Lemonade Tycoon Practice

An IOU is an example of:

• A savings account.

• Your new favorite band.

• A personal loan.

• A spending plan.

How does your money grow once you put it in a savings account?

• The bank gives you more money over time.

• The money fairy appears and adds more every year.

• Your mom puts money in your account every birthday.

• It doesn’t grow. The amount stays the same until you add it yourself.

Which of these is not an example of income?

• Money you earn from your lemonade stand.

• Money your grandma gave you for your birthday.

• Money you borrowed from your friend.

• Money you get for an allowance.

What is a good example of a financial goal?

• To save for a college fund.

• To buy a new guitar and pay for lessons.

• To earn enough to buy a pet hamster.

• All of the above.

What’s the best way to make change at the grocery store?

• Using the most coins and dollars possible.

• Using the fewest coins and dollars possible.

• Using only coins.

• All of the above.

Why would someone create a budget?

• To keep track of money earned and money spent.

• To find out how much money they will earn.

• To keep track of how much money is in their savings account.

• None of the above.

Which of the following could be considered a business expense?

• Back-to-school clothes.

• The money you put into your savings account every month.

• Fees for your soccer team.

• The dog treats you bought for your dog-walking job.

You make $12.75 running a lemonade stand with your BFF. If your supplies cost $3.75 to purchase and you split the profit equally with your friend, how much money will you make?

• $9.00 Score!

• $4.50.

• $12.50.

• $3.75.

What is the best way to create a budget?

• Put everything into one jar and withdraw from it as needed.

• Divide your money into categories according to what the money is for.

• Divide your money in half. Save half and spend half.

• Put $20 into savings, $20 into IOU, and the rest into spending.

Your little sister tells you she wants to buy some taffy from the store, but doesn’t have enough money. If you give her the money and make her promise to pay it back, what are you doing?

• Lending her money.

• Borrowing her money.

• Taxing her money.

• Budgeting her money.