Imagine you're planning your finances like a pro! The 10-10-10-70 Principle is:
I Am Financial Knowledge Level I English Vocab

Quiz
•
Social Studies
•
5th Grade
•
Medium
Amy Owen
Used 1+ times
FREE Resource
33 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anika's secret to financial success: 10% to savings, 10% to investments, 10% to insurance, and 70% to expenses.
Kai's time management hack: dividing tasks into 10-minute intervals.
David's goal-setting magic: evaluating them over 10 days, 10 months, and 10 years.
A method for improving productivity by working for 10 minutes, resting for 10 minutes, and repeating.
Answer explanation
The 10-10-10-70 Principle refers to allocating 10% of income to savings, 10% to investments, 10% to insurance, and 70% to expenses, making Anika's choice the correct answer for financial planning.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Arjun and Olivia are discussing their finances. Arjun asks, "In financial terms, what does the term 'Balance' refer to?" Can you help them out?
The amount of money in an account
A type of financial statement
A method of budgeting
An investment strategy
Answer explanation
In financial terms, 'Balance' refers to the amount of money in an account. It indicates the current available funds, making it the correct choice compared to other options like financial statements or budgeting methods.
3.
MATCH QUESTION
30 sec • 1 pt
Imagine Isla and Arjun are planning their finances. Where would they go to borrow and save money?
Dog
A musical instrument
Guitar
A kind of animal
Pizza
A type of food
Bank
A place where people can borrow and save money
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine you're planning a party with Rohan, Abigail, and Aiden. What would you call the plan for saving and spending money for the party?
A plan for saving and spending money
A type of investment
A financial institution
A government policy
Answer explanation
The correct choice, 'A plan for saving and spending money', directly describes the financial strategy for the party. The other options do not relate to planning a budget for a party.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Arjun and Samuel are discussing their future plans. Arjun says, "I want a 'career' that means:",
A job or profession that someone does for a long time
A short-term employment
A hobby or pastime
A temporary position
Answer explanation
Arjun's desire for a 'career' implies a long-term commitment to a job or profession, making 'A job or profession that someone does for a long time' the correct choice. The other options suggest temporary or casual roles.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine you're an entrepreneur like Rohan, diving into the world of business. What does 'Cost' mean in this exciting journey?
The amount of money required to start a business
The total expenses incurred in producing a product or service
The price at which a product is sold
The profit made from a business venture
Answer explanation
In business, 'Cost' refers to the total expenses incurred in producing a product or service. This includes materials, labor, and overhead, which are essential for understanding profitability and pricing strategies.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine you're on a shopping spree with your friends James, Ethan, and Maya. You come across a magical card that lets you buy anything you want, but there's a catch! What is this card?
A type of loan
A payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt.
A savings account
A type of investment
Answer explanation
The magical card allows you to buy anything, similar to a payment card that lets you purchase goods based on accrued debt. This aligns with the definition of a payment card, making it the correct choice.
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