Financial Literacy Quiz

Which term refers to the essential items required for survival?

• Wants

• Needs

• Impulse

• Savings

What is the term for items that are desired but not essential?

• Needs

• Budget

• Wants

• Quality

What is a plan for managing income and expenses called?

• Quality

• Budget

• Demand

• Supply

Which term describes the standard of how well, sturdy, or long lasting something is?

• Quantity

• Quality

• Impulse

• Prioritize

What is the term for the amount or number of an item focussing on having more or a large amount?

• Quality

• Quantity

• Budget

• Demand

Which term refers to a sudden strong urge, a quick decision based on emotion, or desire to suddenly act?

• Impulse

• Savings

• Needs

• Supply

What is the term for money set aside for future use?

• Wants

• Savings

• Budget

• Demand

Which term means to arrange or deal with in order of importance?

• Prioritize

• Impulse

• Quality

• Quantity

What is the rule that suggests waiting a day before making a purchase decision?

• 24 Hour Rule

• Budget Rule

• Impulse Rule

• Savings Rule

Which term refers to the total amount of a product available to consumers?

• Demand

• Supply

• Quality

• Needs