WorksheetsFinancial Literacy Quiz for Teens
Total questions: 23
Worksheet time: 12mins
Which of the following is a “want” instead of a “need”?
Rent
Restaurant bill
Utility bill
Groceries
A budget is a plan for spending and saving your income.
True
False
Which of the following is NOT a balanced budget, with a monthly income of $1,000
$600 for bills, $300 for savings, $100 for spending
$600 for bills, $250 for savings, $150 for spending
$725 for bills, $50 for savings, $250 for spending
$450 for bills, $400 for savings, $150 for spending
An entrepreneur is a person who
invests money in a company,
saves money for retirement.
starts a new business.
If an entrepreneur sells $350,000 in products in one year, and the costs for the year were $175,000, what is the profit?
$75,000
$100,000
$175,000
$275,000
"Interest" is money that …
A bank charges when you borrow money in a loan
Can be calculated by a percentage rate
A bank pays when you keep money in a savings account
All of the above
Which of the following is NOT true? A credit card ...
Uses borrowed money
Uses money from your savings account
Charges interest on unpaid balances
May have other fees it charges
Which of the following is NOT an example of a variable expense in a budget?
Groceries
Transport
A $100 phone bill
Clothes
Salary deductions go toward which type of tax?
Sales tax
Income tax
Property tax
All of the above
Money from taxes is used to pay for services that are provided by the government.
True
False
Credit card debt tends to have a lower interest rate than other types of debt.
True
False
What should you NOT do when making a major purchase decision?
Read manufacturer websites for product details
Make the purchase as quickly as possible to avoid delays
Read independent consumer review sites
Compare prices among different sellers
On a budget, if your income is greater than your expenses you have a .....
Red flag
Refund
Deficit
Surplus
If an item is $50 and goes on sale for 25% off, what is the sale price?
$25
$37.50
$40
$42.50
What does inflation refer to?
An increase in average prices
A decrease in average prices
An increase in taxes
An increase in take-home pay
Why do we need insurance?
Ensures financial security for you and your family should anything unfortunate happen
Helps pay your bills should you develop certain illnesses or suffer from injury or disability
Helps you build up savings
All of the above
Which insurance should you buy first?
Life insurance
Health insurance
Personal accident insurance
Endowment insurance
What do you call the certain sum of money that a life insurance policy pays when something bad happens to you?
Sum assured
Sum insured
Premium
Cash dividend
What can we use CPF for?
Housing
Healthcare
Retirement
All the above
What is the CPF retirement age, as of 18 May 2021?
55
60
65
70
When you turn 55, your Ordinary Account and Special Account will merge to form your Retirement Account. You will be allowed to withdraw any excess money, but are obliged to leave behind the Retirement Sum in your account. How much can you withdraw at 55?
You can only withdraw when you turn 65
$1,000
$5,000
All the money in your CPF
Which is the best money habit?
Start saving now
Track your spending
Use your student ID to get discounts
Get educated about Finance
All of the above
Are you more Financially literate now than when we started the lessons?
Yes!
Not really
No
Can be better
