Financial Literacy Quiz
Authored by Ashley Burns
Mathematics
6th - 8th Grade
CCSS covered
Used 8+ times
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21 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main reason to create a budget?
To spend more money than you have
To borrow money from someone
To track how much you spend and save money
To spend all your money on things you want
Answer explanation
The main reason to create a budget is to track how much you spend and save money.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a need and a want?
A need is something you would like but can live without, a want is something you must have to survive
A need is something you would like but can live without, a want is something you would like but can live without
A need is something you must have to survive, a want is something you would like but can live without
A need is something you must have to survive, a want is something you must have to survive
Answer explanation
A need is essential for survival, while a want is something desirable but not necessary for survival.
Tags
CCSS.RI.7.2
CCSS.RI.8.2
CCSS.RL.6.1
CCSS.RL.6.2
CCSS.RL.7.1
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of an emergency fund?
To borrow money from someone
To spend all your money on things you want
To track how much you spend and save money
To have money set aside for financial surprises
Answer explanation
The purpose of an emergency fund is to have money set aside for financial surprises.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a savings account and a checking account?
A savings account allows you to write checks, a checking account pays interest
A savings account is for long-term money storage, a checking account is for day-to-day use
A savings account pays interest, a checking account allows you to write checks
A savings account is for day-to-day use, a checking account is for long-term money storage
Answer explanation
A savings account is for long-term money storage, a checking account is for day-to-day use
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of interest?
Monetary fee paid for borrowing money
Spending more than you earn
Account you can write checks from
Money set aside for future use
Answer explanation
Interest is a monetary fee paid for borrowing money.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a credit card?
To loan money and build credit
To have money set aside for financial surprises
To borrow money from someone
To spend all your money on things you want
Answer explanation
The purpose of a credit card is to loan money and build credit.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean to spend within your means?
To spend more money than you have
To spend all your money on things you want
To not spend more money than you have
To borrow money from someone
Answer explanation
Spending within your means means not spending more money than you have. It is important to live within your financial limits and avoid debt.
Tags
CCSS.L.4.5B
CCSS.L.5.5B
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