a digital form of money?
Coins
Cryptocurrency
Checks
Paper bills
16
If your profit is negative, it means:
You made money
You broke even
You saved everything
You lost money
17
Why is calculating profit important?
To pay taxes
To understand how much you earned
To advertise
To spend more
18
When you buy something, sales tax is:
Sent by mail
Optional
Included in the receipt
Added later
19
If someone earns $20/hour and works 10 hours, what is their wage?
$150
$250
$200
$100
20
If you think “money is bad,” what might this affect?
Your favorite food
Your shoe size
Your savings habits
Your taste in music
21
If you could buy 10 candies for $1 last year but only 5 now, what has happened?
Discount
Devaluation
Inflation
Free trade
22
A “need” is something:
You want badly
On sale
Important for survival
Fancy and new
23
What does it mean to “shop smart”?
Buying whatever is available
Checking quality and price before buying
Buying name brands only
Shopping every day
24
Taxes are
Money citizens pay to support public services
Government money for fun
Fees for entertainment
Optional donations
25
What is impulse buying?
Budgeting
Buying something without planning
Thinking before shopping
Comparing prices
26
Which helps the most when sticking to a budget?
Following trends
Comparing prices
Impulse buying
Buying without limits
27
Inflation causes money to:
Turn into gold
Get larger
Lose value over time
Become more valuable
28
Which of the following is NOT a characteristic of money?
Divisible
Easily copied
Portable
Durable
29
Which of these would NOT be considered money?
Banknotes
Credit cards
IOUs
Coins
30
A money bias is:
A way to make more money
A savings plan
An unfair preference about money
Always good
31
What is the main purpose of money?
To show off
To make trading easier
To save time
To use as art
32
You sold lemonade for $40 and spent $10 on lemons. What’s the profit?
$0
$10
$30
$50
33
Why is money better than bartering in modern economies?
It tastes better
It's easier to carry
It's free
It's more fun
34
What is a budget?
A way to borrow money
A plan for earning money
A shopping list
A plan for spending and saving
35
Which habit supports a healthy money mindset?
Setting financial goals
Never budgeting
Spending all your allowance
Ignoring your bank account
36
Saving money each month is an example of:
Spending wisely
Planning ahead
Wasting money
Avoiding fun
37
What do taxes help pay for?
Personal shopping
Theme parks
Video games
Public schools
38
Which of these is a tax-funded service?
Video streaming
Private gyms
Police stations
Movie theaters
39
What is a benefit of using mobile payments?
You never spend money
You get free stuff
Faster and more convenient
You can print money
40
Before buying something expensive, you should:
Buy it quickly
Compare prices
Ignore reviews
Ask a friend
41
What is a salary?
Fixed amount paid regularly regardless of hours
Money paid per task
Weekly allowance
Money from chores
42
What does it mean when money is called a “medium of exchange”?
It tells fortunes
It disappears after use
It's made of fabric
It can be traded for goods and services
43
Why do we accept money in exchange for goods?
It's government-approved
It grows on trees
It's free
It's shiny
44
A positive money mindset helps you:
Get rich quick
Spend more
Avoid money completely
Understand and manage money wisely
45
A bias can lead you to:
Avoid purchases
Always save money
Make informed decisions
Spend without thinking
46
Which is an example of spending wisely?
Buying a second video game
Shopping when bored
Buying lunch every day
Getting a discount on needed school supplies
47
Which of these is a want?
Medicine
Designer shoes
Food
Water
48
Believing that name brands are always better is an example of:
Smart shopping
Truth
Spending bias
Budgeting
49
The value of money depends on:
How old it is
What people are willing to exchange for it
Its size
Its colour
50
A debit card takes money directly from:
The government
Your savings account
A loan
A credit card
