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WorksheetsVault: Understanding Money Lessons 1-3
Total questions: 50
Worksheet time: 18mins
Name
Class
Date
1.
What is a charity?
a)
getting paid to do a job
b)
giving resources or volunteering time to help those in need
c)
a savings account at the bank
d)
using credit to pay for something
2.
What is an EXPENSE?
a)
the cost of the things that people spend money on
b)
expensive stuff
c)
expensive shoes or videogames
d)
savings account
3.
What are ASSETS?
a)
helps people invest their money
b)
accounts to put your money
c)
a place that will give you a loan
d)
what a person owns of value like jewelry,car,home
4.
What is a ENTREPRENEUR?
a)
a person who starts his or her own business
b)
a person who owns a car
c)
money earned from working a job
d)
a place where people put their money for safekeeping
5.
What is CREDIT?
a)
a loan given to you, but you don't have to pay it back
b)
things that are made to be sold
c)
a loan that a person uses to pay for things, but it is expected to pay back
d)
a friend lets you borrow money
6.
The longer I leave my money in a savings account, the more INTEREST I will earn.
a)
TRUE
b)
FALSE
7.
You are going to buy something that costs $200. Connecticut's sales tax is 6.35%. How much is it going to cost?
a)
$201.70
b)
$299.70
c)
$200
d)
$212.70
8.
What is income tax?
a)
a tax placed on the money a person earns from doing a job
b)
money people get from taxes
c)
money the government puts in the bank
d)
money that gets put in your bank account
9.
What is a WAGE?
a)
an exact amount of money for working
b)
a paycheck
c)
payment for work,usually calculated by the hour.
d)
tax money to spend on building roads
10.
Where can people go for information about money?
a)
Family Members
b)
Banks
c)
Financial Advisors
d)
All choices
11.
Which of the following is an example of a need for most people?
a)
A place to live
b)
A nice car
c)
Designer jeans
12.
What type of personal information should people keep private?
a)
Social Security number
b)
name of favorite restaurant
c)
name of favorite song
13.
The best way to achieve a short-term money goal is to:
a)
Create saving plans and stick to it
b)
Spend all your money
c)
Throw out your piggy bank
14.
To be responsible with their money, young people can do what?
a)
Track their spending
b)
Save their money
c)
Stick to goals
d)
All choices
15.
It's important to spend money on things you need before spending money on things you want.
a)
True
b)
False
16.
People can be responsible with their money by spending all their money at one time.
a)
True
b)
False
17.
It's okay to give your social security number and email password to anyone who asks for it.
a)
True
b)
False
18.
Savings plans can be used to help people achieve short-term money goals.
a)
True
b)
False
19.
Which of the following is an example of a need for most people?
a)
Nail polish
b)
Nutritious Food
c)
A basketball
20.
Where is a good place to go for information about money?
a)
A mall
b)
A bank
c)
A restaurant
21.
Which of the following is an example of a want for most people?
a)
A warm jacket
b)
Transportation
c)
Ice cream
22.
It is helpful to hear about adults' experiences and advice about money because it will help you decide how to spend wisely.
a)
True
b)
False
23.
Which is an example of an entrepreneur?
a)
A fireman
b)
A person who owns a hat business
c)
A teacher
d)
All choices
24.
You should pursue a career based on your interests and talents.
a)
True
b)
False
25.
A person your age can earn money by raking leaves for a neighbor or washing cars.
a)
True
b)
False
26.
Governments use taxes to fund roads, parks, and schools.
a)
True
b)
False
27.
What's the best way to know if you are getting a good deal on what you're buying?
a)
Return policy
b)
Compare prices
c)
Ask Friends
28.
Which is an example of a charitable organization?
a)
Clothing Store
b)
Police station
c)
Food bank
29.
One way to make sure you have enough money to cover your needs and wants is to create a ______.
a)
budget
b)
wish list
c)
checking account
30.
Which of the following is an example of peer pressure?
a)
Buying something you want
b)
Buying something you need
c)
Buying something that your friends tell you to buy
31.
What is the best reason to buy something?
a)
Because you want it
b)
Because it's in style
c)
Because you need it
32.
Having enough money to cover all your expenses mean you have ____
a)
Debt
b)
Balanced Budget
c)
Uneven Budget
33.
One way to be charitable is to _______.
a)
Sell lemonade
b)
Be nice
c)
Volunteer in the community
34.
People might have a hard time getting a loan from a bank if they have not repaid other loans on time.
a)
True
b)
False
35.
When lending to a friend, you should tell them when you expect the item returned.
a)
True
b)
False
36.
If you damage something you've borrowed from a friend, you should:
a)
Buy a replacement
b)
Stop talking to your friend
c)
Pretend like it didn't happen
d)
return it broken
37.
Getting sick can cost money.
a)
True
b)
False
38.
Which activity is an example of a way that people can reduce their personal risk?
a)
Wearing sunscreen while at the beach
b)
Not spending too much time staring at the computer screen
c)
Looking both ways before crossing the road
d)
All choices
39.
How can you reduce the risk of getting a cold?
a)
Having health insurance
b)
Buckling your seatbelt
c)
Getting lots of sleep and taking vitamins
40.
What is a good reason to save money?
a)
To have money to buy things
b)
To have money put aside for emergencies
c)
For a future purchase
d)
All choices
41.
How can people save money?
a)
Buy only things they need and save
b)
Buy things they want
c)
Close their savings account
42.
When you save money, you are putting money aside to reach your goals.
a)
True
b)
False
43.
The best way to make the most our of your money is to create a __________.
a)
Work Chart
b)
Budget
c)
Loan
44.
Kids can cut back on their expenses by watching TV instead of going to the movies.
a)
True
b)
False
45.
An advantage to keeping your money in a savings account is that you might earn interest on your savings.
a)
True
b)
False
46.
Creating a budget helps you manage your money.
a)
True
b)
False
47.
What should you base you job on?
a)
Talents and interest
b)
whatever your friends like
c)
what gets you a lot of money
d)
what is easy to you.
48.
Should you save money
a)
yes
b)
no
49.
Buying something with a credit card means you can make payments over time.
a)
True
b)
False
50.
How can you be reliable when borrowing things from friends?
a)
By always returning things on time
b)
By never giving back what you borrow
c)
By returning things in poor condition
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