Understanding Financial Literacy

Understanding Financial Literacy

Assessment

Passage

Business

6th - 8th Grade

Medium

Created by

Nordia Johnson-Stoner

Used 10+ times

FREE Resource

16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is financial literacy?

deciding that wants are more important than needs

 Expenses you don’t have to pay

The ability to understand and manage money wisely

overspending and not saving

for the future

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of a budget?

a) A plan for spending and saving money

b) A type of bank account

c) Money given by parents for free

d) A list of expenses only

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is planning a budget important?

a) To spend all your money quickly

b) To avoid overspending and save for the future

c) To have more wants than needs

d) To ignore income and expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is income?

a) Money you spend

b) Money you save

c) Money you earn or receive

d) Money borrowed from a bank

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are fixed expenses?

a) Expenses that stay the same each month

b) Expenses that change each month


c) Expenses you don’t have to pay


d) One-time payments only

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A ______ is a plan for spending and saving money.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a variable expense?

a) Rent

b) Car payment

c) Electricity bill

d) Mortgage

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