Financial Literacy: Short Quiz

1.      Which of the following is an example of a need?

• A. New video game
  

• B. Designer shoes
  

• C. Water
  

• D. Concert ticket

1. Needs and wants are the same.

• A.    True

• B.    False

• C.    Maybe

• D.    I don’t know

1. A budget helps you:
   

• 1. A. Spend more
     

• 1. B. Track your expenses
     

• 1. C. Avoid saving
     

• 1. D. Ignore bills

1. Which of the following is a good budgeting tip?
   

• 1. A. Ignore your spending
     

• 1. B. Spend all your income
     

• 1. C. Track your expenses
     

• 1. D. Always borrow money

1. Who usually decides what images go on a country's banknotes?
   A. Celebrities
   B. Historians
   C. Government or central bank
   D. Citizens

• 1. A. Celebrities
     

• 1. B. Historians
     

• 1. 
     C. Government or central bank
     

• 1. D. Citizens

1. Barter systems require a double coincidence of wants

• A.    True

• B.    False

• C.    I don’t know

• D.    Maybe

1. Which of the following is an example of a currency?
   

• 1. A. Euro
     

• 1. B. Peso
     

• 1. C. Yen
     

• 1. D. All of the above

1. Which of the following is an example of impulse spending?
   

• 1. A. Saving for a laptop
     

• 1. B. Buying candy at the checkout
     

• 1. C. Planning to buy a backpack
     

• 1. D. Waiting for a sale to buy shoes

1. Planned spending is:
   

• 1. A. Spending without thinking
     

• 1. B. Following a budget or goal
     

• 1. C. Borrowing money
     

• 1. D. Buying gifts for friends

1. Opportunity cost is best described as:
   

• 1. A. The money you spend
     

• 1. B. What you gain from a choice
     

• 1. C. The next best alternative you give up
     

• 1. D. The total cost of an item