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Financial Literacy Summative Assessment

Total questions: 130

Worksheet time: 1hrs 5mins

Name
Class
Date
1.

How do we get money?

a)

Earn it.

b)

Spend it.

c)

Save it.

d)

Burn it.

2.

How can we earn money?

a)

Spend it.

b)

Burn it.

c)

Work for it.

d)

Buy it.

3.

What can we do when we have money?

a)

Burn it.

b)

Bury it.

c)

Fly it.

d)

Spend it.

4.

Raj _________ money by collecting cans.

a)

earns

b)

sells

c)

burns

d)

flys

5.

He ________ his money on a video game.

a)

saves

b)

earns

c)

burns

d)

spends

6.

Raj _________ the money he has left.

a)

earns

b)

saves

c)

spends

d)

burns

7.

He __________ the money at a bank.

a)

saves

b)

spends

c)

burns

d)

earns

8.

Raj has ______________.

a)

a dog

b)

a cat

c)

a car

d)

money.

9.

Raj earns money by ______________.

a)

watching tv

b)

playing video games

c)

shopping online

d)

collecting cans

10.

He spends his money on a ________________.

a)

video game

b)

car

c)

basketball

d)

boat

11.

Raj saves the money he ____________.

a)

spent

b)

has left

c)

burned

d)

threw away

12.

He saves his money at the _______________________.

a)

forest

b)

store

c)

bank

d)

mall

13.

Where does Raj work?

a)

in another neighborhood

b)

in another state

c)

in the boonies

d)

in his neighborhood

14.

If we work we earn __________

a)

money

b)

cans

c)

a bank

d)

cars

15.

Raj has $20. He wants a _________________

a)

sports car

b)

video game

c)

horse

d)

boat

16.

Raj has $20. He buys a video game for $12. How much money does he have left?

a)

$1

b)

$5

c)

$8

d)

$0

17.

Raj wants to save the rest of his money. What does he do with it?

a)

hides it in his sock drawer

b)

puts it under his mattress

c)

gives it to a friend

d)

puts in his savings account at the bank

18.

What do we save?

a)

trash

b)

snow

c)

money

d)

chips

19.

Raj is out of money. Now what?

a)

Take money out of his savings account

b)

Collect more cans

c)

Borrow some money from a friend.

d)

Steal some money.

20.

What is the order for handling money?

a)

Spend some, give some away, then earn some.

b)

Give some away, spend a bunch, then earn some.

c)

Earn it, Spend it, Save it.

d)

borrow it, spend it, borrow some more

21.

What is this chapter about?

a)

money

b)

presents

c)

clothes

d)

cars

22.

Who saves her money?

a)

Lucie

b)

Keisha

c)

Morgan

d)

Keira

23.

Who gets money from her parents?

a)

Keisha

b)

Morgan

c)

Lucie

d)

Keira

24.

Who works for money?

a)

Keisha

b)

Lucie

c)

Morgan

d)

Keira

25.

Keisha, Lucie, and Morgan are ____________.

a)

co-workers

b)

friends

c)

enemies

d)

teammates

26.

Keisha __________ her money.

a)

saves

b)

spends

c)

gives away

d)

burns

27.

Lucie's parents _______________________

a)

make her work

b)

ignore her

c)

give her money

d)

sell her toys

28.

Morgan _____________________

a)

has parents who give her money

b)

sells he things to get money.

c)

works for money

d)

doesn't care about money

29.

It is important that you

a)

think about how you save and spend money

b)

spend money however you want

c)

never save money

d)

do what makes you feel good

30.

Keisha saves money

a)

in a sock drawer

b)

under her mattress

c)

inher coat pocket

d)

in a bank

31.

Lucie's parents give her _________

a)

trash

b)

a car

c)

money

d)

no attention

32.

Morgan _____________ all of her money.

a)

spends

b)

saves

c)

gives away

d)

hides

33.

Keisha is saving

a)

for a video game

b)

for a rainy day

c)

for an umbrella

d)

for a car

34.

