You haven't paid your rent yet, but the new video game system that you want just came out. What do you do?

Pay your rent and wait until you have enough money saved to buy the video game system.

Buy what you want when you want it.

You are spending too much money on food, toys and games and don't have any money saved. What should you do?

Spend some and save some by creating a budget.

Setting financial goals is important because:

It helps to create a roadmap for your financial future and motivates you to save and invest.

It is a waste of time and effort

It has no impact on your financial situation

Why is it important for teens to save money?

To develop good financial habits and prepare for unexpected expenses.

To buy expensive items and show off to friends

To invest in risky stocks and get rich quick

To spend on unnecessary things and live in the moment

What are the steps to setting a financial goal?

Identifying your goal, determining the cost, setting a timeline, creating a plan, and monitoring your progress

Creating a plan without identifying the goal

Spending all your money immediately

What are some practical ways for teens to save money?

Creating a budget, avoiding impulse purchases, finding part-time jobs, and using discounts and coupons

Taking out loans and credit cards to buy whatever they want

Spending all their money on expensive gadgets and clothes

Ignoring the prices and just buying whatever they like

Why should people save money for the future?

To be prepared for unexpected expenses and have a secure retirement.

To donate to charity and help others

To have more money to spend on daily expenses

To spend on luxury items and vacations

What are the benefits of setting financial goals when you are a teenager?

It allows teens to practice handling their own money before they are responsible for all their bills.

Setting financial goals help you to stay focused on your future.

It increases the chances of having more money as an adult.

How can teens save money on everyday expenses?

Creating a budget, avoiding impulse purchases, using coupons, and looking for discounts

Spending all their money on luxury items

Not keeping track of their expenses

Ignoring the prices of items they purchase

What are the consequences of not saving money?

Financial insecurity, inability to handle emergencies, missed opportunities for investments or purchases

Feeling of security and stability

Opportunities for investments and purchases

Ability to handle emergencies and unexpected expenses

What are some examples of short-term financial goals for teens?

Saving money for a specific purchase, setting aside money for a school trip or event, creating an emergency fund

Spending all money on entertainment and shopping

Taking out a large loan for a car

Which one of the following is an example of planned spending?

Replacing a window because you broke it playing baseball.

Going to the hospital because you broke your arm.

Buying a new tire for the car because it went flat.

What is the meaning of "Goal"?

Money loaned to the government.

An account kept at a bank to save money.

Things people would like to have.

Financial Literacy Grade 7

Authored by Kaitlyn Deamer

English, Business, Mathematics

4th Grade - Professional Development

CCSS covered

Used 4+ times

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29 questions

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

money earned from a job

income

savings account

interest

sacrifices

Tags

CCSS.7.RP.A.3

MULTIPLE CHOICE QUESTION

1 min • 1 pt

"I don't have to set up a budget for myself. I just deposit my paycheck and buy whatever I want."
Wise or unwise?

wise

unwise

Tags

CCSS.RL.8.3

CCSS.RL.2.6

MULTIPLE CHOICE QUESTION

1 min • 1 pt

"I'll worry about developing good money habits when I grow up. Now I just want to buy candy with my allowance."
Wise or unwise?

wise

unwise

Tags

CCSS.L.4.5B

CCSS.L.5.5B

MULTIPLE CHOICE QUESTION

1 min • 1 pt

"I just set up a budget so I can keep an eye on what I spend and what I save."
Wise or unwise?

wise

unwise

Tags

CCSS.RL.8.3

CCSS.RL.2.6

MULTIPLE CHOICE QUESTION

1 min • 1 pt

"I don't have any money saved. I spend everything I earn from babysitting as soon as I get it. Would you like to see what I bought yesterday?"
Wise or unwise?

wise

unwise

Tags

CCSS.RL.8.3

CCSS.RL.5.3

CCSS.RL.7.3

CCSS.RL.9-10.3

CCSS.RL.4.3

MULTIPLE CHOICE QUESTION

1 min • 1 pt

"I'm going to save some money out of each paycheck."
Wise or unwise?

wise

unwise

Tags

CCSS.RL.8.3

CCSS.RL.2.6

MULTIPLE CHOICE QUESTION

1 min • 1 pt

You have $350 saved and all your bills for the month are paid. You really want to go to a concert and the ticket costs $40. Can you go?

yes

Tags

CCSS.7.EE.B.3

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Financial Literacy Grade 7

money earned from a job

"I don't have to set up a budget for myself. I just deposit my paycheck and buy whatever I want."Wise or unwise?

"I'll worry about developing good money habits when I grow up. Now I just want to buy candy with my allowance."Wise or unwise?

"I just set up a budget so I can keep an eye on what I spend and what I save."Wise or unwise?

"I don't have any money saved. I spend everything I earn from babysitting as soon as I get it. Would you like to see what I bought yesterday?"Wise or unwise?

"I'm going to save some money out of each paycheck."Wise or unwise?

You have $350 saved and all your bills for the month are paid. You really want to go to a concert and the ticket costs $40. Can you go?

You haven't paid your rent yet, but the new video game system that you want just came out. What do you do?

You are spending too much money on food, toys and games and don't have any money saved. What should you do?

I am absolutely _____ that if you plan your _____ wisely, you will save more than ever.

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"I don't have to set up a budget for myself. I just deposit my paycheck and buy whatever I want."
Wise or unwise?

"I'll worry about developing good money habits when I grow up. Now I just want to buy candy with my allowance."
Wise or unwise?

"I just set up a budget so I can keep an eye on what I spend and what I save."
Wise or unwise?

"I don't have any money saved. I spend everything I earn from babysitting as soon as I get it. Would you like to see what I bought yesterday?"
Wise or unwise?

"I'm going to save some money out of each paycheck."
Wise or unwise?

I am absolutely _ that if you plan your _ wisely, you will save more than ever.