Financial Literacy

What is a budget?

• A list of things you want to buy 

• A plan for how to spend and save your money

• A way to earn more money 

• A type of bank account 

If you buy a car for $20,000 and it loses value each year, what is this process called?

• Appreciation 

• Depreciation

• Inflation

• Investment

Which of the following is an example of a "need"?

• A new video game 

• A pair of shoes for school 

• A subscription to a magazine 

• A fancy dinner out 

What is the main purpose of a savings account?

• To keep your money safe and earn interest 

• To spend money on fun things 

• To pay for bills 

• To borrow money from the bank

If you save $10 every week, how much will you have saved in 10 weeks?

• $50

• $100

• $150

• $200

Which of the following is a "want"?

• Food

• Clothing

• A smartphone

• Water

Why is it important to distinguish between needs and wants?

• To spend more money 

• To make better choices about how to use your money

• To impress your friends 

• To avoid saving money

If a car is worth $15,000 after two years and originally cost $20,000, how much has it depreciated?

• $5000

• $10 000

• $15 000

• $20 000

What is the best way to ensure you have enough money for a future goal?

• Spend all your money now 

• Save a little bit regularly 

• Borrow money from friends 

• Wait until you need it 

Which of the following is a good reason to save money?

• To buy the latest video game immediately

• To prepare for emergencies or future expenses 

• To show off to your friends 

• To avoid doing chores