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Financial Literacy Quiz

Authored by sheila seale

Social Studies

7th Grade

Used 5+ times

Financial Literacy Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a budget?

A plan for making and spending money

A type of loan

A fee for services

A negative balance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "expense" refer to?

Money earned from work

Money spent on goods and services

Money saved in a bank

Money borrowed from a friend

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does "interest" refer to in financial terms?

The cost of a service

The fee charged for borrowing money

The amount saved in a bank

The total income earned

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to use credit responsibly?

To increase your expenses

To avoid financial problems

To reduce your income

To increase your loan amount

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can making a personal budget lead to financial responsibility?

By increasing your expenses

By tracking your income and spending

By borrowing more money

By ignoring your savings

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the goal of budgeting according to the text?

To have a deficit

To have a surplus

To keep a positive balance

To spend more than you earn

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you do if you have a deficit at the end of the two-week period?

Increase spending

Save the extra money

Look for ways to cut spending or earn more money

Spend more on entertainment

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