
Financial Literacy
Quiz
•
Mathematics
•
7th Grade
•
Practice Problem
•
Medium
Standards-aligned
Chad Studer
Used 3+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is budgeting?
Budgeting is the process of creating a plan to manage and allocate financial resources.
Budgeting is the process of spending money without any plan or organization.
Budgeting is the process of saving money for a specific purpose.
Budgeting is the process of tracking expenses after they have been made.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to create a budget?
To track and manage finances, set goals, and make informed spending decisions.
To waste time and effort
To overspend and go into debt
To have no control over finances
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are some common expenses that should be included in a budget?
medical expenses, education expenses, home repairs, personal care, subscriptions, memberships
entertainment, dining out, vacations, clothing, electronics, hobbies, gifts
pet expenses, car maintenance, home decor, gym memberships, dining out, travel
rent/mortgage, utilities, groceries, transportation, insurance, debt payments, and savings
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between fixed and variable expenses?
Fixed expenses are costs that are paid in cash, while variable expenses are paid with credit cards.
Fixed expenses are costs that change every month, while variable expenses remain the same.
Fixed expenses are costs that remain the same every month, while variable expenses can change from month to month.
Fixed expenses are costs that are not necessary, while variable expenses are essential.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of saving money?
The purpose of saving money is to buy unnecessary luxury items
The purpose of saving money is to have financial security, meet future goals, and be prepared for unexpected expenses.
The purpose of saving money is to waste it on frivolous expenses
The purpose of saving money is to hoard it and never spend it
6.
OPEN ENDED QUESTION
3 mins • 1 pt
What are some strategies for saving money?
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7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is investing?
The act of spending money on luxury items
The act of allocating money or resources to an asset, venture, or project with the expectation of generating a profit or return over time.
The act of saving money in a bank account
The act of borrowing money from a bank
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