MS Math and Money quiz

Maya earns $50 a week from dog-walking. She wants to buy a new video game console that costs $300. She also wants to save for college in the distant future. According to the 50/30/20 rule, if her "needs" (like contributing to her phone bill) are minimal and covered by her parents, how much should she aim to put towards savings each week?

• $10

• $15

• $20

• $25

Leo has $100. He wants to buy a new skateboard next month, but also dreams of studying abroad in high school. He puts $20 in a low-interest savings account for the skateboard and invests $80 in a diversified fund for his study abroad goal. What financial concepts is he demonstrating for each action, respectively?

• Investing, Saving

• Saving, Investing

• Debt, Investment

• Loan, Saving

Sarah really wants a new bike that costs $200, but only has $50. Her older brother offers to lend her the remaining $150, asking her to pay back $10 a week plus an extra $1 for every $10 borrowed. What is the $150 her brother gave her called, and what is the extra $1 per $10 an example of?

• Debt, Principal

• Loan, Interest

• Income, Expense

• Deposit, Withdrawal

Maria just got her first part-time job. She wants a safe place to keep her weekly earnings for everyday spending like snacks and bus fare, and another place to save for a new laptop over the next year. Which type of account is best for her daily spending, and which for her laptop savings?

• Savings Account, Checking Account

• Checking Account, Savings Account

• Credit Card, Debit Card

• Loan, Investment

During a school trip, Alex wants to buy a souvenir. He has two cards: one that takes money directly from his bank account, and another that lets him borrow money he has to pay back later. If he uses the card that takes money directly from his account, what type of card is he using, and what is the main difference if he used the other card instead?

• Credit Card; he would be using his own money

• Debit Card; he would be borrowing money

• Savings Card; he would be earning interest

• Loan Card; he would be paying principal

After her birthday, Emily puts all her gift money into her savings account. Later, she takes out some money from the ATM to buy a book. What are these two actions called, in order?

• Withdrawal, Deposit

• Deposit, Withdrawal

• Income, Expense

• Saving, Spending

Imagine you put $100 into a savings account that earns 5% interest. If the interest is calculated only on your original $100 each year, what kind of interest is that? What if the interest also earns interest on itself, making your money grow faster?

• Compound Interest, Simple Interest

• Simple Interest, Compound Interest

• Principal Interest, Loan Interest

• Deposit Interest, Withdrawal Interest

David borrowed money for a new phone from a family member but stopped making payments for several months. What financial term describes his failure to repay the loan, and how might this action negatively affect his ability to borrow money or get a job in the future?

• Deposit; it will increase his income

• Default; it can lower his credit score

• Withdrawal; it will show he has no savings

• Expense; it means he spent too much

When you get paid for your chores or allowance, that money is your ______. When you buy a movie ticket or a snack, that's an ________. If you take out a loan, the original amount you borrowed is the ________.

• Expense, Income, Principal

• Income, Expense, Principal

• Principal, Income, Expense

• Debt, Loan, Interest

Chris is planning his summer spending. He lists how much money he expects to earn from babysitting and how much he plans to spend on clothes, movies, and saving for a new bike. What financial tool is Chris creating?

• An investment

• A credit score

• A budget

• A loan