Font size
WorksheetsVault Financial Literacy Round 1
Total questions: 41
Worksheet time: 22mins
If you have limited means, you _____.
have too much money
spend too much money
save enough money
can’t have everything
If you are a student living on a tight budget, you _____.
have too much money
spend too much money
save enough money
can’t have everything
When you must give something up in order to get something else, it is called _____.
a sound investment
an opportunity cost
a lost opportunity
a limited means
When you must give up your free time in order to study for an exam, it is called _____.
a sound investment
an opportunity cost
a lost opportunity
a limited means
A Budget includes which of the following (select all that apply)
A labeled list of the amount of money you spend each month
the total amount of money you earn each month
A plan that includes where your money should go
A list of things you want to buy and how much they cost
John is planning to create a budget for his monthly expenses. According to you, what should his budget include? (select all that apply)
A detailed list of all his monthly expenses
The total amount of money he earns each month
A plan that outlines where his earnings should be allocated
A list of items he wishes to purchase and their respective costs
When you get paid, which of the following should you do first with your money?
Put half the money towards bills
Put some of the money towards fuel costs
Put some of the money in savings
Give some of the money to charity
Invest some of the money
You just received your monthly salary. What should be your first step with this money?
Donate a part of it to a charity of your choice
Put some of it to pay your monthly bills
Deposit a part of it into your savings account
Put half of it to pay your monthly bills
Invest a part of it in stocks or mutual funds
When you get paid, which of the following should you do second with your money?
Put half the money towards bills
Put some of the money towards fuel costs
Put some of the money in savings
Give some of the money to charity
Invest some of the money
After receiving your monthly salary, what should be your second step?
Allocate half of it for monthly bills
Set aside a portion for commuting or gas expenses
Transfer a certain amount to your savings account
Donate a part of it to a charity of your choice
Invest a portion in stocks or mutual funds
When you get paid, which of the following should you do third with your money?
Put half the money towards bills
Put some of the money towards fuel costs
Put some of the money in savings
Give some of the money to charity
Invest some of the money
After receiving your monthly salary, what should be the third thing you do with your money?
Allocate half of it for monthly bills
Set aside a portion for transportation or fuel costs
Deposit a certain amount into your savings account
Donate a part of it to a charity of your choice
Invest a portion of it in stocks or mutual funds
Before you buy something you want, you should buy _____.
something that is cheap
something you need
something expensive
something on sale
Before you buy that new video game you want, you should buy _____.
a cheaper video game
groceries for the week
a more expensive video game
a video game that's on sale
Food, water, shelter, and clothing are examples of _____. a.
limited means
wants
needs
opportunities
John is packing for a camping trip. He makes sure to pack food, water, a tent, and extra clothes. These items are examples of _____.
limited means
wants
needs
opportunities
Tracking your spending can help you _____.
spend more money
make good decisions
know where your money is being spent
spend less money
Jose is trying to manage his finances better. Tracking his spending can help him _____.
spend more money
make good decisions
know where his money is being spent
spend less money
Cutting back on expenses can help you save money, which will _____.
help you afford nicer things
add up fast and help you save for your goal
help you spend more money
help you choose the right investments
Jamol is trying to save money for a new car. He decides to cut back on his daily snack purchases, which will _____.
allow him to buy a more expensive car
accumulate savings quickly for his car purchase
enable him to spend more on other things
help him make better investment decisions
Which is a reliable source of information when trying to research something you will buy?
Friends
Advertisements
Expert reviews
Social media
You're planning to buy a new smartphone. Which is a reliable source of information for your research?
Asking your friends
Looking at smartphone advertisements
Reading expert reviews
Checking social media posts
A job is _____.
something you need to do
something you do to earn money
something you do when you are bored
something you are told to do
Kaden's job at the supermarket is _____.
something he needs to do
something he does to earn money
something he does when he is bored
something he is told to do
A career is _____.
a single job you have once
the kind of job most people have
the type of job you do for a long time
the way you save money
Jaylin has been a roofer for 25 years, this would be considered his (a) , not his (b) because he has been a roofer for a long time and jobs are considered short-term work.
Imagine you have a friend who is really interested in dogs. What would they need in order to turn that interest into a way of making money?
Dogs being sold at a nearby pet store
Guard dogs for their own home
A dog park across town
Dogs in the neighborhood that need walking
Imagine a neighbor needs help with their yard. What would you need in order to turn that into a money-making opportunity?
Other customers
Tools and skills to do the work
Opportunity costs
None of the above
Imagine your friend, John, needs help with cleaning his garden. What would you need in order to turn that into a money-making opportunity?
Other customers with tools and skills needed
Tools like a shovel and skills and knowledge about cleaning
Opportunity costs for the amount you will paid for your skills
None of the above
If someone can cook and bake and then becomes a chef, they have chosen a career based on _____.
salary
income
interests
skills
If someone likes animals and then becomes a zookeeper, they have chosen a career based on _____.
income
skills
interests
abilities
What is the difference between salary and wage?
A salary is an income based on the number of hours you work and a wage is not.
A wage is an amount that is paid for each hour that you work but a salary is a set income paid regularly
A wage is an income for very experienced workers
They are the same types of income
John is confused about the difference between his friend's salary and his own wage. Can you explain it to him?
John's friend's salary is an income based on the number of hours he works and John's wage is not.
John's wage is an amount that is paid for each hour that he works but his friend's salary is a set amount paid regularly, like each month,
John's wage is an income for very set amount of agreed salary increases.
John's wage and his friend's salary are the same types of income
Cash is _____.
money you’ll borrow
money you’ll pay back later
money you have today
money you don’t have
You just sold your old bicycle and now you have some cash. This cash is _____.
money you’ll borrow to buy the bike
money you’ll pay back later for the bike
The amount of money you have on you from the bike sale
money you don’t have to buy the bike
Credit is _____.
money you are given and promise to pay back later
money you borrow and promise to pay back later
money you borrow and don’t have to pay back later
None of the above
John wants to buy a car but doesn't have enough money. He decides to get a loan from the bank. This loan is an example of _____.
money John is given and promises to pay back later
money John borrows and promises to pay back later
money John borrows and doesn’t have to pay back later
None of the above
A debt is _____.
money you have to pay pack
money you don’t have to pay back
money used for needs, not wants
money used for wants, not needs
John borrowed $5000 from the bank. This $5000 is a ...
Debt John has to pay back
salary John doesn’t have to pay back
income used for John's needs, not wants
credit used for John's wants, not needs
Why is a credit card a type of debt?
Credit cards are only used in stores and not between friends
Credit card companies charge a small fee to use them.
Using a credit card is borrowing money that needs to be paid back later.
Using a credit card allows you to earn points and rewards.
Why is using a credit card to buy a new TV a type of debt?
Credit cards are only used in stores and not between friends
Credit card companies charge a small fee to use them.
Buying a new TV using a credit card is borrowing money that needs to be paid back later.
Using a credit card allows you to earn points and rewards.
