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Effective Personal Money Management

Authored by John Robinson

Social Studies

6th Grade

Effective Personal Money Management
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25 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why is a budget an important tool to use for effective personal money management?

It establishes a legal contract between you and a potential client.

It helps guide you through purchasing a home.

It creates a step-by-step plan to making profitable financial investments.

It is a plan for spending and saving money.

2.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Check all the smart things you can today right now that can help improve your financial situation as an adult.

Get a good education or learn skills that others value.

Open a savings account and add to it on a regular basis.

Find a mentor who is disciplined with money and learn from him/her.

Read books about time and money management.

3.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Select two statements that would be considered UNWISE decisions related to spending and savings choices.

I was spending too much money so I started using a budget to track my expenses.

I do not track my expenses so I just hope I have enough money when I swipe my debit card.

I spend every dollar I earn rather than saving any for my college savings account.

I use an app on my smartphone to check and monitor my account balance every day.

4.

MULTIPLE SELECT QUESTION

1 min • 1 pt

There are benefits to saving money every month to help build your financial security. This allows you to have money set aside for expensive purchases, life goals, and unexpected expenses. Check each scenario that is a responsible decision when it comes to saving money.

Audra wants a new $750 tablet, so she finds a part-time job tutoring grammar and saves $100 a month.

Jon and his wife have saved $950,000 for their retirement.

Miranda and her husband want to purchase a new home, so they begin saving $350 a month for a future down payment.

Beth wants to take her family on a vacation to Europe, so she starts saving $400 a month to pay for their trip the following year.

Nick wants to pay cash for his next vehicle, but he does not have a plan for saving money each month.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The management of money and financial decisions for a person or family including budgeting, investments, retirement planning and investments is...

Investment

Personal Finance

Economics

Savings

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

It's important to spend money on things you need before spending money on things you want.

True

False

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is saving?

Money earned by working.

Putting money away for later.

Taking a risk with your money.

Buying now and paying later.

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