Lucie thinks money

a)

is the best thing ever.

b)

is a necessary evil

c)

grows on trees

d)

is not interesting

35.

Who are friends?

a)

Keisah, Lucie and Morgan

b)

Keisha, Lucie and Keira

c)

Keisha, Keira and Morgan

d)

Keira, Lucie and Morgan

36.

What can you do with money?

a)

burn it

b)

save it

c)

sell it

d)

trash it

37.

How do we know Keisha, Lucie and Morgan are friends?

a)

They like to do things together at school and away from school.

b)

They fight all the time.

c)

They send each other nasty letters.

d)

They never hang out.

38.

What can you buy with money?

a)

friends

b)

enemies

c)

a family

d)

clothes and snacks

39.

Which saying means to spend money as fast as you get it?

a)

Save for a rainy day

b)

Money doesn't grow on trees.

c)

Money burns a hole in your pocket

d)

Easy come, easy go

40.

Where is a good place to save money?

a)

bank

b)

wallet

c)

sock drawer

d)

under a mattress

41.

Where do we save money at the bank?

a)

bag

b)

savings account

c)

box

d)

shoe

42.

What do we save at the bank?

a)

cans

b)

book

c)

clothes

d)

money

43.

You can spend and ______ your money.

a)

save

b)

burn

c)

copy

d)

trash

44.

Spend money on things you ________.

a)

want

b)

hate

c)

need

d)

throw away

45.

Save money in a ________________________

a)

box

b)

savings account

c)

sock drawer

d)

bag

46.

A _________ is at a bank

a)

sock drawer

b)

mattress

c)

savings account

d)

box

47.

The bank is a _________ place to keep money.

a)

trashy

b)

bad

c)

dangerous

d)

safe

48.

A _________ is a plan for how how to use money.

a)

budget

b)

bank

c)

savings account

d)

need

49.

You can save for something ___________________ to buy.

a)

you need

b)

special

c)

trashed

d)

burned

50.

You can save for ___________________

a)

something you need

b)

clothing that fits

c)

the future

d)

food

51.

You can save money in a ___________ at a bank.

a)

sock drawer

b)

trash can

c)

under a mattress

d)

savings account

52.

Your money is _______ at a bank.

a)

safe

b)

in danger

c)

burned

d)

thrown away

53.

Keisha wants new books. How will she get the money?

a)

Save it

b)

Burn it

c)

borrow it

d)

steal it

54.

Morgan earns money. Where should she put her money?

a)

in a sock drawer, under a mattress, in a box

b)

some in her wallet, some in a bank, some in a savings account

c)

throw some away, burn some away, give the rest away

d)

give some to friends, give some to enemies, give some to strangers

55.

Lucie wants to save money. What can she do without?

a)

lunch and supper

b)

clothes and shoes that fit

c)

candy and pop

d)

a place to live and keep warm

56.

Why is a savings account a smart idea?

a)

Your money is safe, it can grow and you can save for something in the future

b)

They burn it, trash it, hide it.

c)

They give it their friends, their family and strangers.

d)

They spend your money on pop, chips, and candy

57.

Why is a budget a smart idea?

a)

You will think about what you need and want and plan how to spend your money.

b)

You will buy whatever you want.

c)

You will buy things whenever you want.

d)

You will starve because you don't have food.

58.

What do we need to be money smart?

a)

book

b)

plan

c)

new shoes

d)

designer purse

59.

What do you do for things you need?

a)

save

b)

throw away

c)

buy

d)

burn

60.

What do you do for things you want?

a)

save

b)

buy

c)

throw away

d)

burn

61.

The class is learning about _______________.

a)

friends

b)

enemies

c)

money

d)

kindness

62.

A ___________ is being money smart.

a)

plan

b)

party

c)

trip

d)

vacation

63.

______________ money on things you need.

a)

Save

b)

Burn

c)

Spend

d)

Throw away

64.

______________ money for things you want.

a)

Spend

b)

Save

c)

Burn

d)

Throw away

65.

Save money for _________________

a)

food

b)

clothing that fits

c)

a place to live

d)

the future

66.

