Financial Literacy for Grade 10

What is the main purpose of creating a personal budget?

• To spend all your money as quickly as possible

• To plan and control your income and expenses

• To avoid paying taxes

• To increase your debts

If you save $20 every month, how much will you have saved after 1 year?

• $120

• $200

• $240

• $300

Which of the following is an example of a fixed expense?

• Eating out at restaurants

• Monthly rent payment

• Buying new clothes

• Movie tickets

If you borrow $500 from a bank at an annual interest rate of 10%, how much interest will you owe after one year?

• $10

• $25

• $50

• $100

What does the term "interest" mean in financial education?

• The amount of money you borrow

• The extra money paid or earned for using someone else's money

• The total amount of your savings

• The price of a product

If you have $100 in a savings account that earns 5% simple interest per year, how much will you have after 2 years?

• $105

• $110

• $115

• $120

Which of the following best describes a "need" rather than a "want"?

• A new video game

• Designer shoes

• Healthy food

• Concert tickets

What is the formula for calculating simple interest?

Which of the following is a benefit of saving money regularly?

• It increases your debt

• It helps you prepare for emergencies

• It reduces your income

• It forces you to spend more

• 10 months

• 12 months

• 15 months

• 20 months