3rd Grade Planned and Unplanned Spending Quiz

What is an example of planned spending?

• Budgeting for a vacation

• Gambling at a casino

• Buying a lottery ticket

• Spontaneous shopping spree

Which of the following is an example of unplanned spending?

• Impulse buying

• Carefully planned investment

• Saving for a specific item

• Budgeted purchase

Why is it important to plan our spending?

• To rely on others for financial support

• To prioritize needs, avoid unnecessary expenses, and ensure enough for savings and emergencies.

• To have no control over our finances

• To spend as much as possible

What are some examples of things we can plan to spend money on?

• Groceries, rent, utilities, transportation, entertainment

• Jewelry, designer clothes, luxury vacations

• Gambling, lottery tickets, expensive hobbies

• Expensive gadgets, high-end electronics, luxury cars

How can we avoid unplanned spending?

• By creating a budget and sticking to it, tracking expenses, and avoiding impulse purchases.

• By not creating a budget and just hoping for the best

• By making impulse purchases whenever we feel like it

• By spending money freely without keeping track

What is the difference between planned and unplanned spending?

• Planned spending is budgeted and intentional, while unplanned spending is spontaneous and not accounted for in the budget.

• Planned spending is always done using credit cards, while unplanned spending is always done using cash.

• Planned spending is for necessities, while unplanned spending is for luxuries.

• Planned spending is done by individuals, while unplanned spending is done by businesses.

Why is it important to save money for the future?

• To spend all the money now and worry about the future later

• To have more money to spend on unnecessary items

• Because saving money is a waste of time and effort

• To be prepared for unexpected expenses, achieve financial goals, and have a secure retirement.

What are some examples of things we can save money for?

• A new pet

• A collection of designer handbags

• Daily coffee from a cafe

• Examples could include a vacation, a new car, a down payment for a house, or retirement.

How can we earn money to save for the things we want?

• By borrowing money from friends and family

• By stealing from others

• By working, starting a business, investing, or saving money from allowances or gifts.

• By winning the lottery

Why is it important to think before spending our money?

• To make informed decisions and avoid unnecessary expenses.

• To support the economy and stimulate spending

• To make impulsive decisions and increase debt

• To show off and impress others with material possessions