When Keisha was little, her _______ took care of money.

a)

friends

b)

enemies

c)

parents

d)

toys

67.

Now that Keisha is older she needs ____________.

a)

her friends to take care of her money

b)

her enemies to take care of her money

c)

her parents to continue to take care of her money

d)

to take care of her own money.

68.

A _________ plan is a smart way to think about money.

a)

spending

b)

leave me alone

c)

3 way

d)

calling

69.

Keisha has _____________ from her birthday.

a)

$60

b)

$5

c)

no money

d)

$20

70.

Keisha puts ______ in her wallet, _______ in her bank and _______in her savings account.

a)

$0, $30, $30

b)

$20, $20, $20

c)

$60, $0, $0

d)

$40, $10, $10

71.

Keisha is saving money to buy boots at the mall. The boots are something she _________.

a)

needs

b)

wants

c)

can't buy

d)

sells

72.

Keisha has money in her wallet for lunch. Lunch money is something she _____________.

a)

needs

b)

wants

c)

gives away

d)

burns

73.

Where can you save money at a bank?

a)

car

b)

house

c)

savings account

d)

trash can

74.

What do we think about in a money plan?

a)

spending and saving money

b)

burning and trashing money

c)

growing and copying money

d)

where to go shopping and out to eat

75.

What is a three way plan?

a)

three ways to destroy money

b)

three ways to grow/make money

c)

spending money for what we need now, saving for something special and saving for the future

d)

spending all the money, buying things on credit, borrowing money from friends

76.

What is something we cannot do without?

a)

need

b)

want

c)

tree

d)

pool

77.

What is something we would like to have?

a)

need

b)

want

c)

tree

d)

sky

78.

Which of these is something we need?

a)

place to live

b)

expensive jeans

c)

video game

d)

designer purse

79.

A _________ is something we cannot be without.

a)

need

b)

want

c)

candy

d)

pop

80.

A ________ is something that we would like to have.

a)

need

b)

want

c)

food

d)

place to live

81.

__________ is something we need.

a)

candy

b)

pop

c)

expensive jeans

d)

Food

82.

________ is something we want.

a)

Candy

b)

a place to live

c)

food

d)

clothing

83.

We use _______ to buy wants and needs.

a)

credit

b)

cans

c)

money

d)

friends

84.

Something we cannot do without is a

a)

want

b)

candy

c)

tree

d)

need

85.

Something we would like to have is a ___________.

a)

want

b)

need

c)

food

d)

place to live

86.

Clothes that fit are a _______________.

a)

want

b)

need

c)

luxury

d)

extravagant

87.

A video game is a __________________

a)

need

b)

essential

c)

necessary

d)

want

88.

People earn ________ at a job.

a)

candy

b)

treats

c)

money

d)

cans

89.

What are things people need?

a)

good shoes, clothes that fit, place to live

b)

candy, pop, chips

c)

video games, movies, toys

d)

boats, snow mobiles, motorcycles

90.

What are things people want?

a)

fancy clothes, junk food, toys

b)

a place to live, a place to sleep, a place to keep warm

c)

clothes that fit, shoes that fit

d)

vegetables, fruits, proteins

91.

What are things people buy with money?

a)

family

b)

friens

c)

enemies

d)

needs

92.

Where do people get money?

a)

Money grows on trees

b)

Money is made on a copy machine

c)

Money is earned at a job

d)

No one needs money.

93.

What is money used for?

a)

to buy wants and needs

b)

to throw away

c)

to plant in the garden

d)

to burn

94.

Who gives Keisha money?

a)

parents

b)

friends

c)

teacher

d)

employer

95.

Where does Morgan work to earn money?

a)

neighbor

b)

school

c)

pet shelter

d)

home

96.

What does Lucie do to earn money?

a)

read a book

b)

walk the dog

c)

go to school

d)

crochet afghans

97.

Adults __________ money at a job.

a)

job

b)

earn

c)

home

d)

dog

98.

Working at a _________ is a way to get money.

a)

job

b)

parents

c)

home

d)

dog

99.

