Quiz about Financial Literacy

Question 1

Before you buy something you want, you should buy _____.

Accepted Answer

something you need

Answer

something that is cheap

Answer

something expensive

Answer

something on sale

Answer

None of the above

Question 2

Setting a goal lets you _____.

Accepted Answer

achieve what you want to do

Answer

achieve nothing

Answer

forget next steps

Answer

spend more money

Question 3

Which of these will not help you achieve a goal?

Accepted Answer

Hoping you meet it

Answer

Planning out steps to meet it

Answer

Prioritizing decision

Answer

Setting the goal

Question 4

Tracking your spending can help you _____.

Accepted Answer

know where your money is being spent

Answer

spend more money

Answer

make good decisions

Answer

spend less money

Question 5

Which is a reliable source of information when trying to research something you will buy?

Accepted Answer

Expert reviews

Answer

Friends

Answer

Advertisements

Answer

Social media

Question 6

When you want to buy something, which kind of information may not give you the best information?

Accepted Answer

Product advertisements

Answer

Expert reviews

Answer

Trustworthy information

Answer

Reliable information

Question 7

Imagine you have a friend who is really interested in dogs. What would they need in order to turn that interest into way of making money

Accepted Answer

Dogs in the neighborhood that need walking

Answer

Guard dogs for their own home

Answer

Dogs being sold at a nearby pet store

Answer

A dog park across town

Question 8

If someone likes animals and then becomes a zookeeper, they have chosen a career based on _____.

Accepted Answer

interests

Answer

income

Answer

skills

Answer

abilities

Question 9

If someone can cook and bake and then becomes a chef, they have chosen a career based on _____.

Accepted Answer

skills

Answer

salary

Answer

income

Answer

interests

Question 10

What is the difference between salary and wage?

Accepted Answer

A wage is an amount that is paid for each hour that you work but a salary is a set income paid regularly.

Answer

A salary is income based on the for very experienced workers.

Answer

A wage is income for very experienced workers.

Answer

They are the same types of income.

Question 11

A credit history is _____.

Accepted Answer

a record of how you pay back money you borrow

Answer

the first step in creating a budget

Answer

a record of money you spend

Answer

the same thing as a bank statement

Question 12

What is the connection between goals and savings?

Accepted Answer

Goals can give you a reason to save.

Answer

Goals are not connected to savings.

Answer

You can buy goals.

Answer

You can save goals.

Question 13

How are simple interest and compound interest different?

Accepted Answer

Simple interest stays the same over time, but compound interest grows.

Answer

Compound interest is like having more cash, but simple interest is like having more debt

Answer

Simple interest is like having more cash, but compound interest is like having more debt

Answer

Compound interest stays the same over time, but simple interest grows.

Question 14

Insurance can help _____.

Accepted Answer

in an emergency

Answer

add money to a savings account

Answer

with making ends meet regularly.

Answer

None of the above

Financial Literacy

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