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Understanding Saving and Financial Security

Understanding Saving and Financial Security

Assessment

Interactive Video

Business

6th - 8th Grade

Practice Problem

Hard

Created by

Jennifer Brown

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to save money for unexpected expenses?

To avoid paying taxes

To cover unforeseen financial emergencies

To lend money to friends

To buy luxury items

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a recommended place to save money for long-term goals?

Certificate of deposit

Piggy bank

Money market account

Savings account

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one benefit of keeping your savings in a financial institution?

You can use it as a credit card

You can avoid all taxes

Your money is protected against loss

You can withdraw money anytime without any charges

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much should you ideally save for an emergency fund?

2 years of living expenses

1 year of living expenses

3 to 6 months of living expenses

1 month of living expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key strategy to start saving money effectively?

Only save when you have extra money

Spend all your income first

Prioritize saving a portion of your income before spending

Save whatever is left at the end of the month

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