Smart Money Skills Quiz

What is a budget?

• A plan for how to spend and save money

• A type of bank account

• A list of toys you want

Which of the following is a need?

• A new video game

• Food and water

• A toy car

If you save $5 every week, how much will you have saved after 4 weeks?

• $10

• $15

• $20

What is the main purpose of saving money?

• To buy more candy

• To have money for future needs or emergencies

• To show off to friends

Which of these is an example of a want?

• A winter coat

• A new bicycle

• Medicine

If you earn $2 for every chore you do, how much will you earn after doing 5 chores?

• $5

• $10

• $10

What is simple interest?

• Money you earn from doing chores

• Extra money you earn from saving in a bank

• A type of loan

• $7

• $8

• $9

Which of these is a source of income?

• Watching TV

• Doing a job or chores

• Playing video games

What should you do first when making a spending plan?

• Buy everything you want

• List your income and expenses

• Ask your friends what they buy