Financial Literacy Quiz

To have a/an __________ at the end of the month, I will make sure I don't spend more than I earn and have some money to save at the end of the month.

• income

• budget

• expense

• savings

What is the first step in creating a budget?

• Calculate how much money you spend.

• Calculate how much money you like to donate or give to the needy.

• Calculate how much money you owe others.

• Calculate how much money you earn.

Saving provides money for_____.

• daily needs

• meals

• entertainment

• unplanned expenses

Determining your cash flow can help you _____.

• spend more money

• make good decisions

• know where your money is being spent

• spend less money

The first step to good budgeting is ______.

• Setting realistic goals

• Identifying income and expenses

• Separate needs from wants

• Design your budget

Based on the 70% rule money guideline, how many percent should go to savings and debt?

• 70%

• 30%

• 20%

• 10%

Saving money can make you____.

• become financially independent

• prepare for the future

• get out of debt

• all of the choices

Budgeting ensures one has enough money for the things needed and those important ones and will keep one out of debt. This statement is_____.

• sometimes true

• never true

• always true

• uncertain

The immediate needs and wants are the______ goals.

• short-term

• medium-term

• long-term

• all of the choices

To have a/an __________ at the end of the month, I will make sure I don't spend more than I earn and have some money to save at the end of the month.

• income

• budget

• expense

• savings