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NGPF Middle School Consumer Skills Unit Test

Authored by Edward Sommer

Life Skills

6th Grade

Used 8+ times

NGPF Middle School Consumer Skills Unit Test
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of a budget?

A budget is a type of loan agreement

A budget is a type of investment portfolio

A budget is a financial plan that outlines expected income and expenses over a specific period.

A budget is a type of insurance policy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to track your expenses?

It helps in understanding spending patterns, identifying areas to save, creating a budget, and achieving financial goals.

Tracking expenses leads to overspending

Expense tracking does not help in financial planning

It is unnecessary and time-consuming

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Name one way to differentiate between needs and wants.

Consider if the item is expensive or cheap

Ask a friend for their opinion

Flip a coin to decide

Consider if the item is essential for survival or merely desired for comfort or pleasure.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the concept of opportunity cost.

Opportunity cost is the same as sunk cost.

Opportunity cost is the value of the next best alternative forgone when a decision is made.

Opportunity cost is the cost of the chosen option.

Opportunity cost is the total cost of all available alternatives.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a savings account?

To withdraw money easily

To pay bills online

To store money securely and earn interest.

To invest in stocks

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can you avoid impulse buying?

Ignore your budget

Purchase items without checking the price

Create a shopping list, set a budget, avoid shopping when hungry or tired, and wait 24 hours before making a purchase.

Go shopping with friends

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe the difference between a debit card and a credit card.

A credit card is linked to your bank account

A debit card allows you to borrow money up to a certain limit

A debit card is a type of credit card

A debit card is linked to your bank account and deducts funds directly from it when used, while a credit card allows you to borrow money up to a certain limit and pay it back later with interest.

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