
Financial Literacy Quiz
Authored by Anthony Ramirez
Professional Development
8th Grade
Used 3+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the importance of planning a budget that includes fixed expenses, savings, and discretionary spending?
It helps in reducing taxes.
It ensures all expenses remain constant.
It helps manage money effectively by accounting for different types of expenses.
It eliminates the need for savings.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key benefit of higher education and specialized training?
It guarantees a job.
It provides skills and knowledge that employers value.
It reduces the need for budgeting.
It eliminates financial aid requirements.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between scholarships and loans?
Scholarships require repayment, loans do not.
Loans are free, scholarships are not.
Scholarships do not require repayment, loans must be repaid with interest.
Both require repayment with interest.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are savings a crucial part of any budget?
They eliminate the need for a budget.
They prepare you for future needs and unexpected events.
They increase discretionary spending.
They reduce fixed expenses.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should responsible financial decisions prioritize?
Luxury or non-essential purchases.
Essentials like rent or tuition.
Only discretionary spending.
Ignoring savings.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a consequence of financing large purchases like a car?
It reduces the total cost.
It spreads out payments over time but increases the total cost due to interest.
It eliminates the need for a budget.
It guarantees financial stability.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does effective financial planning involve?
Prioritizing wants over needs.
Ignoring fixed costs.
Prioritizing necessary expenses such as fixed costs.
Eliminating savings.
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