Financial Literacy For Kids Quiz

What is the meaning of 'budget'?

• A type of fruit

• A type of car

• A type of animal

• A plan for how to spend and save money

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

If you earn $10 per week and save $3, how much will you have saved in 5 weeks?

• $20

• $5

• $8

• $15

Tags

CCSS.7.EE.B.3

What is the difference between a debit card and a credit card?

• Debit card has a higher interest rate than a credit card

• Debit card is linked to a bank account, while a credit card allows borrowing money

• Debit card is used for online shopping, while credit card is used for in-store purchases

• Debit card has a limit on how much money can be spent, while credit card has no limit

If you have $20 and you spend $5, how much money do you have left?

• $10

• $25

• $15

• $2

Tags

CCSS.4.MD.A.2

Explain the concept of 'interest' when saving money in a bank.

• Interest is the extra money the bank pays you for saving your money with them.

• Interest is the money you have to pay to the bank for keeping your money with them.

• Interest is the fee you pay to the bank for saving your money.

• Interest is the amount of money the bank takes from your savings.

Tags

CCSS.5.NF.B.5B

What is the importance of saving money for the future?

• To spend on unnecessary items

• To be prepared for unexpected expenses, achieve financial goals, and have a safety net in case of emergencies.

• To rely on others for financial support

• To have less money in the future

Tags

CCSS.RI.5.2

CCSS.RI.6.2

CCSS.RL.5.1

CCSS.RL.5.2

CCSS.RL.6.2

If you have $50 and you want to buy a toy that costs $30, how much money will you have left after buying the toy?

• $10

• $30

• $50

• $20

Tags

CCSS.4.MD.A.2

What are the different ways for a kid to earn money?

• Winning the lottery

• Borrowing money from friends

• Asking parents for an allowance increase

• Doing chores, starting a small business, doing odd jobs

Explain the concept of 'needs' and 'wants' in the context of spending money.

• Distinguish between essential needs and non-essential wants.

• Needs are temporary desires, while wants are long-term necessities.

• Needs and wants are the same thing and can be used interchangeably.

• Needs are things that are not important, while wants are essential for survival.

Tags

CCSS.RI.5.2

CCSS.RL.4.1

CCSS.RL.5.1

CCSS.RL.5.2

CCSS.RL.6.2

Why is it important to understand the value of money and how to manage it?

• To make informed financial decisions and achieve financial stability.

• To have a carefree attitude towards money.

• To buy expensive things and show off to others.

• To waste money on unnecessary items.

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

CCSS.7.RP.A.3