Keisha's ____________ give her an allowance.

a)

job

b)

earn

c)

home

d)

parents

100.

Morgan does _________ at home.

a)

job

b)

parents

c)

earn

d)

home

101.

Lucie walks the neighbor's ________.

a)

job

b)

parents

c)

dog

d)

home

102.

A job is a way to _________ money.

a)

earn

b)

spend

c)

save

d)

burn

103.

An _____________ is money that parents give to their child.

a)

pay check

b)

job

c)

allowance

d)

home

104.

A teenager can help at ________________.

a)

a job

b)

home

c)

the fire station

d)

the police station

105.

A teenager can help a

a)

neighbor

b)

job

c)

boat

d)

car

106.

If you want to ________ money, look for a job you can do.

a)

earn

b)

allowance

c)

bank

d)

job

107.

What does Morgan do to earn money at home?

a)

feed the dog

b)

watch tv

c)

sing a song

d)

play video games

108.

What does Keisha do with her allowance?

a)

throws it away

b)

saves it

c)

burns it

d)

spends it

109.

How does Lucie earn money?

a)

buying new shoes

b)

walking a dog

c)

eating lunch

d)

shopping at the mall

110.

What are ways a teenager can earn money?

a)

help a neighbor or at home

b)

quitting school

c)

playing video games

d)

watching tv

111.

What are ways to help at home?

a)

watch tv

b)

play video game

c)

do chores

d)

be a couch potato

112.

What did Morgan need to buy her lunch?

a)

ticket

b)

shoes

c)

baseball cap

d)

money

113.

What did Morgan spend her money on?

a)

lunch

b)

shoes

c)

CD

d)

video game

114.

Where can the girls shop for clothes?

a)

mall

b)

football game

c)

cafeteria

d)

movie theater

115.

What is important to know about this chapter?

a)

Earn money at a job.

b)

Be smart when you spend money.

c)

Shop at a mall.

d)

Eat at a cafeteria.

116.

Buy what you ________ befor what you want.

a)

money

b)

need

c)

mall

d)

like

117.

Morgan did not have enough __________ for lunch.

a)

malls

b)

smarts

c)

shoes

d)

money

118.

Morgan was not __________ with her money.

a)

save

b)

spend

c)

smart

d)

silly

119.

The girls shop at the ___________.

a)

mall

b)

cafeteria

c)

zoo

d)

library

120.

They should be smart before they _________ their money.

a)

save

b)

burn

c)

spend

d)

make

121.

Buy what you _________ before you buy what you __________.

a)

want, need

b)

need, want

c)

have, don't have

d)

eat, treat

122.

Morgan spent her _______ money on a CD.

a)

spendable

b)

lunch

c)

savings

d)

smart

123.

Morgan does not have any ________to buy lunch.

a)

shoes

b)

horses

c)

bags

d)

money

124.

Morgan was not a ___________ spender.

a)

saving

b)

smart

c)

silly

d)

funny

125.

________ about what you need and want.

a)

Think

b)

Don't worry

c)

Sing

d)

Dance

126.

What is the best price for a sweater for Lucie?

a)

blue sweater $35

b)

red sweater $20

c)

White sweater $30

d)

purple sweater $25

127.

Which is the best price for a sweater for Keisha?

a)

purple sweater $15

b)

blue sweater $35

c)

red sweater $20

d)

white sweater $25

128.

Morgan wants to buy a sweater for $18. She has $15. How much more money does she need?

a)

$2

b)

$4

c)

$3

d)

$5

129.

Lucie bought a sweater on sale. Why was this smart shopping?

a)

It was her favorite color.

b)

She knew the color looked good on her so the price didn't matter.

c)

She liked the style so she knew she would wear it a lot.

d)

She looked for the best price.

130.

Morgan wants to buy a sweater for $18. She only has $15. What will be smart shopping?

a)

borrow money to buy the sweater.

b)

hide the sweater under coat to get it out of the store

c)

steal the money she needs

d)

save until she has enough money

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