Frugality and Saving Quiz

What is the difference between needs and wants?

• Needs and wants are the same thing

• Needs are desires but not necessary, while wants are essential for survival

• Needs are essential for survival, while wants are desires but not necessary

• Needs are not important, but wants are essential

What does frugality mean?

• Not saving any money

• Spending money without thinking

• Being careful with money and resources

• Overspending on unnecessary items

What is the act of setting aside money for future use?

• Donating

• Saving

• Spending

• Investing

What are the benefits of saving money?

• Building a financial safety net, achieving long-term goals, and encouraging discipline

• Not being able to buy anything

• Wasting money, overspending, and impulsive buying

• Not having enough money for emergencies, short-term goals, and being impatient

Who created the 'Kariton Klasrum' project to help street children receive an education?

• Jahna Carmella B. Galvez

• No one

• Efren Peñaflorida

• Warren Buffett

What is the first step in creating a savings plan?

• Save regularly

• Set a goal

• Track your progress

• Make a plan

What quote is mentioned at the end of the text about saving money?

• 'Don't save what money is left after spending. Rather, only spend the money that remains after saving.'

• 'Money is meant to be spent.'

• 'Spend all your money and never save it.'

• 'Save all your money and never spend it.'

Describe a time when you successfully saved money for something you wanted or needed.

What challenges or obstacles have you faced when trying to save money?

What is the importance of setting financial goals?

• It helps in overspending

• It provides a clear direction for saving and spending

• It is not necessary for financial planning

• It limits financial growth