Understanding Money Management Basics
Authored by Maria Marroquin
Mathematics
6th Grade
TEKS covered
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes a debit card?
It allows you to borrow money from a bank to make purchases.
It withdraws money directly from your checking account when you make a purchase.
It is only used for online shopping.
It helps you build your credit history.
Answer explanation
A debit card directly withdraws funds from your checking account for purchases, unlike credit cards that allow borrowing. This makes the second option the best description of a debit card.
Tags
TEKS.MATH.6.14B
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between a credit card and a debit card?
Credit cards require a PIN for every purchase.
Debit cards let you spend money you already have, while credit cards let you borrow money.
Debit cards can only be used at ATMs.
Credit cards are only for adults.
Answer explanation
The main difference is that debit cards allow you to spend your own money from your bank account, while credit cards enable you to borrow money up to a certain limit, which you must pay back later.
Tags
TEKS.MATH.6.14B
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
$70 increase
$30 increase
$20 decrease
$50 decrease
Answer explanation
You deposit $50, increasing your balance. Then, you withdraw $20, decreasing it. The net change is $50 - $20 = $30 increase, making the correct answer $30 increase.
Tags
TEKS.MATH.6.14C
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
$65
$115
$125
$115
Answer explanation
Start with $100. After depositing $40, the balance is $140. Then, withdraw $25, resulting in a new balance of $115. Therefore, the correct answer is $115.
Tags
TEKS.MATH.6.14C
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to establish a positive credit history?
It helps you get discounts at stores.
It makes it easier to borrow money or get approved for loans in the future.
It increases your bank account balance.
It allows you to avoid paying taxes.
Answer explanation
Establishing a positive credit history is crucial because it makes it easier to borrow money or get approved for loans in the future, allowing you to access funds when needed.
Tags
TEKS.MATH.6.14D
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following actions can help you build a positive credit history?
Paying your bills on time
Ignoring your credit card statements
Spending more than your credit limit
Only using cash
Answer explanation
Paying your bills on time is crucial for building a positive credit history, as it demonstrates reliability to lenders. The other options can negatively impact your credit score.
Tags
TEKS.MATH.6.14D
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What information is typically included in a credit report?
Your favorite color
Your payment history, amounts owed, and types of credit used
Your school grades
Your social media accounts
Answer explanation
A credit report typically includes your payment history, amounts owed, and types of credit used, which are crucial for assessing your creditworthiness. Other options like favorite color or school grades are irrelevant.
Tags
TEKS.MATH.6.14E
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