Which is true about budgeting?

It helps you control your money

Which of these is the best reason to avoid impulse spending?

You can run out of money quickly

What does credit mean?

Money you borrowed and have to pay back

Which of these is a smart financial habit?

Saving a portion of your income

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Financial Literacy Quiz

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Questions 19

Answers

1
Which of these is an example of "want"?
Water bill
Groceries
Rent
Movie tickets
2
If you earn $1,000 a month, how much should go to savings (using 20%)?
$200
$300
$500
$100
3
Which is associated with savings?
Rent
Food
Clothing
Goals
4
Credit cards can be helpful if used responsibly
False
True
5
What is financial literacy?
How to cook meals
How to read books
How to do taxes
How to manage money
6
Which is true about budgeting?
It makes you rich instantly
It's boring and useless
Only adults need it
It helps you control your money
7
You should always spend money before saving it
False
True
8
What is the 50/30/20 rule used for?
Saving for school
Budgeting
Cooking
Paying taxes
9
What's the danger of using a credit card without a plan?
Making friends
Better credit score
Overspending and debt
Free rewards
10
Which of these is the best reason to avoid impulse spending?
It's boring
You can run out of money quickly
You dont get cool stuff
You lose your wallet
11
What is debt?
Money you earn
Money you save
Money you lend
Money you owe
12
Which of the following is a "need"?
Rent
Designer shoes
Netflix
iPhone
13
Stocks are always good investments
False
True
14
What happens if you only pay part of your credit card bill?
Your debt increases
You get a reward
Nothing changes
You make more money
15
What does "interest" mean when you borrow money?
Free money
The extra you pay back
A gift
A fun fact
16
50% should go to
Needs
Wants
Next purchase
Savings
17
Why should you save money?
For emergencies and goals
To impress friends
To buy anything immediately
To get into debt
18
What does credit mean?
Money you spent from your bank account
Free money
Money you borrowed and have to pay back
You owe money
19
Which of these is a smart financial habit?
Buying something right away that is expensive
Saving a portion of your income
Spend it all
Ignoring your bank balance

Financial Literacy Quiz Flashcards | StudBud