Financial Literacy Quiz

What is a need?

• Something fun to have

• Something you must have to survive

• A type of budget

• A type of loan

What is a want?

• A plan for managing money

• Something that would be fun to have but you can live without

• A type of savings account

• Something necessary like food or water

What is a budget?

• Money you borrow

• A type of bank account

• A plan for managing your money

• Money you save

What does it mean to save money?

• To set money aside for the future

• To create a debt

• To spend money on wants

• To borrow money from a bank

What is a loan?

• Money you save in a bank

• Money you earn from a job

• A plan for spending money

• Money you borrow that must be repaid

What is interest in the context of a loan?

• A type of bank account

• An extra charge for borrowing money

• A method of saving money

• The fun of borrowing money

What is a savings account?

• A place to manage debts

• A place where you put money that you intend on saving

• A plan for spending money

• A type of credit card

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

• A credit card means you are borrowing money

• A debit card earns interest

• A debit card is a type of loan

• A credit card is linked directly to your bank account

True or False: Checking and savings accounts are basically the same exact thing.

• True

• Sometimes

• False

• Neither

What is the main reason to create a budget?

• To borrow money

• To save money without a plan

• To help you live within your means

• To spend all your money