Financial Literacy Review

A proper way of handling money wisely.

• Saving

• Spending

• Budgeting

• Purchasing

The 50/30/20 rule. 50% is intended for?

• Wants

• Needs

• Savings

Needs are the most essential things needed for survival.

• True

• False

The total amount of money kept intended for important reasons or for future use.

• Spending

• Saving

• Budgeting

• Purchasing

The percentage that goes to a person's saving when budgeting should be?

• 50%

• 30%

• 20%

When creating a budget a person must only spend his/her money within the amount of money he/she gets as a salary.

• True

• False

A person can always overspend beyond what he/she earns.

• True

• False

Having iphone, tablet and other devices are considered as a person's?

• need

• want

Renting a house is good for everyone.

• True

• False

Overspending is a good way of creating a budget.

• True

• False