Mastering Financial Literacy Basics

Quiz
•
Life Skills
•
10th Grade
•
Medium
Rosemarie Rellona Womack
Used 3+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of creating a budget?
To track daily expenses
To plan for future financial goals
To increase credit score
To reduce taxes
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a simple procedure to calculate your monthly savings?
Subtract monthly expenses from monthly income
Add monthly expenses to monthly income
Multiply monthly income by monthly expenses
Divide monthly income by monthly expenses
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a credit score used for?
To determine your annual income
To assess your creditworthiness
To calculate your taxes
To evaluate your savings potential
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor has the most significant impact on your credit score?
Number of credit inquiries
Length of credit history
Payment history
Types of credit used
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between a savings account and a checking account?
Savings accounts offer higher interest rates
Checking accounts have withdrawal limits
Savings accounts require a minimum balance
Checking accounts are for long-term savings
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of savings account typically offers the highest interest rate?
Regular savings account
Money market account
Certificate of deposit (CD)
Checking account
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary goal of investing?
To save money for emergencies
To earn a return on your money
To avoid paying taxes
To keep money in a safe place
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